NEW YORK (AP) — Stocks are moving higher following strong earnings results from big U.S. companies.

Time Warner soared 16 percent on news that Rupert Murdoch’s Twenty-First Century Fox had made a bid for the media giant.

Intel jumped 7 percent after reporting a surge in earnings as companies spent more on replacing PCs.

Investors are keeping an eye on Federal Reserve Chair Janet Yellen, who is testifying to Congress for a second day.

The Dow Jones industrial average rose 36 points, or 0.3 percent, to 17,106 in midday trading Wednesday.

The Standard & Poor’s 500 index rose three points, or 0.2 percent, to 1,976. The Nasdaq rose four points, or 0.1 percent, to 4,420.

Bond prices were little changed. The yield on the 10-year Treasury note was flat at 2.55 percent.

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