Stocks edge up in midday trade on earnings gains and hope for European stimulus; Yahoo surges

Good news on corporate earnings is sending stocks slightly higher in midday trading.

The modest gains came a day after the Standard & Poor's 500 index had its best day of the year.

Yahoo rose 6 percent after its results beat analysts' earnings estimates. ETrade and Interpublic Group also rose after reporting better-than-expected results.

The Standard & Poor's 500 index rose six points, or 0.3 percent, to 1,947 as of midday Eastern time Wednesday.

The Dow Jones industrial average rose 11 points, or 0.1 percent, to 16,624. The Nasdaq composite rose four points, or 0.1 percent, to 4,424.

European markets rose on hopes that the European Central Bank will step up its economic stimulus.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.24 percent.