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

Specialist Michael Gagliano, left, calls out prices as he works at his post on the floor of the New York Stock Exchange, Wednesday, Oct. 22, 2014. Stocks are opening mixed as investors look over earnings reports from U.S. companies. (AP Photo/Richard Drew) (The Associated Press)

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A specialist works at his post on the floor of the New York Stock Exchange Wednesday, Oct. 22, 2014. Stocks are opening mixed as investors look over earnings reports from U.S. companies. (AP Photo/Richard Drew) (The Associated Press)

Trader Timothy Nick, left, and specialist Mario Picone confer on the floor of the New York Stock Exchange Wednesday, Oct. 22, 2014. Stocks are opening mixed as investors look over earnings reports from U.S. companies. (AP Photo/Richard Drew) (The Associated Press)

NEW YORK – 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.