Stocks rise, extending gains into third day; Dow up 162

NEW YORK - Stocks closed higher for a third day in a row after more U.S. companies report solid earnings and on encouraging news about China's economy.

The Standard & Poor's 500 index rose 19 points, or 1 percent, to close at 1,862 Wednesday.

The Dow Jones industrial average rose 162 points, or 1 percent, to 16,424. The Nasdaq rose 52 points, or 1.3 percent, to 4,086.

Yahoo rose 6 percent. The Internet pioneer said it was benefiting from its lucrative investments in Asia.

Airline stocks also rose sharply. Delta gained 5 percent, jetBlue rose 6 percent and American Airlines rose 5 percent.

Bank of America fell 2 percent after booking $6 billion in legal costs over its home loan practices.

The yield on the 10-year Treasury note rose to 2.64 percent.

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