NEW YORK (AP) — Stocks are rising in early trading Friday following two days of declines as investors await a speech by Federal Reserve Chair Janet Yellen that may hint at the timing of future interest rate increases. A handful of stocks were moving higher after reporting results that were better than analysts had expected. Raw material suppliers, which have taken heavy losses this week, turned higher. Freeport McMoRan, a copper miner, rose 1 percent.
KEEPING SCORE: The Dow Jones industrial average rose 71 points, or 0.4 percent, to 18,520 at 9:53 a.m. Eastern time. The Standard & Poor’s 500 index added 7 points, or 0.3 percent, to 2,180. The Nasdaq composite climbed 16 points, or 0.3 percent, to 5,228.
SOFTWARE SURGE: Design software company Autodesk rose $2.34, or 4 percent, to $66.04 after reporting a small profit, beating expectations of a loss.
PURE POWER: Pure Storage rose $1.01, or 9 percent, to $12.84 after reporting a loss far smaller than forecasts.
EUROPE’S DAY: Britain’s FTSE 100 was nearly flat at 6,814. Germany’s DAX was 0.2 percent lower. France’s CAC 40 edged down 0.2 percent.
ASIA’S DAY: Japan’s Nikkei 225 fell 1.2 percent after consumer prices fell the most in three years in July. Hong Kong’s Hang Seng index rose 0.4 percent.
ANALYST TAKE: Yellen’s speech is “the big event” of the day and has the potential to “create waves within the calmness that has prevailed throughout this month,” said Margaret Yang, market analyst at CMC Markets Singapore.
OIL: Benchmark U.S. crude oil shed 25 cents to $47.09 a barrel from $47.33. Brent crude, used to price oil internationally, slipped 42 cents to $49. 25 a barrel.
BONDS, CURRENCIES: Bond prices rose. The yield on the 10-year Treasury note fell to 1.56 percent. The dollar fell to 100.45 yen from 100.58 yen the previous day. The euro rose to $1.1291 from $1.1285.
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