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NEW YORK (CNNMoney)
The Dow jumped 100 points in morning trading, while the S&P 500 and Nasdaq also got a boost.
Despite a lot of choppiness in the markets lately, U.S. stocks finished higher Tuesday. All three major indexes are up for the week, although only the S&P 500 is positive for the year.
Related: Fear & Greed Index still wallowing in extreme fear
On Wednesday, the government released housing data that showed new home construction rose from February, though it was down from a year ago. It was mixed news though because building permits, a gauge of future construction activity, fell in March.
Elsewhere, there was comforting news from China. The world's second largest economy grew at an annual rate of 7.4% in the first quarter. While China's economy continues to slow, the figure was slightly stronger than economists were expecting and seemed to mollify fears of a major halt in Asia.
Earnings are the big story of the week. Yahoo (YHOO, Fortune 500) surged 7% after the company posted earnings and sales Tuesday that came in slightly ahead of expectations.
Related: Yahoo surges following first-quarter results
But Bank of America (BAC, Fortune 500) shares declined Wednesday after reporting a quarterly loss stemming from its $6 billion in litigation expenses from a settlement with the Federal Housing Finance Agency. The settlement was related to the bank misrepresenting risky mortgage securities that contributed to the housing crisis.
Intel (INTC, Fortune 500) shares popped after the company reported earnings that beat analysts' estimates by a cent.
Heavy hitters Google (GOOGL), IBM (IBM, Fortune 500) and American Express (AXP, Fortune 500) will report earnings after the bell.
Aside from earnings, Chinese Internet giant Weibo is expected to price its initial public offering after the closing bell on Wednesday. The social media powerhouse, sometimes referred to as China's Twitter, is expected to sell about $380 million in stock, putting its value at about $4 billion. This is the latest in a string of IPOs in the U.S.
Twitter (TWTR) continues its roller coaster ride. The stock was up a whopping 11% yesterday after it announced it was acquiring data startup Gnip. That optimism might have been overplayed though as shares are down almost 3% in early trading today.
Shares of SodaStream (SODA)spiked after an Israeli newspaper reported that the soda machine maker is in talks to sell a stake to a major soft-drink company.
Related: Is Tesla's downshift for real?
Investors will also be watching the latest Federal Reserve developments Wednesday when Fed chief Janet Yellen speaks at the Economic Club of New York. As with most Fed events, investors will be looking for clues as to when the central bank plans to raise interest rates.
Related: CNNMoney's Tech30
The major European markets were all rising in afternoon trading, with Germany's Dax index up by over 1%. Nearly all Asian markets ended with gains. The Nikkei in Japan surged by 3%. 
First Published: April 16, 2014: 10:00 AM ET
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