Stocks rise after bin Laden death, strong earnings

NEW YORK (AP) — Stocks are rising modestly following the death of Osama bin Laden and several strong earnings reports.

President Barack Obama said late Sunday that bin Laden, the al-Qaida chief who masterminded the Sept. 11, 2001 attacks, had been killed by American forces in Pakistan. That helped raise investors’ confidence today.

Dish Network, Chrysler Group and Humana reported strong earnings. Israeli drug maker Teva Pharmaceutical Industries also said it would buy narcolepsy drug maker Cephalon for $6.8 billion.

In midday trading, the Dow Jones industrial average is up 30, or 0.2 percent, at 12,841. The Standard & Poor’s 500 is up 3, or 0.2 percent, at 1,367. The Nasdaq composite is up 2, or 0.1 percent, at 2,876.

Bond prices are falling, sending yields higher, as investors put money into riskier investments.