Mid-Morning Market Update: US Markets Open Higher; Bank of America Reports Q1 Net Loss

Following the market opening Wednesday, the Dow traded up 0.65 percent to 16,368.05 while the NASDAQ jumped 0.60 percent to 4,058.49. The S&P also rose, gaining 0.49 percent to 1,851.91.

Cyclical consumer goods & services sector surged 0.61 percent, saw Ethan Allen Interiors

as the top gainer. Meanwhile, other gainers in the sector included Icahn Enterprises LP

, with shares up 3.9 percent, and The Dixie Group

, with shares up 3.8 percent. In trading on Wednesday, technology shares gained by just 0.12 percent. Top decliners in the sector included ASML Holding NV

, off 5 percent, and Linear Technology

, down 5.4 percent.

Bank of America

in the first quarter. Bank of America posted a quarterly net loss of $276 million, or $0.05 per share, versus a year-ago profit of $1.5 billion, or $0.10 per share. The results include a pretax litigation expense of $6 billion, or around $0.40 per share after tax. Its total net revenue slipped to $22.77 billion versus $23.41 billion, while revenue net of interest expense fell to $22.57 billion versus $23.20 billion. However, analysts were estimating earnings of $0.05 per share on revenue of $22.32 billion.

SodaStream International

shares shot up 10.39 percent to $41.60. Calcalist reported that the company is in talks to sell its 10% to 16% stake to Pepsi, Dr. Pepper Snapple or Starbucks. Shares of Yahoo!

got a boost, shooting up 7.72 percent to $36.85 after the company reported better-than-expected first-quarter results. Yahoo reported its adjusted earnings of $0.38 per share on revenue of $1.09 billion. However, analysts were estimating a profit of $0.37 per share on revenue of $1.08 billion. Wells Fargo upgraded Yahoo! from Market Perform to Outperform. King Digital Entertainment plc

shares were also up, gaining 4.07 percent to $18.14 after the company and Tencent announced the launch of Candy Crush Saga in China.

Shares of ASML Holding NV

were down 5.14 percent to $80.76 after the company

in its first-quarter net profit and lowered its first-half forecast. Credit Suisse Group AG

shares tumbled 2.93 percent to $30.83 after the company

in first-quarter profit. Credit Suisse's quarterly profit slipped to 859 milion Swiss francs ($975.47 million), from a year-earlier profit of 1.3 billion francs. Bank of America

was down, falling 2.72 percent to $15.95 after the bank reported a net loss in the first quarter. Bank of America posted a quarterly net loss of $276 million, or $0.05 per share, versus a year-ago profit of $1.5 billion, or $0.10 per share.

In commodity news,

to $104.62, while gold traded up 0.26 percent to $1,303.70. Silver traded up 0.75 percent Wednesday to $19.64, while copper rose 1.64 percent to $3.03.

European shares

today. The Spanish Ibex Index rose 1.31 percent, while Italy's FTSE MIB Index jumped 2.48 percent. Meanwhile, the German DAX climbed 1.13 percent and the French CAC 40 jumped 1.01 percent while U.K. shares gained 0.50 percent.

US housing starts gained 2.8% to an annual rate of 946,000 in March, versus an original estimate of a rate of 907,000 in February. However, economists were expecting a rate of 970,000. The MBA reported that its index of mortgage application activity gained 4.30% in the week ended April 11. US industrial production rose 0.70% in March, versus economists' expectations for a 0.50% gain. The Federal Reserve will release its latest Beige Book report at 2:00 p.m. ET.