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Stocks open higher after GM, CBS earnings rise

In this Monday, April 29, 2013, photo, Trader Michael Smyth rushes across the floor of the New York Stock Exchange. Concerns over the state of the U.S. and China economies, the world's two biggest, weighed on markets Thursday May 2, 2013 despite widespread expectations that the European Central Bank will cut interest rates to a new low later. (AP Photo/Richard Drew)

NEW YORK (AP) -- Stocks are opening higher on Wall Street, a day after the market's biggest fall in two weeks, after General Motors and other big companies announced higher profits.

The Dow Jones industrial average rose 48 points to 14,747 shortly after the opening bell, an increase of 0.3 percent. It sank 138 points the day before.

The Standard & Poor's 500 index rose five points to 1,588, a gain of 0.4 percent. The Nasdaq composite rose 17 points, or 0.5 percent, to 3,316.

GM rose $1.21, or 4 percent, to $31.39. The company cut its losses in Europe, and its income and revenue were better than financial analysts were predicting.

Investors were also encouraged by a second sharp drop in weekly claims for unemployment benefits.