US stocks open higher; GE, Morgan Stanley gain

Stocks are rising in early trading as investors welcome some good news on corporate earnings.

General Electric and Morgan Stanley each rose 3 percent in early trading after reporting earnings that beat analysts' estimates.

The Dow Jones industrial average rose 162 points, or 1 percent, to 16,281 as of 9:35 a.m. Eastern time Friday.

The Standard & Poor's 500 rose 19 points, or 1 percent, to 1,882. The Nasdaq composite rose 52 points, or 1.2 percent, to 4,268.

European markets rose sharply. France's CAC 40 rose 2 percent and Germany's DAX rose 1.7 percent

The price of oil rose 53 cents to $83.26 a barrel. It's still down 3 percent for the week.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.19 percent.