Stocks open higher as investors watch earnings

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Wall Street heads higher as investors weigh 3rd-quarter earnings, Bernanke testimony .

Wall Street is up sharply in early trading as global credit markets are showing signs of easing. One of the signs: a big drop in the bank-to-bank lending rate known as Libor.

After two weeks of extreme volatility on Wall Street, investors are hoping that an improvement in the credit markets will mean stocks have reached a bottom.

They're waiting to see what Federal Reserve Chairman Ben Bernanke has to say about the financial system and the economy. He's scheduled to testify before the House Budget Committee.

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Dow 9,038.59 +186.37 +2.11%