U.S. stocks were gaining after Time Warner (TWX) rejected an $80 billion buyout offer from 21st Century Fox (FOXA), and Intel (INTC) jumped after earnings beat Wall Street forecasts. The chipmaker also announced a buyback plan and Apple (AAPL) entered into a deal with longtime rival IBM (IBM) to create business apps for corporate customers. Blackberry (BBRY) dropped on the news investors didn't take the news. In Washington, Federal Reserve Chair Janet Yellen testified for a second day before Congress. TheStreet's Susannah Lee reports from Wall Street.

If you liked this article you might like

Judge Says AT&T Doesn't Have Right to Access White House Correspondence

Judge Says AT&T Doesn't Have Right to Access White House Correspondence

Goldman Bankers (Mostly) Upbeat on Tech M&A and IPO Trends

Goldman Bankers (Mostly) Upbeat on Tech M&A and IPO Trends

AT&T Divestitures Could Lower Time Warner Leverage

AT&T Divestitures Could Lower Time Warner Leverage

Disney Has Big Strengths -- and Weaknesses -- as it Takes on Netflix and Amazon

Disney Has Big Strengths -- and Weaknesses -- as it Takes on Netflix and Amazon

Top Things to Look for in Disney's Earnings Report on Tuesday

Top Things to Look for in Disney's Earnings Report on Tuesday