Stocks are closing higher on Wall Street Wednesday as investors reviewed a mostly encouraging batch of earnings from big companies.

The S&P 500 rose 1.6% to an almost 2-month high. The Nasdaq and Dow Jones industrials also rose.

Starbucks and CVS closed higher after reporting solid quarterly results. PayPal shares soared on a report that activist investor Elliott Management has taken a large stake in the payment company.

The 10-year Treasury yield slipped. Oil prices fell after the OPEC oil cartel and its allies decided to boost production in September by a much slower pace than in previous months.