US stocks open higher and are headed for a weekly gain; Monster Beverage soars on Coke stake

U.S. stocks are opening higher as the market heads for a solid weekly gain.

The Dow Jones industrial average rose 44 points, or 0.3 percent, to 16,756 as of 9:33 a.m. Eastern time Friday. The Dow is up 1 percent so far this week.

The Standard & Poor's 500 index rose six points, or 0.3 percent, to 1,961.

The Nasdaq composite climbed 26 points, or 0.6 percent, to 4,479.

In corporate news, J.C. Penney rose 4 percent. The struggling department store operator reported a narrower loss for its second quarter.

Monster Beverage soared 26 percent on news that Coca-Cola is buying a big stake in the company.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.39 percent, near its lowest level of the year.