Wall Street edged up in morning trading on Wednesday, as markets rebounded on news that President Obama is set to announce Janet Yellen to head the Federal Reserve.

Wal-Mart Stores, Inc. (NYSE: WMT) announced on Wednesday it is ending its joint venture and putting plans for its own retail stores in the area on pause, due to strict government rules on local sourcing.

On Wednesday, shares of Wal-Mart rose 0.29 percent to $73.11 in early trade.

Due to the U.S. government shutdown, Starbucks Corporation (NASDAQ: SBUX) CEO Howard Schultz, announced the coffee chain is offering a free tall coffee to any customer who buys another person a beverage, as part of a program the chief executive said is designed to send a message to government leaders.

Shares of Starbucks fell 0.78 percent to $74.94 in morning trading. 

The Dow Jones industrial average rose 22.73 points, or 0.15 percent, to 14,799.26. The S&P 500 gained 1.48 points, or 0.09 percent, to 1,656.99. The Nasdaq Composite fell 14.42 points, or 0.39 percent, to 3,680.30.

Video Credit: Reuters