LONDON (ShareCast) - - Time Warner rejects $80bn 21st Century Fox offer
- China's economy grows more than hoped
- Yellen says US growth likely to be enough to underpin job gains

Dow Jones - 17,138 +77 (0.45%)
Nasdaq - 4,426 +10 (0.22%)
S&P 500 - 1,982 +9 (0.44%)

The prospect of big merger deals, upbeat Chinese economic data and corporate earnings drove the Dow Jones Industrial Average to a new high on Wednesday.

CNN owner Time Warner jumped after news that it had rejected an $80bn takeover bid from Rupert Murdoch's Twenty-First Century Fox.

A report showing China's economy grew more than expected, meeting the government's target, boosted stocks.

Gross domestic product in China rose 7.5% in the three months to June from a year earlier, beating the forecast for a 7.4% increase.

A batch of positive earnings updates also buoyed investors, including better-than-expected results from tech bellwether Intel Corp.

The Federal Reserve's July Beige Book, which includes information collected in the weeks prior to July 7th, indicated that all 12 of the Federal Reserve Districts saw an expansion in activity relative to the prior reporting period.

It was the second beige book in a row to report an expansion in activity across all districts.

Fed Chairman Janet Yellen told the House of Representatives Financial Services Committee that growth was likely to be strong enough to underpin job gains and that credit growth and debt were moderate.

A report showed manufacturing output increased at a 6.7% annualised pace over the second quarter as a whole.

Overall industrial production increased by a modest 0.2% month-on-month in June, as a 0.8% m/m increase in mining output more than offset a 0.3% m/m decline in utilities output.

Capital Economics Chief US Economist Paul Ashworth said: "The modest 0.1% m/m gain in manufacturing output in June looks disappointing, but the manufacturing sector actually enjoyed a strong second quarter and the improvement in the survey evidence points to an even better performance in the second half of this year."

Apple, IBM do deal

Apple and IBM agreed to develop applications for corporate users of wireless devices. Apple shares ended the session 0.57% adrift but IBM rose 2%.

Intel Corp gained 9% after forecasting third-quarter sales that beat analysts' estimates.

International Game Technology surged 9% after Gtech SpA agreed to buy the world's biggest slot-machine maker for $4.7bn.

BlackRock climbed 0.44% after second-quarter profit beat forecasts.

The US 10-year yield fell 0.7% to 2.53%.

West Texas Intermediate crude futures rose 1.36% to $101.32 per barrel.

PW

S&P 500 - Risers
Time Warner Inc. (TWX) $83.13 +17.07%
Intel Corp. (INTC) $34.65 +10.03%
International Game Technology (IGT) $16.92 +9.16%
Tenet Healthcare Corp. (THC) $48.71 +8.32%
Joy Global Inc. (JOY) $65.01 +8.08%
Discovery Communications Inc. Class A (DISCA) $83.50 +6.32%
Cliffs Natural Resources Inc. (CLF) $15.72 +5.01%
Scripps Network Interactive Inc. (SNI) $84.78 +4.81%
Microsoft Corp. (MSFT) $44.08 +3.84%
United States Steel Corp. (X) $26.84 +3.35%

S&P 500 - Fallers
Twenty-First Century Fox Inc Class A (FOXA) $33.00 -7.15%
Yahoo! Inc. (YHOO) $33.79 -5.11%
Ross Stores Inc. (ROST) $62.15 -4.78%
PNC Financial Services Group (PNC) $85.18 -3.47%
Gilead Sciences Inc. (GILD) $87.00 -3.17%
Hasbro Inc (HAS) $52.55 -2.97%
Monster Beverage Corp (MNST) $67.05 -2.92%
Express Scripts Holding Co (ESRX) $65.94 -2.89%
Biogen Idec Inc. (BIIB) $303.74 -2.65%
TJX Companies Inc. (TJX) $52.58 -2.52%

Dow Jones I.A - Risers
Intel Corp. (INTC) $34.65 +10.03%
Microsoft Corp. (MSFT) $44.08 +3.84%
International Business Machines Corp. (IBM) $192.36 +2.05%
Pfizer Inc. (PFE) $30.96 +1.81%
General Electric Co. (GE) $27.02 +1.54%
Caterpillar Inc. (CAT) $111.40 +1.41%
Exxon Mobil Corp. (XOM) $103.77 +1.35%
Chevron Corp. (CVX) $130.89 +1.26%
Cisco Systems Inc. (CSCO) $25.98 +1.21%
Goldman Sachs Group Inc. (GS) $170.47 +0.77%

Dow Jones I.A - Fallers
Nike Inc. (NKE) $76.92 -1.42%
Boeing Co. (BA) $127.42 -1.30%
McDonald's Corp. (MCD) $99.27 -1.03%
Johnson & Johnson (JNJ) $102.22 -1.03%
Walt Disney Co. (DIS) $85.35 -0.93%
United Technologies Corp. (UTX) $114.36 -0.42%
Procter & Gamble Co. (PG) $80.94 -0.39%
Travelers Company Inc. (TRV) $95.62 -0.34%
Home Depot Inc. (HD) $79.66 -0.25%
Unitedhealth Group Inc. (UNH) $83.76 -0.17%

Nasdaq 100 - Risers
Intel Corp. (INTC) $34.65 +10.03%
Vimpelcom Ltd Ads (VIP) $8.98 +6.40%
Discovery Communications Inc. Class A (DISCA) $83.50 +6.32%
Microsoft Corp. (MSFT) $44.08 +3.84%
Viacom Inc. Class B (VIAB) $87.37 +3.27%
Seagate Technology Plc (STX) $61.31 +2.71%
Western Digital Corp. (WDC) $101.23 +2.55%
Sandisk Corp. (SNDK) $107.83 +2.15%
Nxp Semiconductors Nv (NXPI) $67.03 +1.93%
Micron Technology Inc. (MU) $34.64 +1.82%

Nasdaq 100 - Fallers
Twenty-First Century Fox Inc Class A (FOXA) $33.00 -7.15%
Yahoo! Inc. (YHOO) $33.79 -5.11%
Ross Stores Inc. (ROST) $62.15 -4.78%
Illumina Inc. (ILMN) $171.09 -3.79%
Gilead Sciences Inc. (GILD) $87.00 -3.17%
Monster Beverage Corp (MNST) $67.05 -2.92%
Express Scripts Holding Co (ESRX) $65.94 -2.89%
Biogen Idec Inc. (BIIB) $303.74 -2.65%
Garmin Ltd. (GRMN) $56.69 -2.51%
Keurig Green Mountain Inc (GMCR) $120.08 -2.23%

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