Investors were selectively buying stocks while keeping an eye on corporate earnings results and acquisition news in the media industry. The Dow Jones Industrial Average hit a new closing high of 17,138, up 77 points. Nasdaq rose 9 points to finish the session at 4,425.
On the upside
Time Warner (NYSE: TWX) rejected an $80 a share bid by Rupert Murdoch's Twenty First Century Fox (NYSE: FOX) to create the largest media company in the world. Analysts expect another offer soon.
Intel (Nasdaq: INTC) was the most active stock traded after the chip giant posted earnings that beat estimates.
Realogy Holdings (Nasdaq: RLGY) announced an all-cash $166 million to buy out its smaller residential brokerage rival ZipRealty (Nasdaq: ZIPR).
On the downside
After posting better than expected 2nd quarter results, Taiwan Semiconductor Manufacturing (NYSE: TSM) revealed that it was getting fewer orders from Qualcomm (Nasdaq: QCOM).
Shares of Yahoo (Nasdaq: YHOO) tumbled after the Internet company posted a decline in profits and revenues.
Shares of Blackberry (Nasdaq; BBRY) fell sharply following an announcement by Apple (Nasdaq: AAPL) and IBM (NYSE: IBM) to develop applications for the iPhone and iPad that target corporate customers.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE, but were outpaced by a margin of more than 4 to 3 on Nasdaq. The broader S&P 500 rose 8 points to close at 1,981. Bitcoin lost $4 to $613.
Dow hits new high, Time Warner rejects Fox bid
July 16, 2014 at 19:28 PM EDT