US stocks rise in midday trading on earnings news
Source: AP-EXCITE
By ALEX VEIGA
U.S. financial markets drifted higher in midday trading Wednesday, paring back some or their gains earlier in the day. Investors cheered the latest batch of company earnings and drove up shares in Time Warner on news that it received a takeover bid from Twenty-First Century Fox.
KEEPING SCORE: The Dow Jones industrial average rose 50 points, or 0.3 percent, to 17,111 as of 12:07 p.m. Eastern time. The Standard & Poor's 500 rose four points, or 0.2 percent, to 1,977. The Nasdaq composite added nine points, or 0.2 percent, to 4,425.
THE QUOTE: "We've seen some pretty good earnings reports across different sectors," said Dave Roda, regional chief investment officer for Wells Fargo Private Bank in the Southeast. "We're seeing a lot of (corporate deals), we're seeing a lot of share buyback announcements, things that really do help prop up markets."
MURDOCH BID: Time Warner soared 16 percent after Rupert Murdoch's Twenty-First Century Fox disclosed it made a bid for the media giant last month. Fox said Time Warner rejected its offer. The New York Times is reporting that that bid totaled $80 billion, or $85 in stock and cash for each Time Warner share. Time Warner added $11.36 to $82.37, while Twenty-First Century Fox fell $1.68, or 4.8 percent, to $33.50.
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FILE - This March 4, 2013 file photo shows a sign for Wall Street on the side of building near the New York Stock Exchange, in New York. European stocks advanced Wednesday July 16, 2014 after China's economic growth picked up slightly in the second quarter but Asian markets were lukewarm about the data that largely fitted expectations. (AP Photo/Mark Lennihan, File)
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