Dow hits new high, Time Warner rejects Fox bid

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.
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