U.S. stocks rose on Wednesday, with the Dow Jones industrial average closing at a record high, boosted by the latest merger news and some strong corporate earnings. Time Warner Inc shares jumped 17.1 percent to $83.13 and ranked as the S&P 500's best performer after Twenty-First Century Fox confirmed it made an $80 billion takeover offer for the company that was turned down. Twenty-First Century Fox shares fell 6.2 percent to $33.00. An index of semiconductors shot up 1.1 percent and hit an intraday high of 652.28, its highest since August 2001. The index was led higher by gains in Intel Corp, up 9.3 percent at $34.65. The world's largest chipmaker reported second-quarter results that topped analysts' estimates. Shares of Micron Technologies rose 1.8 percent to $34.64. The S&P 500 technology index rose 1 percent and ranked among the day's best-performing sectors in the S&P 500.
