US 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 USD 83.13 and ranked as the S&P 500’s best performer after Twenty-First Century Fox confirmed it made an USD 80 billion takeover offer for the company that was turned down.

The S&P 500 technology index rose 1 percent and ranked among the day’s best-performing sectors in the S&P 500.

“We’ve now come through the earlier stage of the earnings season, and while they (earnings) haven’t been stellar, they certainly have been good, with just a few real disappointments,” said Rick Meckler, president of LibertyView Capital Management in Jersey City, New Jersey.

“The sharemarket held back from moving higher for awhile, but the overall good earnings and M&A deals are giving greater confidence for investors to stay invested.”

After the bell, eBay Inc reported a 13 percent rise in quarterly revenue and its stock advanced 1.8 percent to USD 51.61 in extended-hours trading. During the regular session, a partnership struck between IBM and Apple Inc helped boost the major US stock indexes. IBM will exclusively sell iPhones and iPads loaded with applications designed for business clients this fall.