U.S. stocks climbed on Wednesday, again lifting the Dow industrials into uncharted terrain, with investor sentiment lifted by corporate earnings and deals.
"The market bias is upwards until there is a reason for investors to lose enthusiasm. At some point, you'd think the laws of Newtonian physics would apply, but we think valuations are full, not stretched," said Mark Luschini, chief investment strategist at Janney Montgomery Scott, of the bull market, which has the Dow and S&P 500 either in, or near, record highs on a near daily basis.
Equities maintained near session highs with the release of the Federal Reserve's Beige Book, which found the economy expanding at a modest to moderate pace, with consumer spending up in all of of the Fed's districts.
Technology shares rallied in the wake of earnings from Intel, with the chip maker forecasting third-quarter revenue above Wall Street's estimates late Tuesday.
The company's results and "stronger-than-expected PC sales are indicative of business spending," said Luschini.
Time Warner shares shot higher after CNBC reported it had rejected a $80 billion takeover bid by 21st Century Fox, which confirmed making an offer for Time Warner, but also said the companies were not currently in discussions.