NEW YORK (TheStreet) -- U.S. stock markets were marching higher Wednesday as the first acceleration of Chinese economic growth in the past three quarters bolstered international markets and Time Warner (TWX) soared after rejecting an $80 billion takeover bid by Rupert Murdoch's 21st Century Fox (FOX).
The Dow Jones Industrial Average was rising 0.33% to 17,117.26. The S&P 500 was gaining 0.3% to 1,979.15. The Nasdaq was adding on 0.3% to 4,429.83.
Time Warner shares were jumping more than 15% to $82.07 as Time Warner rejected Fox's offer to combine the two New York-based entertainment conglomerates.
IBM (IBM) shares were tacking on more than 2.3% and Apple (AAPL) was popping more than 1% after Big Blue signed an exclusive deal with Apple aimed at bringing a slew of new business apps to the mobile market.
China's economic growth numbers were garnering much attention with a 7.5% gain in GDP, highlighting that the government's stimulus strategies are working.
In the U.S., the Producer Price Index for June rose 0.4% vs. the expected 0.2%. Industrial production increased by 0.2% in June, while capacity utilization remained at 79.1%. The NAHB Housing Market Index showed a 4-point bump to 53 in July, higher than analysts' estimates of 51. The Fed's Beige Book for July will be released at 2 p.m.