NEW YORK ( TheStreet) -- The release of the Federal Reserve's Beige Book midafternoon nudged the Dow Jones Industrial Average to close at a record high on Wednesday. The Fed noted the economy is expanding at a modest to moderate pace with consumer spending, manufacturing and job growth increasing in all districts.
The Dow Jones Industrial Average rose 0.45% to 17,138.2. The S&P 500 gained 0.42% to 1,981.57. The Nasdaq added on 0.22% to 4,425.97.
China's GDP grew 7.5% over the second quarter, slightly higher than expected by analysts and highlighting that the government's stimulus strategies are working. The data moved European markets higher into the close, though Asian markets ended the session mixed.
Time Warner soared 17.1% after confirming it had rejected an $80 billion takeover bid from Rupert Murdoch's 21st Century Fox (FOXA). M&A talk helped other industry names rally, including CBS (CBS), up 2.3%, Viacom (VIAB), up 3.3%, and Discovery Communications (DISCA), up 6.3%.