Closing Bell: Time Spikes on Deal Reports; Wall Street Bags New Records

Wall Street bagged new records as a broad rally in equities resumed. Thursday's close marks the fourth record close in a row for the Dow Jones Industrial Average and the S&P 500's second. Time Inc. (TIME) surged in afternoon trading on reports the magazine publisher is open to takeover offers. The company has reportedly brought Morgan Stanley and Bank of America on board to assess bids. Casino stocks slumped after the South China Morning Post reported that Beijing was cracking down on gambling location Macau. Regulators are reportedly seeking to limit the amount of cash withdrawals from ATMs in the region. Microsoft (MSFT) - Get Report has officially closed its acquisition of LinkedIn after receiving approval from the European Union earlier this week. LinkedIn shares will delist from the New York Stock Exchange December 19.