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Midday Report: Discovery Snaps Up Scripps; Mixed Day for Wall Street

Stocks were sent in two directions to begin the week.

Stocks were sent in two directions to begin the week with the Dow Jones Industrial Average hitting new highs, the S&P 500 holding near flat and the Nasdaq lower. Boeing Co. (BA) - Get Boeing Company Report gains led the Dow again. Business activity in the Chicago region declined to its lowest level in three months, though held in expansion territory for its seventeenth month. Sentiment declined for the first time after five months of increases. Pending home sales rose in June for the first time in four months and at a faster pace than anticipated. Gains were broad with only the Midwest seeing a small dip. The measure monitors sales in which a contract has been signed but deal not yet closed. Discovery Communications Inc.   (DISCA) - Get Discovery, Inc. Class A Report agreed to acquire Scripps Networks Interactive Inc. (SNI) in a cash-and-stock deal worth $14.6 billion. However, Discovery shares declined after a disappointing second quarter.

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