US stocks rose and the Dow set a record on Wednesday, boosted by solid profits, a buyout offer for Cablevision Systems Corp and data showing surprising strength in the manufacturing sector. In earnings news, media company Time Warner Inc and MasterCard Inc were the latest companies to report profits that beat Wall Street expectations, while data on March factory orders suggested an end to sluggishness in spending by businesses.
Large-cap manufacturing stocks, like Whirlpool Corp and Deere and Co, were among the top-weighted gainers on the S&P 500 after government data showed bigger-than-expected increases in factory orders. Whirlpool shares were up 5.3 percent to $113.80 and Deere shares added 4 percent to $112.98.
The Dow Jones industrial average was up 104.42 points, or 0.79 percent, at 13,240.56. The Standard & Poor's 500 Index was up 11.61 points, or 0.78 percent, at 1,497.91. The Nasdaq Composite Index was up 27.90 points, or 1.10 percent, at 2,559.43. The Dow earlier hit an intraday high at 13,243.33, extending its run into record territory.
Cablevision Systems' stock rose 8.4 percent to $35.40 after Cablevision directors agreed to a buyout offer from the Dolan family of $36.26 a share for Cablevision shares they do not already own. Shares of MasterCard also jumped 10 percent to $126.33 after the credit card company's profit beat estimates.
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