Dow Posts Year's 15th Record High Close on Strong Earnings, Deals

Stocks climbed on Wednesday, lifting the Dow to its 15th record high of the year, on corporate earnings, deals and better-than-expected growth in China.The Dow Jones Industrial Average closed unofficially 77 points higher at 17,138.20. The S&P 500 rose 8 points and the Nasdaq added 9 points. Equities maintained near session highs with the release of the Federal Reserve's Beige Book, which found the economy expanding at a modest to moderate pace, with consumer spending up in all of of the Fed's districts. Earnings Scout. Shares of Time Warner rose 17 percent after the owner of CNN said it rejected an $80 billion takeover bid from Rupert Murdoch's 21st Century Fox.Technology shares rallied in the wake of earnings from Intel with the chip maker forecasting third-quarter revenue above Wall Street's estimates. Earlier, China reported second-quarter economic growth of 7.5 percent, above expectations.

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- Kate Gibson,