MARKET SNAPSHOT: Dow Hits Intraday Record; Apple, IBM Drive Gains

By Anora Mahmudova and Barbara Kollmeyer, MarketWatch

NEW YORK (MarketWatch) -- The Dow Jones Industrial Average entered record territory again Wednesday, buoyed by better-than-expected earnings and corporate news.

Gains for Apple Inc., IBM Corp. and Intel Corp. were driving gains on the main benchmarks.

Investors will focus on testimony from Federal Reserve Chairwoman Janet Yellen and several items on the economic calendar.

The S&P 500 (SPX) were 8 points, or 0.4%, higher at 1,980.97. The Dow Jones Industrial Average (DJI) gained 55 points, or 0.3%, to 17,114.890, setting an intraday record. The Nasdaq Composite (RIXF) added 25 points, or 0.6%, to 4,440.88.

"The news about Time Warner's rejection of a takeover bid by 21st Century Fox signals that corporations are healthy and see value in assets that the public markets do not see. And if companies deliver on 5% earnings growth estimate, then current multiples and prices on the S&P 500 are justified," said Joe Peta, managing director at Novus, a financial technology company.

Time Warner Inc. (TWX) shares jumped 18% after CNBC reported that the media company has rejected an $80 billion buyout offer from 21st Century Fox (NWS).

Bank of America Corp. (BAC) shares dropped 2% after the bank reported earnings results that missed analysts expectations.

Intel Corp.(INTC) jumped 6.3% after the technology maker reported market-pleasing results late Tuesday, while disappointment over Yahoo Inc.'s(YHOO) results left those shares down 4.5%.

Meanwhile, shares of Apple Inc. (AAPL) rose 1% and IBM Corp. (IBM) added 1.5%, after the two technology companies said late Tuesday that they are teaming up to create business apps and sell iPhones and iPads to Big Blue's corporate customers. For more on today's movers, read our Mover and Shakers column.

Online-auction provider eBay Inc.(EBAY) reports after the close of markets on Wednesday.

Home builders turn optimistic, wholesale prices edge up

Home builders turned optimistic this month, with a gauge of their confidence hitting the highest level in half a year. Industrial production was somewhat weaker than expected.

Federal Reserve Chairwoman Janet Yellen enters her second day of testimony to Congress on the economy. Live blog and video of Janet Yellen appearance before the House

European stocks rise, commodities edge up

Across other markets, Asian stocks closed mixed, but with most major indexes sticking to slim moves. China's economic growth rate hit 7.5% in the April-June quarter, data showed Wednesday. That beat expectations, and triggered discussion about whether the government will offer up more stimulus.

European stocks got a boost from that Chinese data, which lifted resource stocks. It also lifted oil prices, with crude for August delivery (CLQ4) trading at $100.92 a barrel. Gold for August delivery (GCQ4) edged up and the dollar (DXY) pushed higher on interest-rate-timing comments by Yellen.

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