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Dow Hits New Record, Stocks Rise Amid Earning Reports 

iStock/Thinkstock(NEW YORK) -- Wall Street stocks closed higher Wednesday after strong second-quarter earnings reports and news of mergers and deals.

The Dow Jones Industrial Average hit a new record, up 78 points to finish at 17138.20, the Nasdaq Composite added 10 at 4425.97, and the S&P 500 gained 8 points, closing at 1981.57.

News of Rupert Murdoch's interest in Time Warner prompted gains for the media company, and Apple and IBM saw an increase following a deal between the two tech giants.

Federal Reserve Chair Janet Yellen testified to the House Financial Services Committee on Wednesday, telling officials it would be a big mistake for Congress to require the central bank to adopt a formal policy rule on setting interest rates.

BMW is expanding a recall of popular models to address an air bag problem affecting more than a million 3-series cars manufactured from 2000 to 2006.

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