(Reuters) - A jump in technology and media stocks lifted the S&P 500 on Wednesday and pushed the Nasdaq to a record high, but the Dow remained under pressure from an escalation in the U.S.-China trade spat that has slammed global markets.
Twenty-First Century Fox gained 7.1 percent after Walt Disney sweetened its offer for some of the company’s assets to $71.3 billion, looking to topple Comcast’s bid.
The S&P 500 media index rose 1.1 percent with all its 14 members in positive territory. Viacom gained 2.4 percent, while DISH Network and Discovery were up about a percent.
The so-called FAANG stocks - Facebook, Amazon, Apple, Netflix and Alphabet - were also higher.
“You’ve got a little bit of a shift away from the macro concerns which will continue to be a headwind for this market until we get some answers on trade. Right now the focus is on M&A,” said Art Hogan, chief market strategist at B. Riley FBR in New York.
Markets skidded on Tuesday after President Donald Trump’s latest tariff threats against Chinese goods intensified worries over an intensifying China-U.S. trade spat.
The United States is also under fire from other countries for its protectionist measures. The European Union will start charging import duties of 25 percent on a range of U.S. products from Friday after Washington imposed tariffs on EU steel and aluminum at the start of June.
At 11:24 a.m. ET, the Dow Jones Industrial Average was down 32.92 points, or 0.13 percent, at 24,667.29. The S&P 500 was up 6.94 points, or 0.25 percent, at 2,769.53 and the Nasdaq Composite was up 58.11 points, or 0.75
