1:00AM NY, 5:00 PM Frankfurt European stocks closed higher, led by media stocks.
European stock markets closed higher on Wednesday, boosted by strength among media stocks. Shares in satellite broadcaster British Sky Broadcasting rose more than 5% after the company''s key performance indicators in Q3 exceeded market expectations. Dutch publisher Wolters Kluwer gained 2.8%, while Pearson closed down 3.4% in London. Mining stocks also contributed to the upward trend, with shares in Lonmin surged 7.7% after it posted a 63% increase in first-half pretax profit.

In earnings news, Henkel rose 2.7% after it said Q1 profit rose 14%. Shares of German tire maker Continental rose 3% after it reported 22%increase in Q1 profit. Shares of Danish pharmaceutical producer Novo Nordisk rose 7.6% after it reported Q1 profit increase of 41%. The U.K. FTSE 100 climbed 1% to 6,484.50, the German DAX Xetra 30 rose 0.6% to 7,455.93 and the French CAC-40 gained 0.5% to 5,990.13.


11:30AM U.S. stock averages traded higher, driven by strong factory orders.
The three major stock averages rallied on Wednesday, driven by strength in the deal sector amid deal speculation, Q1 financial results released by Time Warner, and stronger-than-expected factory data.

Time Warner (TWX: chart) rose 2.5% after the media posted higher-than-expected quarterly earnings. Chipotle Mexican Grill (CMG: chart) jumped 16% after the restaurant chain reported a profit rise above forecasts. On the merger-and-acquisition news front, Bisys Group (BSG: chart) rose 1.7% after Citigroup (C: chart) agreed to acquire financial services outsourcing company for $1.45 billion in cash.

The blue-chip average was boosted steeply higher, crossing the 13,200 level for the first time. The Dow benefited from strong gains by General Motors (GM: chart), up 3.3%, Verizon (VZ: chart), up 3.2%, and DuPont (DD: chart), up 2.6%. By sector, multimedia, telecoms, industrials, airlines, metals miners, and broker/deals moved notably higher.

Media stocks were lifted by deal speculation. News Corp. (NWS: chart) rose 1.8% after it launched a surprising bid for Dow Jones (DJ: chart). In another deal , Cablevision Systems (CVC: chart) gained 8% amid speculation it will be bought for $10.5 billion by its founding family, the Dolans.

In late morning trading, the Dow rose 84.11, or 0.64%, to 13,220.25. The blue chip index hit a fresh trading high of 13,228.78 after reaching 13,184.14 Tuesday. The Standard & Poor''s 500 index advanced 9.73, or 0.65%, to 1,496.03. The Nasdaq composite index rose 21.30, or 0.84%, to 2,552.83. Bonds fell following the factory order data. The yield on the benchmark 10-year Treasury note rose to 4.65% from 4.64% late Tuesday.

New factory orders rose 3.1% in March.
The Department of Commerce released its report on new orders for manufactured goods in the month of March on Wednesday, showing that new orders increased by much more than economists had been expecting. The report showed that new orders for manufactured goods rose 3.1 percent in March following an upwardly revised 1.4 percent increase in February. Economists had expected orders to increase by 2.1 percent compared to the 1.0 percent increase originally reported for the previous month. The better than expected increase in orders for manufactured goods was partly due to a 3.7 percent increase in orders for manufactured durable goods.

The increase in durable goods orders was revised up from the 3.4 percent increase reported last week. A 9.5 percent increase in orders for transportation equipment contributed to the strong growth in orders for durable goods. The report also showed that orders for manufactured non-durable goods rose 2.3 percent in March following a 0.5 percent increase in February. The Commerce Department added that shipments of manufactured goods rose 1.5 percent in March following a 0.6 percent decrease in the previous month. At the same time, inventories of manufactured goods rose 0.2 percent. Subsequently, the inventories-to-shipments ratio came in at 1.23 in March, down from 1.25 in February.


9:45AM U.S. markets opened higher, boosted y media stocks.
U.S. stocks opened higher on Wednesday, lifted by deal news in the media sector and better-than-expected corporate profits. The Dow Jones industrials crossed 13,200 for the first time after a strong reading on U.S. factory orders raised optimism about the economy. The Commerce Department said orders to U.S. factories jumped 3.1% in March, helped by strong demand for commercial aircraft, easily beating forecasts of 2% increase.

On the earnings news front, Master Card (MA: chart) surged 10% after reporting 70% earnings rise to $1.57 per share from 94 cents per share a year ago, beating estimates of $1.15 a share. Revenue climbed 24% on favorable currency exchanges and stronger use of its brand overseas. Yum Brands Inc. (YUM: chart) reported a 14% increase in Q1 earnings as its international operations turned in a tidy profit.

Real estate stocks were notable gainers in early trading, led by Jones Lang Lasalle (JLL: chart) and CB Richard Ellis Group (CBG: chart), rising 15% and 13%, respectively. CB Richard Ellis, the biggest U.S. commercial real estate brokerage, posted a lower quarterly profit due to charges. However, excluding the charges, the company''s earnings beat analyst estimates. Cablevision Systems Corp. (CVC: chart) jumped 8% after the cable TV provider said it struck a $10.3 billion deal to be taken private by its controlling shareholders, the Dolan family.

In early trading, the Dow Jones industrial average rose 37.46, or 0.29%, to 12,173.60. The Standard & Poor''s 500 index advanced 3.19, or 0.21%, to 1,489.49, and the Nasdaq composite index rose 5.44, or 0.21%, to 2,536.97. Bonds showed little movement, with the yield on the benchmark 10-year Treasury note unchanged at 4.64% from late Tuesday.


9:30AM London equities gain Wednesday on BSkyB and Lonmin.
The UK market was higher on Wednesday. By mid-day, the benchmark FTSE 100 Index rallied 37.2, or 0.6%, to 6456.8.

Advancers

BSkyB, the satellite pay-TV company, jumped 6.8%. The shares rose the most in four years after the company posted a smaller-than-expected drop in third-quarter profit. Net income dipped 6% to 142 million pounds, or $284 million, beating analysts estimates of 132 million pounds.

Lonmin, the world third-largest platinum producer, rallied 6.4%. The company first-half loss narrowed to $3 million from $67 million a year earlier. Antofagasta, owner of copper mines in Chile, climbed 3%. Vedanta Resources, the largest copper producer in India, gained 2.2%. Xstrata, the world fourth-largest producer of the metal, advanced 2.1%.

William Morrison, the fourth-biggest U.K. food retailer, gained 1.4%. Reportedly, investors bought the stock late yesterday on speculation the company may soon receive a private-equity bid.