US STOCKS-Wall St gains after Supreme Court ruling on broadcasters

miércoles 25 de junio de 2014 17:35 GYT

* CBS shares jump after Supreme Court ruling

* Monsanto rallies on outlook and stock-repurchase plans

* U.S. economy shrank in Q1; durable orders fall

* Dow up 0.3 pct; S&P 500 up 0.5 pct; Nasdaq up 0.7 pct (Updates close with volume)

By Caroline Valetkevitch

NEW YORK, June 25 (Reuters) - U.S. stocks rose on Wednesday, led by drugmakers, while a Supreme Court ruling lifted the shares of major broadcasters.

Shares of Bristol-Myers Squibb Co shot up 3 percent to $49.73. The rally came a day after the drugmaker said a late-stage trial testing its immunotherapy nivolumab in advanced melanoma patients was halted early after it was determined that the drug was likely to prolong survival.

Pfizer gained 1.7 percent to $29.80, Merck & Co. rose 1.6 percent to $58.86, and the S&P healthcare index ended 1.1 percent higher, giving the S&P 500 its biggest boost.

Shares of CBS jumped 6.2 percent to $62.48 after the U.S. Supreme Court ruled that online TV startup Aereo Inc violates copyright law by using tiny antennas to provide subscribers with broadcast network content via the Internet. Comcast Corp shares rose 1.1 percent to $53.21. The Walt Disney Co, which owns ABC News, gained 1.5 percent to $83.90 and buoyed the Dow.   Continuación...