US STOCKS-Wall Street gets lift from merger activity, earnings
* Intel climbs on earnings, outlook
* Bank of America profit drops; stock slips
* Time Warner rebuffs $80 bln bid from 21st Century Fox
* Indexes up: Dow 0.27 pct, S&P 0.31 pct, Nasdaq 0.43 pct (Updates to open; adds quote, data)
By Chuck Mikolajczak
NEW YORK, July 16 (Reuters) - U.S. stocks advanced on Wednesday and the Dow surged to a new intraday high, buoyed by the latest merger news, as investors sorted through the latest batch of corporate earnings.
Merger and acquisition activity continued to thrive on Wall Street. Time Warner shares jumped 18.1 percent to $83.87 as the biggest boost to the S&P 500 after Twenty-First Century Fox confirmed it made an $80 billion takeover offer for the company that was turned down. Twenty-First Century Fox shares lost 1.7 percent to $33.54.
Also supporting gains was chipmaker Intel, which climbed 6.2 percent to $33.69 following second-quarter results that topped analysts' estimates. The company also forecast third-quarter revenue above Wall Street's expectations.
"It's a combination of M&A that has been pretty consistent - about every day we wake up to at least one, if not two deals - and earnings have continued to be good," said Bill Stone, chief investment strategist at PNC Wealth Management in Philadelphia. Continuación...