The US benchmarks were mixed by the closing bell.
Disney bid US$71.3bn for Twenty-First Century Fox assets, topping a US$65bn by Comcast.
The S&P 500 saw slight gains, ending the day up around 5 points.
Up north, the TSX jumped more than 120 points led by gains in energy and financial companies.
12:30 PM: Dow on a losing streak as tech rally sends Nasdaq to a record high
U.S. equity benchmarks mostly rose midday Wednesday, although the Dow threatened to extend its recent losing streak to a seventh straight session. Gains in technology stocks lifted the broader market while boosting the Nasdaq.
The Dow Jones Industrial Average index shed 12.6 points to hover at 24,686.
The tech-laden Nasdaq rose 66 points, or 0.85% to a record high of 7,792, while the S&P 500 also traded 0.33% higher led by Twenty-First Century Fox. The media giant gained 7.2% on a bidding war between Comcast Corp. and Walt Disney Co.
Similarly, Russell 2000 index of small-cap stocks rose nealr 12 points, or 0.7% to hit an all-time high of 1,075. It is not surprising that the Russell has outperformed other indexes of late, in part due to the higher domestic focus of its components, which insulates it from the US-Chian trade spat.
10: AM: US stocks are in the green as fears about the US-China trade spat fade
US stocks moved higher on Wednesday as signs of a resurgence in deal-making pushed investors’ concerns about the trade spat between the US and China to the back burner.
The S&P 500 also traded close to 9 points higher at 2,771 after Twenty-First Century Fox reported a 6% jump on the revelation that Disney has sweetened its bid for a chunk of its assets to US$71.3bn or $38 per share, trumping Comcast’s US$65bn all-cash bid.
Elsewhere, tech-laden Nasdaq rose 51 points to 7,776 while the Russell 2000 of small-cap stocks clung to the baseline, inching up 4.6 points to 1,698.
Up in Canada, Toronto’s TSX also traded higher, gaining 94 points to 16,410.
Trade tensions between the US and China have cast a pall over the markets in recent days.
At the week’s start, President Trump rattled investors, with his announcement that he asked US trade officials to identify US$200bn worth of Chinese imports for the purpose of tacking on extra trade tariffs at a 10% rate.