Stocks gain on Wall Street with broadcasting shares getting a big boost from the Supreme Court's decision against Aereo.
Investors brushed aside disappointing GDP and durable goods data and the markets marched higher. The Dow Jones industrial average (^DJI) gained 49 points, the Nasdaq composite (^IXIC) rose 29 points and the Standard & Poor's 500 index (^GPSC) was higher by 9 points.
Network broadcasters were handed a victory by the Supreme Court that decided the online TV service Aereo violated copyright law. CBS (CBS) rallied 6 percent; Disney (DIS), which owns ABC, gained 1.5 percent; Comcast (CMCSA), the parent company of NBC, was up 1 percent; and 21st Century Fox (FOX) rose 2 percent.
There were clear winners and losers in the energy space after the Commerce Department eased 40-year restrictions on exporting ultra light crude oil. Pioneer Natural Resources (PXD) rallied 5 percent and Enterprise Products Partners (EPD) gained more than 1 percent. The two are oil producers who were given the green light to export.
Analysts predict the exports could boost crude prices, which would hurt refiners and they sold off big time. Valero (VLO) fell 8 percent, Marathon Petroleum (MPC) was down 6 percent and Tesoro (TSO) dropped 4 percent. Phillips 66 (PSX) also slipped 4 percent.
Google (GOOG) was up 2.5 percent after announcing two watches using their operating system can be ordered as of Wednesday. Another smartwatch called the Moto 360 will be available later this summer.
%VIRTUAL-WSSCourseInline-1049%Other tech stocks that did well were Facebook (FB), Broadcom (BRCM) and Pandora Media (P), which all gained between 1.5 and 2.5 percent.
In the food sector, it was a mixed bag. General Mills (GIS), which owns Cheerios and a ton of other food brands fell 3.5 percent. Earnings came in shy of expectations.
Monsanto's (MON) earnings fell for the quarter but the world's largest seed producer expects earnings to double over the next five years and investors liked what they heard sending the stock 5 percent higher.
Another top gainer on the day was Bristol-Myers Squibb (BMY) up almost 3 percent. It ended a late-phase trial of a skin cancer drug that was very promising. Other pharmaceutical stocks were among the top gainers on the Dow. Merck (MRK) and Pfizer (PFE) both gained more than 1.5 percent.
And finally, online children clothing site Zulily (ZU) had a great day. It rallied 9 percent on an upgrade from Goldman Sachs (GS).
-Produced by Karina Huber.
What to Watch Thursday:
At 8:30 a.m. Eastern time, the Labor Department releases weekly jobless claims, and the Commerce Department releases personal income and spending for May.
Freddie Mac releases weekly mortgage rates at 10 a.m.
These major companies are scheduled to release quarterly financial statements: