Market Minute: Stocks Soar on 'Taper' News; Priceline Shares Get Pricier
The Dow Jones industrial average (^DJI) rose 147 points Wednesday and the Standard & Poor's 500 index (^GPSC) jumped 20 -- both closing at all-time highs following the Federal Reserve's surprise decision not to begin cutting back on its stimulus program quite yet. The Nasdaq composite index (^IXIC) gained 38.
Priceline (PCLN) stock also reached a big milestone. It briefly topped $1,000 a share -- making it the first stock in the S&P 500 ever to reach that level. Priceline shares have soared 60 percent so far this year.
The truce between Google (GOOG) and Hollywood may have come to an end. A movie industry trade group accuses Google and other search engines of sharing "significant responsibility" for the online piracy of movies and TV shows. The Hollywood group also names Yahoo (YHOO) and Microsoft's (MSFT) Bing search engine.
The Internet radio service Pandora Media (P) has won a key court ruling. A federal court says the company is entitled to a blanket license to play all of the songs in the catalog of the American Society of Composers, Authors and Publishers, or ASCAP, which represents thousands of music publishers. The group had sought to get higher royalty rates by withholding parts of its catalog.
And Dish Network (DISH) has won its latest skirmish with a broadcaster. The judge turned aside ABC's request to shut down certain features of Dish's Hopper service, claiming it infringes on ABC's copyrights. Hopper lets users record all prime-time programs and skip over ads during playback.
Walt Disney's (DIS) Pixar unit is pushing back the release of "The Good Dinosaur" by a year until late in 2015. As a result, Pixar won't have any movies out next year -- the first time that's happened since 2005.
And Oracle's (ORCL) quarterly profit rose 8 percent from a year, but sales edged barely higher. The software giant is switching some of its products from licensing to cloud subscriptions, and it says revenue will be little changed again in the current quarter.
-Produced by Drew Trachtenberg.