Stocks Extended the Seventh Straight Winning Streaks

U.S. stocks closed higher on Wednesday, with major indexes ending at records and extending their winning streaks to a seventh straight session. The Dow Jones Industrial Average rose 107.45 points, or 0.52%, to 20,611.86. The S&P 500 gained 11.67 points, or 0.50%, to 2,349.25. The Nasdaq Composite rose 36.87 points, or 0.64%, to 5,819.44.

Cisco Systems Inc. (CSCO) announced slightly better than expected earnings results Wednesday and increased its quarterly dividend. The networking giant revealed fiscal second-quarter profit of $2.3 billion, or 47 cents a share, on sales of $11.58 billion.

Time Warner Inc. (TWX) shareholders on Wednesday voted, by 99%, to approve AT&T Inc.’s (T) proposed $85.4 billion merger. The deal was the biggest announced in 2016 and drew a fair share of criticism.

CBS Corp.( CBS) reported a fourth-quarter net loss Wednesday of $271 million, or a loss of 26 cents per share, after net income of $261 million, or earnings of 55 cents per share, in the year-earlier period.