Dow: Best winning streak since '55

NEW YORK (CNNMoney.com) -- The Dow rallied to yet another record high Wednesday, capping its longest winning stretch in nearly 52 years, on robust earnings news, a $10.6 billion deal for Cablevision and a strong reading from the manufacturing sector.

The Dow Jones industrial average (up 75.74 to 13,211.88, Charts) rose nearly 0.6 percent to close at an all-time high for the fifth time in the last six sessions. The Dow also hit an intraday high of 13,256.33 during the session.

The blue-chip indicator has now risen in 21 of the last 24 sessions - the best streak since the summer of 1955. Back then, the 30-share Dow climbed about 10 percent over 25 sessions while it's up about 7.5 percent in the recent run.

The tech-heavy Nasdaq composite (up 26.31 to 2,557.84, Charts) gained over 1 percent and the broader S&P 500 (up 9.62 to 1,495.92, Charts) index rose more than 0.6 percent.

Oil settled down 72 cents to $63.68 a barrel, while gold prices eased $2.20 to $675.10 an ounce on the COMEX division of the New York Mercantile Exchange.

Treasury prices edged lower, leaving the yield on the 10-year note at 4.64 percent. In currency trading the dollar gained against the euro and the yen.

Here's what was moving before the close:

After cheering News Corp's $5 billion bid for Dow Jones on Tuesday, Wall Street learned of another potential deal from Cablevision (up $3.23 to $35.90, Charts, Fortune 500), which has agreed to be taken private for $10.6 billion by the family that already owns a controlling stake in the No. 5 cable operator. Cablevision shares jumped over 8 percent.

The momentum continued Wednesday, as investors welcomed a stronger-than-expected March factory order reading which rose 3.1 percent, after growing 1.4 percent in the previous month.

"It probably lessened recession fears more than anything else," said John Lonski, chief economist for Moody's. "It [factory orders] should supply a boost to economy in the months ahead."

Wall Street also weighed a weaker-than-expected reading on private sector employment, as the ADP National Employment reported that the private sector added 64,000 jobs in April, short of forecasts. The reading suggests that Friday's April jobs report could show weaker payroll growth than currently forecast.

Lower oil prices on the day provided support, but the consensus among market observers appeared to be that upbeat corporate earnings were the main driver on Wall Street.

"There's no question that the earnings have been much better than what analysts were expecting," said Charles Smith, chief investment officer at Fort Pitt Capital Group. "And that's been driving the advance."

Smith noted that at the end of last quarter, analysts were expecting earnings growth of just over 3 percent, whereas now, growth is on track to rise 7 or 8 percent.

With 72 percent of the S&P 500 having reported results, earnings are currently on track to have grown 7.9 percent from a year ago, according to the latest Thomson Financial estimates. That's a blended number, including reported and forecast earnings, with the final number likely to show growth of 7 or 8 percent.

In addition to earnings, stocks have gotten a boost from the wave of corporate mergers and other deals news.

Dow Jones (down $0.20 to $56.00, Charts) shares inched lower after the company that controls the media behemoth indicated it would not approve News Corp (up $0.44 to $23.43, Charts, Fortune 500)'s proposed takeover, opening the door to other bidders.

In earnings news, CNNMoney.com parent Time Warner (up $0.35 to $20.94, Charts, Fortune 500) reported earnings that beat estimates on sales that met estimates. (Full story).

MasterCard (up $11.50 to $126.35, Charts) reported higher quarterly sales and earnings that topped forecasts, sending shares over 11 percent higher.

Shares of the fast-food firms Yum Brands Inc. (Charts) and Chipotle Mexican Grill (up $11.83 to $78.09, Charts) soared after reporting better-than-expected results late Tuesday.

Transocean (up $2.94 to $89.21, Charts), which operates petroleum drilling rigs, reported higher quarterly sales and earnings that topped estimates. Shares gained 3.4 percent.

Nortel Networks (up $2.05 to $25.12, Charts) jumped over 9 percent after the telecom gear maker said late Tuesday that it expects first-quarter revenue in a range that could top analysts' forecasts.

Market breadth was positive. On the New York Stock Exchange, winners beat losers about 3 to 1 on volume of 1.19 billion shares. On the Nasdaq, advancers topped decliners almost 2 to 1 on volume of 1.55 billion shares.

Treasury prices slipped, lifting the yield on the 10-year note to about 4.64 percent from around 4.63 percent late Tuesday. Treasury prices and yields move in opposite directions.

In bond market news, the government said Wednesday that it is discontinuing the sales of three-year treasury notes, due to what it said was an improving budget deficit.

In currency trading, the dollar eased against the euro and gained versus the yen.

U.S. light crude oil for June delivery fell 72 cents to $63.68 a barrel on the New York Mercantile Exchange, after the government said supplies of gasoline fell and crude oil inventories climbed.

COMEX gold for June delivery fell $2.20 to $675.10 an ounce.