NEW YORK (June 26): U.S. stock investors ignored weak economic data and pushed equities higher on Wednesday, as drugmakers' shares rose and a Supreme Court ruling lifted major broadcaster stocks, while German bond yields hit the year's low on safe-haven bids.

The dollar and Treasuries yields also fell after data showed the U.S. economy contracted more than thought in the first quarter and durable goods orders unexpectedly fell in May. The data contrasted with Tuesday's stronger-than-expected measures of consumer confidence and new home sales.

The S&P 500 and Dow closed within striking range of new record levels.

"You do hear people talking about us being in some kind of a bubble but I do not see that at all," said Bryant Evans, investment adviser and portfolio manager at Cozad Asset Management, in Champaign, Illinois. "The stock prices are reflecting reasonable valuations."

Shares of Bristol-Myers Squibb Co rose 2.9 percent to $49.73 a day after the drugmaker announced positive news about testing of its cancer immunotherapy nivolumab.

Shares of CBS shot up 6.2 percent to $62.48 as the U.S. Supreme Court ruled TV startup Aereo violates copyright law by using tiny antennas to provide subscribers with broadcast network content via the Internet.

The Dow Jones industrial average rose 49.38 points or 0.29 percent, to 16,867.51, the S&P 500 gained 9.55 points or 0.49 percent, to 1,959.53 and the Nasdaq Composite added 29.401 points, or 0.68 percent, to 4,379.757.

The dollar slid 0.14 percent to a month low against a basket of major currencies after the weak U.S. gross domestic product and durable goods data signaled the likelihood of a continued dovish stance from the Federal Reserve.

The yield on U.S. 10-year note stood at 2.561 percent.

Europe's FTSEurofirst 300 stock index hit a one-month closing low, falling 1 percent in the biggest decline since mid-April to 1,372.04. The MSCI world equity index , which tracks shares in 45 countries, fell 0.05 percent, touching a one-week low at 427.19.

Yields of German government bonds, perceived as safe havens, fell to the lowest level since May 2013. The German 10-year note yielded 1.263 percent versus Tuesday's 1.322 percent.

In oil trading, Brent settled down 0.4 percent at $114 a barrel, while U.S. crude advanced 0.4 percent to $106.03. For the month, though, both crude oil grades are up about 4 percent on fears of protracted turmoil in Iraq. - Reuters