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Helping curtail the losses were Microsoft and McDonald's, both of which reported strong quarterly results. Microsoft's stock surged 5.6 percent at an all-time high of $60.45, while McDonald's rose 3.10 percent.
(Reuters) - AT&T Inc is in advanced talks to acquire media conglomerate Time Warner Inc , and a deal could come as early as this weekend, the Wall Street Journal reported. The talks around the cash-and-stock deal have come together quickly, the Journal reported on Friday, citing people familiar with the matter. Time Warner's shares were up 8.2 percent at $89.77 in late morning trading.