US stocks edge higher; Protective Life soars

NEW YORK (AP) - Stocks rose modestly Wednesday, erasing an early decline, as investors waited to hear from the European Central Bank on Thursday.

Insurer Protective Life soared on news that it was being acquired by a Japanese company.

The Dow Jones industrial average rose 15.19 points, or 0.1 percent, to 16,737.53. The Standard & Poor's 500 index added 3.64, or 0.2 percent, to 1,927.88 and the Nasdaq composite rose 17.56 points, or 0.4 percent, to 4,251.64.

The S&P 500 closed at another record high, while the Dow closed less than 10 points from its previous high. Both indexes closed at record highs on Monday.

The Nasdaq got a boost from Apple, its biggest component, which gained $7.28, or 1.1 percent, to $644.82. Apple's seven-for-one stock split will happen after the close of business Friday. At the current price, Apple's new shares would be worth $92.12 after the split takes effect on Monday.

Once again trading was quiet, with roughly 2.8 billion shares changing hands on the New York Stock Exchange, compared with the recent average of 3.3 billion shares. Volume has been under 3 billion shares every day this week.