Wall Street gains after court ruling favours broadcasters

NEW YORK (Reuters) - U.S. stock indexes rose on Wednesday after a Supreme Court decision boosted the shares of major broadcasters and as drugmakers' stocks rallied.

Based on the latest available data, the Dow Jones industrial average rose 49.38 points or 0.29 percent, to end unofficially at 16,867.51. The S&P 500 gained 9.55 points or 0.49 percent, to finish unofficially at 1,959.53. The Nasdaq Composite added 29.40 points or 0.68 percent, to close unofficially at 4,379.76.

(Reporting by Caroline Valetkevitch; Editing by Jan Paschal)