Stocks rose sharply Wednesday, extending their rally for a second session as investors expressed relief over plummeting oil prices following a government report that showed a build in crude inventories. The Dow Jones industrial average had its second straight triple-digit gain, pushing back above the 10,000 mark.
Investors welcomed the government's weekly supply report, although it showed a slide in distillate products. Nonetheless, the resulting plunge in crude futures helped equities bounce back from a lackluster open.
Wall Street has grown increasingly anxious about how soaring energy costs might dent consumer spending ahead of what's expected to be a chillier than normal winter. With oil prices hovering near the $55-per-barrel level for several days, OPEC urged the Bush administration to release more oil from the U.S. strategic reserve to calm the market. But after the release of the inventory data, light, sweet crude for December delivery dropped almost $3.
The Dow shot up 113.55, or 1.15 percent, to 10,002.03, following a 138-point rise Tuesday. It was the first time since May 9 and May 12, 2003, that the blue chips have gained more than 100 points in two consecutive sessions. The Standard & Poor's 500-stock index rose 14.31, or 1.29 percent, to 1125.40. The Nasdaq composite index surged 41.20, or 2.14 percent, to 1969.99.
Among Dow components reporting results, Boeing was up 12 cents, at $50.10, after beating Wall Street expectations with a 78 percent jump in third-quarter earnings. It also raised its estimate for full-year profit, citing lower-than-anticipated tax expenses.
Procter & Gamble shed $1.43, to $51.78, despite reporting a 14 percent rise in profits led by growth in developing markets and improved sales in its beauty care and fabric and home care divisions.
ATA Holdings, the parent company of the nation's 10th-largest air carrier, was up 27 cents, at $1.20, after filing for bankruptcy protection and selling off airport slots and other assets to AirTran Airways for $87.6 million. AirTran was up $1.39, at $11.64.
* The New York Stock Exchange composite index rose 67.42, to 6665.87; the American Stock Exchange index rose 3.27, to 1314.84; and the Russell 2000 index of smaller-company stocks rose 9.57, to 587.18.
* Advancing issues outnumbered declining ones by 9 to 4 on the NYSE, where trading volume rose to 1.74 billion shares, from 1.69 billion on Tuesday. On the Nasdaq Stock Market, advancers outnumbered decliners by 7 to 3 and volume totaled 2.06 billion, up from 1.8 billion.
* The price of the Treasury's 10-year note fell $6.80 per $1,000 invested, and its yield rose to 4.09 percent, from 4.00 percent on Tuesday.
* The dollar fell against the Japanese yen and rose against the euro. In late New York trading, a dollar bought 106.51 yen, down from 106.72 late Tuesday, and a euro bought $1.2705, down from $1.2771.
* Light, sweet crude oil for December delivery settled at $52.46, down $2.71, on the New York Mercantile Exchange.
* Gold for current delivery fell to $424.80 a troy ounce, from $426.80 on Tuesday, on the New York Mercantile Exchange's Commodity Exchange.