Published: September 14, 2006
 
 
NEW YORK U.S. stocks extended their gains Wednesday as oil snapped a week-long losing streak, lifting energy shares, and profit at Lehman Brothers beat analysts' estimates.
 
Exxon Mobil, the world's largest oil company, led the advance in the Dow Jones industrial average, climbing 90 cents to .60. Materials and industrial companies like Alcoa, the aluminum giant, rose as investors snapped up this quarter's worst performing groups. It added 56 cents to .95.
 
Oil prices have tumbled 8.8 percent this month and touched a six-month low, renewing optimism that consumer spending will support the economy as the housing market weakens.
 
"Anything that's going to help the consumer out is going to bolster this market," said Pete McCorry at Keefe Bruyette & Woods.
 
The Dow added 45.23 points to 11,543.32 points. On Tuesday, the benchmark reached its highest since May 11 and came within 225 points of its all-time high. The Standard & Poor's 500 added 4.96 points to 1,318.07, leaving it 9 points shy of matching the five-year high set in May. The Nasdaq composite rose 11.85 points to 2,227.67.
 
The S&P 500 is up 1 percent this month as crude prices have fallen and investors have become convinced that the Federal Reserve is in no hurry to raise interest rates this month.
 
While economic reports have pointed toward accelerating inflation, officials including the president of the Cleveland Federal Reserve, Sandra Pianalto, and Janet Yellen, the president of the San Francisco Federal Reserve, have signaled that borrowing costs are unlikely to move higher.
 
Economists expect no change in the benchmark rate after policy makers left the rate unchanged last month at 5.25 percent. The Fed announces its next rate decision on Sept. 20.
 
The market has also gained support on higher earnings from Wall Street firms. Lehman on Wednesday joined Goldman Sachs in reporting forecast-beating profit, suggesting that earnings growth may not slow as much as forecasters expected.
 
 NEW YORK U.S. stocks extended their gains Wednesday as oil snapped a week-long losing streak, lifting energy shares, and profit at Lehman Brothers beat analysts' estimates.
 
Exxon Mobil, the world's largest oil company, led the advance in the Dow Jones industrial average, climbing 90 cents to .60. Materials and industrial companies like Alcoa, the aluminum giant, rose as investors snapped up this quarter's worst performing groups. It added 56 cents to .95.
 
Oil prices have tumbled 8.8 percent this month and touched a six-month low, renewing optimism that consumer spending will support the economy as the housing market weakens.
 
"Anything that's going to help the consumer out is going to bolster this market," said Pete McCorry at Keefe Bruyette & Woods.
 
The Dow added 45.23 points to 11,543.32 points. On Tuesday, the benchmark reached its highest since May 11 and came within 225 points of its all-time high. The Standard & Poor's 500 added 4.96 points to 1,318.07, leaving it 9 points shy of matching the five-year high set in May. The Nasdaq composite rose 11.85 points to 2,227.67.
 
The S&P 500 is up 1 percent this month as crude prices have fallen and investors have become convinced that the Federal Reserve is in no hurry to raise interest rates this month.
 
While economic reports have pointed toward accelerating inflation, officials including the president of the Cleveland Federal Reserve, Sandra Pianalto, and Janet Yellen, the president of the San Francisco Federal Reserve, have signaled that borrowing costs are unlikely to move higher.
 
Economists expect no change in the benchmark rate after policy makers left the rate unchanged last month at 5.25 percent. The Fed announces its next rate decision on Sept. 20.
 
The market has also gained support on higher earnings from Wall Street firms. Lehman on Wednesday joined Goldman Sachs in reporting forecast-beating profit, suggesting that earnings growth may not slow as much as forecasters expected.