Wednesday July 23, 08:30 PM
U.S. STOCKS - Market extends gains as oil drops further |
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NEW YORK (Reuters) - U.S. stocks rose on Wednesday, with the S&P 500 and Nasdaq up more than 1 percent, as the price of oil fell further after the U.S. inventory report.
Financial shares also underpinned the advance before House members were expected to pass a rescue plan for the two housing finance companies, Fannie Mae and Freddie Mac.
Apple led the Nasdaq higher after AT&T said the launch of the iPhone 3G launch was strong.
The Dow Jones industrial average rose 92.16 points, or 0.79 percent, to 11,694.66. The Standard & Poor's 500 Index was up 14.17 points, or 1.11 percent, at 1,291.17. The Nasdaq Composite Index was up 45.63 points, or 1.98 percent, at 2,349.59.
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