Corporate Earnings, Drop in Oil Lift Stocks in Two-Day Advance

Associated Press Thursday, July 24, 2008; Page D05 NEW YORK, July 23 -- Stocks advanced for a second consecutive session Wednesday as another decline in oil prices and several upbeat profit reports eased some of investors' concerns about the economy. The Dow Jones industrial average rose 29.88, or 0.26 percent, to 11,632.38 after rising nearly 100 points early in the session. The Standard & Poor's 500-stock index rose 5.19, or 0.41 percent, to 1282.19 and the Nasdaq composite index rose 21.92, or 0.95 percent, to 2325.88. Investors expect that a sustained pullback in oil prices would give a crucial boost to the economy. Crude has retreated as oil investors have worried that high prices and a sluggish economy are reducing demand. The government reported Wednesday that domestic inventories increased last week as consumers... [read full story]