NEW YORK -- U.S. stocks extended gains on Wednesday as the rally of technology shares and continued drop in oil prices offset the housing concerns.
The Nasdaq rose more than 1.2 percent.
Cisco, the biggest maker of networking equipment, spurred a rally in technology shares after it reported a better-than-expected quarterly profit. Microsoft Corp. gained as UBS AG predicted that the largest software company may buy back up to 20 billion U.S. dollars in stock.
The U.S. Energy Department reported Wednesday an increase in the crude and distillate oil inventories and a drop in the fuel demand, which sent the crude futures to as low as 117.11 dollars a barrel on the New York Mercantile Exchange.
The decline in oil prices helped the broader market to pare earlier losses sparked by Freddie Mac. The second-biggest U.S. buyer of mortgages, reported Wednesday a second-quarter loss of 821 million U.S. dollars, as the battered housing market and slumping credit conditions again pummeled the company's bottom line.
The Dow Jones Industrial average rose 40.30 or 0.35 percent, to 11,656.07.
Broader indexes also advanced. The Standard & Poor's 500 index added 4.30, or 0.33 percent, to 1,289.18; and the Nasdaq composite index rose 28.54, or 1.21 percent, to 2,378.37.
The Nasdaq rose more than 1.2 percent.
Cisco, the biggest maker of networking equipment, spurred a rally in technology shares after it reported a better-than-expected quarterly profit. Microsoft Corp. gained as UBS AG predicted that the largest software company may buy back up to 20 billion U.S. dollars in stock.
The U.S. Energy Department reported Wednesday an increase in the crude and distillate oil inventories and a drop in the fuel demand, which sent the crude futures to as low as 117.11 dollars a barrel on the New York Mercantile Exchange.
The decline in oil prices helped the broader market to pare earlier losses sparked by Freddie Mac. The second-biggest U.S. buyer of mortgages, reported Wednesday a second-quarter loss of 821 million U.S. dollars, as the battered housing market and slumping credit conditions again pummeled the company's bottom line.
The Dow Jones Industrial average rose 40.30 or 0.35 percent, to 11,656.07.
Broader indexes also advanced. The Standard & Poor's 500 index added 4.30, or 0.33 percent, to 1,289.18; and the Nasdaq composite index rose 28.54, or 1.21 percent, to 2,378.37.
