Stocks rose significantly Wednesday after an unexpectedly strong January U.S. retail-sales report helped offset concerns that weakened consumer spending could send the already struggling economy into recession. Retail sales rose 0.3 percent, the Commerce Department reported, countering expectations for a 0.3 percent decline. Sales excluding cars rose 0.3 percent, compared with forecasts of a smaller 0.2 percent increase. Investors also welcomed news that President George W. Bush would later in the day sign the $168 billion economic-stimulus bill passed by Congress last week. Light sweet crude oil for March delivery rose 49 cents to $93.27 a barrel on the New York Mercantile Exchange, fluctuating after a mixed U.S. weekly petroleum inventories report. The Dow Jones industrial average rose 178.83, or 1.45 percent, to 12,552.24. It was the third consecutive gain for the index. Coca-Cola reported higher quarterly sales and profits Wednesday that surpassed estimates, but shares of the soft-drink giant fell slightly. Exxon Mobil shares rose despite news that the Venezuelan president announced the country is cutting off supplies to the oil giant after Exxon won a court order to freeze state-owned assets. The broader Standard & Poor's 500 index also rose for the third consecutive session, gaining 18.35, or 1.4 percent, to 1,367.21. The technology-heavy Nasdaq composite index rose 53.89, or 2.3 percent, to 2,373.93. It was the index's third gain in four sessions. Applied Materials reported lower quarterly sales and profits late Tuesday that still surpassed forecasts. Shares gained 8 percent. The New York Mercantile Exchange composite index rose 108.13 to 9,073.48. The American Stock Exchange composite index rose 29.07 to 2,274.26. And the Russell 2000 index rose 16.45 to 721.93.
