U.S. Stocks Rise as Inventories Point to Strengthening Economy

U.S. stocks rose, sending the Dow Jones Industrial Average briefly above 11,000 for the first time since September 2008, as growth in wholesale inventories added to signs the economy is strengthening.

Chevron Corp. led the Dow’s gain after saying its oil refineries returned to profitability. Dish Network Corp. and Abercrombie & Fitch Co. rallied at least 3.5 percent on analyst upgrades. Equities also advanced as European officials said they’re ready to bail out Greece if needed, assuaging concern a default by the nation will stifle the global economic recovery.

The S&P 500 gained 0.7 percent to an 18-month high of 1,194.37 at 4 p.m. in New York and rose 1.4 percent over the past five days for a sixth-straight weekly gain, its longest streak in a year. The Dow increased 70.28 points, or 0.6 percent, to 10,997.35 and reached as high as 11,000.98. (more)