Stocks rose Thursday afternoon, gaining significantly for the second consecutive session, as investors welcomed the Bush administration's plan to help troubled homeowners and prepared for Friday's U.S. jobs report and next week's Federal Reserve (Fed) policy meeting. Stocks drifted higher during the session, but gains were limited as investors sorted through mixed retail news. However, the advance found momentum in the last hour of trade, as investors digested the administration's proposal to help sub-prime lenders and borrowers. Countrywide Financial, the largest U.S. mortgage lender, gained nearly 14 percent following the announcement. A variety of homebuilders gained as well. In economic news, light sweet crude for January delivery jumped $2.74 to settle at $90.23 a barrel on the New York Mercantile Exchange. The Dow Jones industrial average rose 174.93, or 1.3 percent, to 13,619.89. The broader Standard & Poor's 500 index rose 22.33, or 1.5 percent, to 1,507.34. The technology-heavy Nasdaq composite index rose 42.67, or 1.6 percent, to 2,709.03. Shares of chipmaker Intel rose more than 2 percent on news that demand for notebook computer components appears stronger than expected. Other technology stocks like Apple and Dell also gained. The New York Stock Exchange composite index rose 142.55 to 10,030.15. The American Stock Exchange composite index rose 51.75 to 2,407.40. And the Russell 2000 index rose 21.31 to 786.95.
