Stocks up for fifth straight day

NEW YORK - U.S. stocks rose for the fifth consecutive day Wednesday as investors went on a late buying spree. The gains came after news that the Federal Reserve plans to start reducing its huge portfolio of bonds. The Standard & Poor's 500 index closed at a record high.

Stocks were slightly higher for most of the day as the market kept chipping away at the losses it suffered one week before. Technology companies such as TurboTax maker Intuit and materials companies including industrial gas company Praxair made some of the biggest gains.

The Standard & Poor's 500 index picked up 5.97 points, or 0.2 percent, to 2,404.39. The Dow Jones industrial average gained 74.51 points, or 0.4 percent, to 21,012.42. The Nasdaq composite rose 24.31 points, or 0.4 percent, to 6,163.02. The Russell 2000 index of small-company stocks added 1.53 points, or 0.1 percent, to 1,382.51.

In the wake of the Fed's disclosure, bond prices turned higher. The yield on the 10-year Treasury note fell to 2.25 percent from 2.28 percent. High-dividend stocks including utility companies and real estate investment trusts climbed as investors looked for yield. NRG Energy jumped 88 cents, or 5.5 percent, to $16.76 and Simon Property Group gained $2.53, or 1.6 percent, to $159.78.

Dow Chemical and DuPont, which are also planning to combine, rose as well. Dow picked up 67 cents, or 1.1 percent, to $61.45 and DuPont advanced $1.04, or 1.3 percent, to $78.38.

Accounting software maker Intuit had a stronger quarter than investors expected and Wall Street was also pleased with its forecasts. Its stock gained $8.68, or 6.7 percent, to $137.83. Other technology firms once again rallied. Hard drive maker Western Digital added $1.67, or 1.9 percent, to $89.70 and chipmaker Nvidia rose $1.54, or 1.1 percent, to $138.57.

Home improvement retailer Lowe's stumbled after investors were unimpressed by its profit and sales, as a hefty charge cut into its earnings in the first quarter. Lowe's shares fell $2.49, or 3 percent, to $79.85. Lowe's stock is flat over the last year while rival Home Depot has jumped 16 percent.

Benchmark U.S. crude lost 11 cents to settle at $51.36 per barrel in New York while Brent crude, used to price international oils, sank 19 cents to $53.96 a barrel in London. Oil prices have rallied lately as members of the OPEC cartel and other countries prepare to meet and discuss production. Those nations are expected to extend last year's production cut in a concerted attempt to prevent oil prices from falling.

Wholesale gasoline gave up 1 cent to $1.65 a gallon. Heating oil remained at $1.61 a gallon. Natural gas lost 1 cent to $3.21 per 1,000 cubic feet.

Gold fell $2.40 to $1,253.10 an ounce. Silver lost 2 cents to $17.12 an ounce. Copper fell 1 cent to $2.58 a pound.

The dollar rose to 111.90 yen from 111.76 yen. The euro edged up to $1.1195 from $1.1185.