U.S. Stocks Jump as Oil Slides on Data NEW YORK (Reuters) - U.S. stocks climbed on Wednesday, extending Tuesday's rally, as oil prices fell sharply after the government reported an unexpected rise in crude and distillate stocks last week. The Dow and the Standard & Poor's 500 hit intra-day highs for the year. U.S. light crude (CLc1: Quote , Profile , Research ) futures slid $1.51 to $44.25 a barrel. Lower crude prices are beneficial to stocks as lofty oil prices shrink corporate profits due to higher energy costs. Increased oil costs also curbs consumer spending. The Dow Jones industrial average was up 50.77 points, or 0.47 percent, at 10,809.25. The Standard & Poor's 500 Index was up 4.35 points, or 0.36 percent, at 1,209.93. The technology-laced Nasdaq Composite Index was up 8.79 points, or 0.41 percent, at 2,159.70. Trading was heavy, with more than 470 million shares changing hands on the New York Stock Exchange by late morning. More than 690 million shares were traded on Nasdaq. On the NYSE, the number of rising stocks outnumbed those on the decline by nearly 2-to-1. On Nasdaq, advancing issues outnumbered decliners by about 3-to-2. "There was a surprise build up in crude, which is sending oil prices down and that's good news for company profits," said Peter Cardillo, chief market analyst and chief strategist at SW Bach and Co. The Energy Information Administration said U.S. crude stocks rose last week by 2.1 million barrels and distillate inventories rose 600,000 barrels. Analysts surveyed by Reuters expected both stockpiles to fall. Heating oil stocks were steady. In corporate action, Fannie Mae <FNM.N rose almost 3 percent to $72.20. The chief executive and chief financial officer of the U.S. mortgage finance giant stepped down late on Tuesday after regulators exposed accounting errors that are expected to force a massive earnings restatement. Starbucks Corp. (SBUX.O: Quote , Profile , Research ) rose 2.3 percent to $60.31. Smith Barney raised its estimates for Starbucks' 2005 earnings per share and December and January same-store sales. Meanwhile, the U.S. economy grew at a slightly stronger rate than expected in the third quarter, with gross domestic product expanding at a 4 percent annual rate, the Commerce Department said on Wednesday. Quelle "U.S. Stocks Jump as Oil Slides on Data" : reuters.com Main page for "U.S. Stocks Jump as Oil Slides on Data"