Stocks Build On Gains

Updated from 9:48 a.m. EDT

The U.S. stock market was climbing Wednesday as investors, neck-deep in earnings statements, mulled over the prospect of government aid for the mortgage industry and a continuing decline in oil prices.

The Dow Jones Industrial Average was adding 46 points to 11,649, and the S&P 500 was tacking on 9 points to 1286. The Nasdaq rose 28 points to 2332.

On Tuesday, the three major indices ramped up in the final hour of trading to close near their highs. Shortly thereafter, Internet portal Yahoo! (YHOO - Cramer's Take - Stockpickr) announced lackluster second-quarter earnings and tepid guidance, but the stock was up slightly in early trading.

In the financial sector, Washington Mutual (WM - Cramer's Take - Stockpickr) reported a loss that was worse than analysts had feared, but also said it wouldn't need to raise additional capital. Shares were recently up 6%.

Boeing (BA - Cramer's Take - Stockpickr) and AT&T (T - Cramer's Take - Stockpickr), two members of the Dow's 30-stock club, reported before the open. Boeing shares tumbled 4.5% as the company reaffirmed forward guidance, but its earnings for the second quarter dropped 19% from a year earlier. AT&T's profit rose 30% year over year and was in line with expectations. The stock inched up 2.4%.

Traders also heard from integrated oil company ConocoPhillips (COP - Cramer's Take - Stockpickr), which saw adjusted income rise 13% year over year, beating estimates. Northwest Airlines (NWA - Cramer's Take - Stockpickr) marked a $377 million loss on rising fuel costs.

On the health care side, biotech firm Genzyme (GENZ - Cramer's Take - Stockpickr) saw earnings fall on rising costs, but excluding items the company edged ahead of Wall Street's expectations. Big pharma firm GlaxoSmithKline (GSK - Cramer's Take - Stockpickr) likewise saw profits decline, and it said it would delay a planned share repurchase.