Bulls Charge on Housing Bill, Jobs Data

Updated from 9:52 a.m. EDT

Stocks in New York continued in high gear Wednesday following the signing of a government housing relief bill and the release of encouraging employment data.

The Dow Jones Industrial Average was climbing 97 points to 11,495, and the S&P 500 was up 11 points at 1274. The Nasdaq was adding 10 points at 2330.

In the previous day's trading session, the three major indices each added more than 2% as crude oil dropped as low as $121.10 a barrel and Merrill Lynch (MER Quote) managed to offload some mortgage-backed assets from its balance sheet.

Wednesday morning, President Bush signed into law a housing bill that would help struggling homeowners and offer support for troubled mortgage companies Fannie Mae (FNM Quote) and Freddie Mac (FRE Quote). Bush had previously threatened to veto the bill because of provisions he said would help lenders that contributed to the current housing crisis.

Citing ongoing fragility in the financial system, the Federal Reserve also said it would leave its discount window, as well as its term securities lending facility, open to investment banks until Jan. 30, 2009. The primary dealer credit facility was originally slated to close in September.

Earnings season, meanwhile, remains in full swing. After the close Tuesday, video-game maker Electronic Arts' (ERTS Quote) financial results fell short of estimates.

Similarly, life insurance provider MetLife (MET Quote) reported earnings that fell year over year and failed to meet analysts' expectations.

Before the new day's trading got underway, cable operator Comcast (CMCSA Quote) announced a 7.5% increase in profit from the year-ago quarter, although growth in its subscription base was slowing. Glass producer Corning (GLW Quote), meanwhile reported growing profits but offered tepid guidance for the third quarter.