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AP; Wall Street extends advance to third day
 
NEW YORK (AP) — Investors sent the overall stock market higher Tuesday, heartened by government plans to aid companies that lend to consumers, including credit card issuers. Some big-name tech stocks lagged the broader market, but the Dow Jones industrials and Standard & Poor's 500 index were advancing for the third straight day.
The Treasury Department and the Federal Reserve plan to provide $800 billion to help unfreeze the market for consumer debt and to make mortgage loans cheaper and more available. The program is aimed at reviving moribund credit markets.
The government, while looking to reduce fear in the credit markets, is eager to see lenders like credit card companies resume more normal levels of lending to help stimulate the economy. Since September, when credit markets first froze, financial institutions have been hesitant to hand over money for fear they won't be repaid. That, in turn, has made it harder for businesses and consumers to borrow.
The government's latest effort to combat the fear hobbling the marketplace overshadowed a report that the nation's overall economic output shrank in the July-September quarter faster than initially estimated as consumers slashed spending by the most in 28 years.
The Commerce Department said third-quarter gross domestic product declined at a 0.5 percent annual rate, outpacing the 0.3 percent first estimated a month ago. Still, Wall Street had expected the number would worsen, so the report didn't catch the market by surprise. It was the worst reading since growth fell at a 1.4 percent pace in the third quarter of 2001, which was during the last recession.
Stocks also got a lift from news that consumer confidence rose unexpectedly in November. The Conference Board said its Consumer Confidence Index stands at 44.9, up from a revised 38.8 in October. Last month's reading was the lowest since the research group started tracking the index in 1967. Economists expected the index to slip to 37.9.
However, the business research group said Americans' views on the economy remain the gloomiest in decades. Consumer spending, always a concern on the Street, has taken on greater importance because the economy cannot expand unless consumers are spending — and they've shown increasing reluctance the past few months, a troubling sign with the holiday season approaching.
In midmorning trading, the Dow Jones industrial average rose 99.64, or 1.18 percent, to 8,543.03. The blue chip index rose 891 points on Friday and Monday.
Broader indexes were mixed. The Standard & Poor's 500 index rose 9.62, or 1.13 percent, to 861.43. The Nasdaq composite index, dominated by tech stocks, fell 6.73, or 0.46 percent, to 1,465.29.
Advancing issues outpaced decliners by a margin of 3 to 2 on the New York Stock Exchange, where volume came to 222.2 million.
Following announcement of the government's latest program, the yield on the three-month T-bill, considered one of the safest investments, rose to 0.11 percent from 0.01 percent late Monday. Investors worried about the economy and bad debt have flooded into safest areas of the credit markets, driving down yields, but some of their anxiety eased Tuesday.
The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.14 percent from 3.33 percent late Monday.
The dollar was mixed against other major currencies, while gold prices fell.
Light, sweet crude fell $2.65 to $51.86 a barrel on the New York Mercantile Exchange.
Meanwhile, President-elect Barack Obama is expected to unveil his plans for fiscal restraint even as the economic team he formally unveiled Monday puts together a stimulus package that could total several hundred billion dollars.
In corporate news, BHP Billiton Ltd., the world's biggest mining company, abandoned a hostile $68 billion takeover bid for rival Rio Tinto Ltd., blaming the global economic downturn and plunging commodity prices. BHP rose $6.14, or 18.6 percent, $39.55, while Rio Tinto shares plunged 31 percent on the London Stock Exchange.
Starbucks Corp. warned in a regulatory filing late Monday that it expects sales will continue to weaken, at least through the end of the fiscal year. The Seattle-based coffee chain said in its annual report that it expects same-store sales, or sales at stores open at least a year, to decline in fiscal 2009.
Same-store sales are an important retail metric because they measure how established stores are performing, not just new ones. Shares fell 19 cents to $8.26.
Hewlett-Packard Co. on Monday posted fiscal fourth-quarter earnings that topped Wall Street's forecast as strong laptop sales helped offset falling printer orders and weakness in some server lines. However, shares fell $1.19, or 3.4 percent, to $34.51 after analysts said they remain concerned about how the company will fare during the recession.
The Russell 2000 index of smaller companies rose 0.05, or 0.01 percent, to 436.85.
Overseas, Japan's Nikkei stock average rose 5.22 percent. In afternoon trading, Britain's FTSE 100 rose 1.04 percent, Germany's DAX index rose 1.09 percent, and France's CAC-40 rose 2.70 percent.
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