The 3.9 percent growth in third-quarter gross domestic product eased concern that the housing slump and subprime mortgage defaults will drag the nation into a recession. The Fed said the reduction in the Federal funds rate to 4.5 percent should keep credit-market losses from hurting the broader economy.
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Exxon climbed 85 cents to $91.99. Hess Corp. jumped $2.85 to $71.61. The fifth-largest U.S. oil company said third-quarter profit rose 33 percent as higher oil prices and production outweighed a narrowing of refining margins.
Microsoft rallied $1.24 to $36.81, its highest price since June 2001, after a Sanford C. Bernstein & Co. analyst said the shares were undervalued because of the company's growth potential. Technology shares increased 1.7 percent as a group.
Raw-materials producers gained the most among 10 industry groups in the S&P 500, climbing 2.5 percent. Newmont Mining, the world's second-largest gold producer, led gains, climbing $4.46 to $50.90. Third-quarter profit before one-time items rose to 57 cents a share, more than double the 25-cent average estimate of 13 analysts surveyed by Bloomberg.
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Business Barometer
Stocks also climbed after a private report from ADP Employer Services showed companies added 106,000 jobs in October, more than economists had forecast.
Another report showed U.S. business activity in October unexpectedly contracted to the lowest level since February as manufacturers restrained production and hiring. The National Association of Purchasing Management-Chicago said its business barometer decreased to 49.7 from 54.2 the prior month. Readings below 50 signal a contraction.
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