US extend gains on earnings

US stocks climbed for a second straight day Wednesday amid upbeat earnings reports and after a Federal Reserve report said the economy continued to grow, at least at a modest pace. The Dow Jones Industrial Average added a hefty 102.71 points (0.80 percent) to 12,908.25 in closing trade. The S&P 500-stock index climbed 9.08 (0.67 percent) to 1,372.75, while the tech-rich Nasdaq surged 32.56 (1.12 percent) to 2,942.60. The Fed's Beige Book report said that "overall economic activity continued to expand at a modest to moderate pace in June and early July," offering reassurance to investors worried about a recent run of disappointing indicators. Sentiment also was lifted by quarterly earnings reports from Bank of America, Intel and Yahoo! that beat Wall Street expectations.