Energy Rally
Energy shares rose after crude oil advanced to a record $94.74 a barrel in New York following an Energy Department report that showed U.S. inventories fell to a two-year low. Oil advanced 16 percent this month.
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.
Early Rally
Stocks rose before the Fed's decision after the government said higher exports, consumer spending and business investment boosted gross domestic product by the most since the first three months of 2006. Economists in a Bloomberg survey had forecast growth of 3.1 percent. The Fed's preferred gauge of inflation, which is tied to consumer spending and strips out food and energy costs, advanced at a 1.8 percent annual pace, above the 1.5 percent forecast by economists.
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