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United States stocks rose on Thursday in another late-day rally as enthusiasm about strong earnings tempered nervousness about more weakness in credit conditions with news another mortgage lender may fold.
Stocks surged late in the session, echoing the previous day's last-minute rally.
The market has been struggling to shake off worries that worsening credit conditions could hurt the economy.
Bond insurer MBIA said delinquencies are rising among some subprime home loans serviced by Countrywide Financial Corp., the largest U.S. mortgage lender. Shares of Countrywide fell 1.6 percent to $26.77 on the New York Stock Exchange.
Shares of Accredited Home Lenders Holding Co. - a subprime lender in the process of being sold - plunged 35.3 percent to $5.31 on the Nasdaq, raising concern about its ability to stay in business.
Pharmacy chain CVS Caremark Corp. and MTV networks owner Viacom Inc. were among companies that posted results that topped Wall Street's expectations, sending their shares higher. CVS shares climbed 3.5 percent.
The Dow Jones industrial average gained 100.96 points, or 0.76 percent, to end at 13,463.33. The Standard & Poor's 500 Index rose 6.39 points, or 0.44 percent, to 1,472.20. The Nasdaq Composite Index climbed 22.82 points, or 0.89 percent, to 2,575.98.
Trading was active on the NYSE, with about 1.98 billion shares changing hands. About 2.51 billion shares were traded on the Nasdaq.
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