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Of DOW JONES NEWSWIRES

U.S. stocks rose Wednesday as a report of surging Chinese exports boosted materials and energy stocks while investors were also encouraged by testimony from Federal Reserve Chairman Ben Bernanke saying the U.S. economy seems on track to grow this year and next.

The Dow Jones Industrial Average rose 26 points, or 0.3%, to 9966. The measure briefly crossed above the psychologically important 10000 level shortly after the open but has traded below it since then. Its gains were led by Alcoa, which jumped 1.8%, DuPont, which climbed 1.7%, and Caterpillar, which rose 1.6%. All three companies do business overseas, and have been hit hard in recent weeks on investors' concerns about the potential impact of Europe's fragile economy and China's efforts to slow its growth.

The concerns abated Wednesday as a Reuters report said Chinese exports surged about 50% in May and Bernanke said the U.S. economy should continued to grow this year and next, although the pace won't be strong enough to fix the jobs market and cut a huge budget deficit.

"That's probably what the market's looking for, some assurances that the economy hasn't fallen off a cliff," said Barry Knapp, managing director of equity research at Barclays Capital. "It just looks as if everything that's happened at this point at least hasn't had a big impact on global growth."

The Nasdaq Composite climbed 0.5%. The Standard & Poor's 500 index advanced 0.5%, with its materials, energy and industrial sectors in the lead. The market is looking to see if the S&P 500 can continue trading above 1040, which is considered a key level of support, after the measure came close to it yesterday, trading as low as 1042.17 and then bounced higher.

Tuesday's gains came after Bernanke provided a cautious endorsement of the economic recovery during a late-Monday interview. Wednesday, testimony he provided to the House Budget Committee also helped reassure investors as he said a continued increase in consumer spending and business investment should make up for a fading government stimulus in lifting the economy.

Bernanke is also scheduled to speak at an employment conference as the markets close, and the Fed will release its Beige Book, a closely watched survey of economic conditions, at 2 p.m., EDT.

Wednesday's action across the markets indicated investors were feeling better about risk. Safe-haven assets such as the dollar, Treasurys and gold all traded lower, while crude-oil futures climbed. The U.S. Dollar Index, which reflects the U.S. currency against a basket of six others, fell 0.9% and the slump in Treasurys lifted the yield on the 10-year note up to 3.23%.

Crude-oil futures climbed above $74 a barrel. Government data showed crude stocks fell more than expected last week. In addition, the Organization of Petroleum Exporting Countries said it wouldn't need to boost its oil supply after cutting demand forecasts for its crude and boosting supply estimates for rival producers, despite the impact of a U.S. oil spill.

American depositary shares of BP dropped 3.5%. U.S. disaster control chief Thad Allen has written BP demanding records of reimbursement claims filed by individuals and businesses for damages stemming from the Gulf of Mexico oil spill, a letter released Wednesday showed. Meanwhile, expectations are increasing that the company will cut dividends to help pay for the Gulf of Mexico disaster. Societe Generale analysts said in a note to clients they see a 50% probability that BP will skip its upcoming quarterly dividend.

American depositary shares of Banco Santander rose 1.8% after the Spanish bank reached a deal to take full control of its Mexican unit in an effort to strengthen its position in Latin America's second-largest market. The euro-zone's largest bank by market value said it would buy back Bank of America's 24.9% stake in Santander's Mexican unit, Grupo Financiero Santander, for $2.5 billion. Santander said the deal will boost its earnings per share by 1.3% from the first year. Bank of America fell 0.7%.

Among economic data released Wednesday, a Commerce Department report showed U.S. wholesalers increased inventories in April as they restocked warehouses to try keeping pace with sales, although the increase was slightly smaller than expected.

-By Donna Kardos Yesalavich, Dow Jones Newswires; 212-416-2188; donna.yesalavich@dowjones.com

Sourced from www.online.wsj.com