May 8, 2013, 4:26 p.m. ET.

U.S. Stocks Extend Rally; S&P 500 Gets Fifth Record Close in a Row

By Chris Dieterich

NEW YORK--Stocks cruised higher as the Standard & Poor's 500-stock index reached an all-time high for the fifth-consecutive trading session.

The S&P 500 added 6.72 points, or 0.4%, to 1632.68, while the Dow Jones Industrial Average rose 48.92 points, or 0.3%, to 15105.12. The blue chips gained ground for the eighth time in 10 sessions after closing above 15000 for the first time Tuesday.

The Nasdaq Composite Index climbed 16.64 points, or 0.5%, to 3413.27.

Technology- and materials-sector stocks led the Wednesday's march higher, while defensive sectors including utilities and consumer staples lagged. Such defensive-oriented stocks had fueled the rally for most of 2013, but it has been cyclical sectors, those most sensitive to economic growth, that have shined in recent days. Industrial and financial stocks are the best performers so far in May.

"We've seen a broad rally and at this point there are very few corners of the market that aren't participating," said Keith Goddard, chief executive officer at Capital Advisors, an independent investment manager that oversees $1.2 billion in Tulsa, Okla. "It tells us that there are good old fundamentals supporting the market," he said, noting that his fund is looking to gain exposure to natural-resource and emerging-market stocks.

Others said it is too early to tell whether investors are moving away from slower-moving, lower-risk stocks.

"We're in the cycle where rates are low, and people are stepping out further on the risk spectrum--but are going into dividend-centric stocks," said Matthew Kaufler, who oversees about $3.5 billion in assets as a portfolio manager at Federated Investors. "I think the bias is still on the side of the safer, dividend-paying stocks," he said, noting his fund's preference for shares of large pharmaceutical companies.

Corporate earnings were in focus in the absence of major U.S. economic reports, and traders described the session as quiet and low in trading volume.

Videogame maker Electronic Arts rose 17% after forecasting earnings for fiscal 2014 that surpassed analyst expectations.

Whole Foods Market jumped 10% after the grocery chain beat quarterly earnings estimates, raised its full-year earnings outlook and approved a 2-for-1 stock split.

Dow component Walt Disney slipped 0.1% after the entertainment giant reported quarterly earnings and revenue that were just slightly above analyst estimates.

In Europe, the Stoxx Europe 600 gained 0.6%, boosted by a strong report on German industrial production. Germany's DAX 30 index rose 0.8% to close at a record high.

Asian markets also rallied, as stronger-than-expected Chinese trade data helped ease concerns over the health of the world's second-biggest economy. China's Shanghai Composite advanced 0.5%, and Japan's Nikkei Stock Average climbed 0.7%.

June crude-oil futures rose 1% to settle at $96.62 a barrel, while May gold futures climbed 1.6% to settle at $1,473.90 a troy ounce. The dollar lost ground against the euro, but rose versus the yen. Yields on benchmark 10-year Treasury bonds fell to 1.761% as demand rose.

AOL declined 8.9% after the digital-media company's quarterly earnings fell shy of estimates, offsetting revenue growth that was a little better than expected.

Trulia fell 7.8% after the real-estate listings service agreed to acquire real-estate-focused software maker Market Leader for about $355 million in cash. Trulia rival Zillow slumped 9.9% after analysts at Goldman Sachs cut their stock-recommendation rating to "neutral" from "buy" after the stock more than doubled in value so far this year.

C.H. Robinson Worldwide slid 7% after the trucking and logistics company's first-quarter missed Wall Street's estimates.

Write to Chris Dieterich at christopher.dieterich@dowjones.com

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