U.S. stocks advanced Wednesday, with the S&P 500 index ending above 1,300 for the first time since May 2001, thanks to the Federal Reserve's steady regional economy report and declining of oil prices.

On the economic front, the Federal Reserve's regional economy survey said Wednesday the U.S. economy continued to expand in January and February across all 12 districts on robust personal consumption and manufacturing activities with moderate inflation. World oil prices retreated Wednesday as U.S. crude oil inventories rose to the highest level since April 1999.

Among companies in focus, Wall Street giant Lehman Brothers Holdings Inc. reported the best quarterly profit in its 156-year history as revenue from trading stocks and managing money for clients rose to records. Lehman fell 1.15 dollars to 144.15 dollars.

At the closing time, the Dow rose 58.43, or 0.52 percent, to 11, 209.77, its highest close since it reached 11,257.24 on May 22, 2001. The S&P 500 index rose 5.54, or 0.43 percent, to 1,303.02, and the Nasdaq rose 15.94, or 0.69 percent, to 2,311.84. Advancing stocks outnumbered declines by a ratio of about 2 to 1 on the NYSE.

Source: Xinhua