U.S. stocks rose Wednesday on positive news from giant companies, with the Dow Jones industrials rushing to a new high since May 2001, as world oil prices dropped below 62 dollars.

World oil prices dropped slightly Wednesday even though U.S. crude inventories unexpectedly fell last week. New York's main contract, light sweet crude for delivery in May, fell 57 cents to close at 61.77 dollars a barrel.

Among companies on focus, Morgan Stanley, the world's No. 2 equity trader, said first-quarter profit climbed a better-than- expected 17 percent, led by higher revenue from buying and selling stocks and fixed-income securities. Morgan Stanley rose 1.53 dollars to 61.94 dollars.

General Motors Corp., the world's No.1 carmaker, and bankrupt auto-parts supplier Delphi Corp. reached an agreement Wednesday with the United Auto Workers union on early retirement incentives for Delphi workers. General Motors Corp. rose 1 cent to 22.01 dollars.

The Dow rose 81.96, or 0.73 percent, to 11,317.43, its highest level since May 21, 2001, when it reached 11,337.92. The S&P 500 index rose 7.81, or 0.6 percent, to 1,305.04, and the Nasdaq composite index rose 9.12, or 0.4 percent, to 2,303.35.

Advancing issues outnumbered decliners by a ratio of nearly 2 to 1 on the New York Stock Exchange.

Source: Xinhua