U.S. stocks climbed on Wednesday, extending Tuesday’s rally, as oil prices fell sharply prompted by strong government inventory reports and investors also cheered an unexpected jump in the nation’s gross domestic product.

The Dow and the Standard & Poor’s 500 hit intra-day highs for the year.

The Dow Jones industrial average was up 50.77 points, or 0.47 percent, at 10,809.25. The Standard & Poor’s 500 Index was up 4.35 points, or 0.36 percent, at 1,209.93. The Nasdaq Composite Index was up 8.79 points, or 0.41 percent, at 2,159.70.

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