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U.S. Stocks Advance on Consumer Price Report; Freddie Mac Gains

By Michael Patterson

May 14 (Bloomberg) -- U.S. stocks advanced for a third day after consumer prices climbed less than forecast and Freddie Mac's results bolstered speculation the worst credit-market losses are over.

Freddie Mac, the second-largest U.S. mortgage-finance company, rallied the most in six weeks after reporting a smaller loss than analysts estimated. Macy's Inc. spurred gains in retailers on sales that topped projections. Nine of ten industry groups in the Standard & Poor's 500 Index rose as the Labor Department's April inflation report gave the Federal Reserve more leeway to stimulate the economy.

The S&P 500 added 5.62, or 0.4 percent, to 1,408.66. The Dow Jones Industrial Average increased 66.2, or 0.5 percent, to 12,898.38. The Nasdaq Composite Index rose 1.58, or 0.1 percent, to 2,496.7. Seven stocks advanced for every five that fell on the New York Stock Exchange.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aZ.rA.2RaKYw&refer=home