NEW YORK (AP) — The stock market notched its second straight daily advance, with investors assuaged by a pullback in oil prices and some better-than-expected economic data. Wall Street has been worried about cash-strapped consumers paring back their spending, so it was pleased that the energy markets gave up early gains Thursday that briefly drove crude oil above $125 a barrel. In other positive signs, the Philadelphia Federal Reserve said regional manufacturing activity is contracting in May at a much slower pace than in April, while major companies including General Electric Co. Federal Reserve Chairman Ben Bernanke said in a speech in Chicago he is “encouraged” by recent efforts by banks to raise cash — a trend that is helping to relieve the credit crisis. The Labor Department said the number of laid off-workers applying for jobless benefits rose last week by 6,000 to 371,000 — near the average analyst forecast, and suggesting that the labor market remains weak but in check. The owner of the CBS television network and TV stations said the deal will boost its online presence and allow it to tap the growing market for online advertising. read more

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