The day's gains extended Wall Street's rally from yesterday, when stocks surged on indications that the Federal Reserve may soon end its string of interest rate hikes as the pace of economic growth appears to slow.

But while investors received another round of upbeat first-quarter earnings reports, a bigger-than-expected jump in the core consumer price index last month renewed their inflation concerns and left them wondering whether the Fed might respond by extending its program of rate increases.

Meanwhile, crude oil also topped a record $72 per barrel as gold prices climbed to a fresh 25-year high. Continued strength in commodities could soon pose an issue for inflation, said Peter Cardillo, chief strategist and market analyst for S.W. Bach & Co.

"Oil prices hold the key: We can't continue to have oil prices rise without impacting prices and economic activity," Cardillo said. "Somewhere along the line it will have a negative impact."

At the close of trading, the Dow Jones industrial average gained 10.00, or 0.09 percent, to 11,278.77. The Dow jumped 194.99 points yesterday, its biggest one-day advance in a year.

Broader stock indicators also moved higher, with the Standard & Poor's 500 index adding 2.28, or 0.17 percent, to 1,309.93. The Nasdaq composite index rose 14.74, or 0.63 percent, to 2,370.88 — a five-year high — boosted by anticipation over earnings from Apple Computer Inc. and Intel Corp. after the bell.

The yield on the 10-year Treasury note rose to 5.03 percent as interest rate concerns weighed on bonds. The dollar gained ground against other major currencies, and gold prices marched toward $650 an ounce.

Crude futures soared following a mixed government report that showed declining U.S. gasoline reserves but also less demand for motor fuel. A barrel of light crude gained 82 cents to settle at $72.17 on the New York Mercantile Exchange.

Today's CPI report stunned investors following a mild reading on wholesale inflation — seen as a precursor to consumer-level increases — a day earlier. The Labor Department said core CPI — excluding volatile energy and food prices — gained 0.3 percent, versus estimates for a 0.2 percent rise. Overall CPI rose 0.4 percent after adding 0.1 percent the month before.

But solid first-quarter earnings are helping keep stocks afloat in the face of higher oil prices and interest rates, said William Lefkowitz, equities strategist for vFinance Investments. Companies' results have so far been better than forecast, which bodes well for the market and should help it ultimately move upward.

"Without a major pullback today, it's really a bullish sign for the market," Lefkowitz said. "With oil up and a strong CPI reading, I thought the market should have gone down."

Apple, which reported after the bell, posted higher quarterly earnings that beat analyst estimates, but its revenue fell short of targets. Apple closed down 57 cents at $65.65 but surged $3.46 in after-hours trading.

Intel's profit dropped 38 percent amid a modest decline in sales, but its results still managed to meet Wall Street's predictions. Intel rose 17 cents to close at $19.56, and gained 36 cents after hours.

Pharmaceutical firm Pfizer Inc. posted a profit that was almost 14 times last year's results, which reflected $3 billion of charges. However, a 3 percent drop in revenue disappointed investors; its shares fell 11 cents to $24.82.

Coca-Cola Co.'s earnings grew 10 percent to narrowly beat Wall Street estimates, as its sales inched higher on a 5 percent volume increase. Coca-Cola rose 39 cents to $41.69.

United Tech, maker of Sikorsky helicopters, said its earnings gained 18 percent last quarter on improved military business, topping Wall Street forecasts. United Tech leaped $3.90 to $62.80.

Late yesterday, Yahoo posted a quarterly profit that matched analyst targets as advertising revenue swelled 34 percent from the year before. Yahoo surged $2.24 to $33.54.

Motorola Inc. slumped $1.59 to $22.49 as investors saw its declining margin as a sign the company cut prices and sacrificed profits in an effort to boost sales, which soared 23 percent.

Advancing issues led decliners by about 5 to 3 on the New York Stock Exchange, where preliminary consolidated volume of 2.51 billion shares lagged the 2.63 billion shares that changed hands yesterrday.

The Russell 2000 index of smaller companies rose 8.61, or 1.12 percent, to 778.42.