New York ? Lower oil prices and a rebound in manufacturing activity helped Wall Street extend its rally Friday, lifting the Dow Jones industrials and the Standard & Poor’s 500 index to a fresh five-year high for the fourth straight session. The major indexes each gained about 2 percent for the week.

Investors cheered a Federal Reserve report that the nation’s industrial production grew 0.7 percent in February after sliding 0.3 percent the month before.

The promising economic report overshadowed downbeat earnings news from General Motors Corp., which said its 2005 loss was $2 billion more than originally reported. Insurance firm American International Group Inc. also posted a steep drop in profit from settling regulatory charges.

But stocks’ gains were limited as the day’s headlines did little to address Wall Street’s persistent worries about inflation and more interest rate increases from the Fed, said Ken Tower, chief market strategist for Schwab’s CyberTrader.

At the close of trading, the Dow climbed 26.41, or 0.23 percent, to 11,279.65, its highest level since reaching 11,301.74 on May 21, 2001. The S&P 500 index rose 1.92, or 0.12 percent, to 1,307.25 – its highest close since it reached 1,309.38 on May 22, 2001 – and the Nasdaq composite index added 6.92, or 0.3 percent, to 2,306.48.