NEW YORK (CNNMoney.com) - Boeing's strong earnings and falling oil prices were among the catalysts fueling a blue-chip rally on Wall Street Wednesday, enabling investors to set aside concerns about Google's disappointing results.

The Dow Jones industrial average (up 89.09 to 10,953.95, Charts) jumped about 0.8 percent.

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The broader Standard & Poor's 500 index (up 2.38 to 1,282.46, Charts) and the tech-heavy Nasdaq composite (up 4.74 to 2,310.56, Charts) both gained around 0.2 percent.

All three major gauges traded in a relatively tight range all day as investors digested the day's earnings news and Tuesday's statement from the Fed, as well as global issues like Iran and the price of oil. But buying surged in the last hour of trading.

Ned Riley, chief investment strategist at Riley Asset Management, said he was encouraged by how the market snapped back near the close, even with its 'darling' Google having stumbled.

"It shows that despite a Google misstep or an Alcoa miss in earnings, that this market has more strength to it than skeptics have been saying," he added.

Looking forward, the focus over the next few days is likely to turn to economic news, particularly the January jobs report at the end of the week.

"Everybody is waiting for the employment report on Friday," said Hugh Johnson, chairman of asset management company Johnson Illington Advisors. "The belief is that the economy is rebounding from the sluggish fourth quarter. We will know on Friday."

Nasdaq and S&P futures pointed to a flat open for stocks Thursday, when fair value is taken into account.

Helping fuel the Dow was component Boeing, which reported fourth-quarter earnings that more than doubled from a year earlier, beating forecasts, and boosted its profit outlook for 2006.

Boeing (up $3.31 to $71.62, Research) shares jumped nearly 5 percent, accounting for more than 26 points of the Dow's gains.

Shares of General Motors (up $0.44 to $24.50, Research) rose close to 2 percent after the automaker said U.S. sales rose 6 percent to 296,003 vehicles in January as car sales rose 15 percent. Truck sales were almost flat.

Ford Motor (up $0.08 to $8.66, Research) and DaimlerChrysler (Research) also gained on higher sales.

In addition to GM, other Dow gainers included Caterpillar (up $1.34 to $69.24, Research), McDonald's (up $0.66 to $35.67, Research), Honeywell (up $0.92 to $39.34, Research) and AT&T (up $0.60 to $26.55, Research).

Among techs, No. 1 Internet search firm Google reported fourth-quarter earnings late Tuesday that met revenue forecasts but missed earnings expectations, due to what the company said was a higher-than-expected tax rate. (Full story.)

Google (down $30.88 to $401.78, Research) shares tumbled over 7 percent. Still, even with the decline, the stock has surged more than 400 percent since its debut as a public company in August 2004, making it ripe for some profit taking.

Analysts were mixed on the company Wednesday, with UBS downgrading the stock and Credit Suisse First Boston boosting its 12-month price target.

Nonetheless, Google is the latest tech to disappoint in this quarterly earnings period, following Yahoo! (up $0.63 to $35.00, Research), Intel (up $0.30 to $21.55, Research) and others, all of which contributed to the a drop in the tech sector in morning trading.

Additionally, Symantec (down $1.25 to $17.13, Research) reported fiscal third-quarter profit that fell from a year ago and issued a fourth-quarter earnings forecast that came in shy of Wall Street estimates. Shares of the security software maker slumped almost 7 percent in active Nasdaq trade.

And JetBlue Airways (down $1.86 to $11.18, Research) plummeted over 14 percent after the discount airline posted a first-quarter loss due to high fuel costs and stiff competition, and forecast losses for the coming year.

On the upside, Research In Motion (up $6.08 to $73.61, Research) soared more than 9 percent after the U.S. Patent Office issued a non-final rejection of an NTP patent claim that threatens to shut down most of RIM's BlackBerry e-mail service. (Full story.)

In addition, Amgen (up $3.30 to $76.19, Research) jumped 4.5 percent in active Nasdaq trade after Banc of America Securities issued bullish commentary on the stock as part of a broader upbeat note on the biotech sector.

Market breadth was positive. On the New York Stock Exchange, winners topped losers nine to seven on volume of 1.92 billion shares. On the Nasdaq, advancers beat decliners by eight to seven on volume of 2.32 billion shares.

Stocks fell Tuesday after the Federal Reserve boosted a key short-term interest rate as expected, and said more rate hikes may be needed.

Oil prices see-sawed after the weekly inventory report showed that crude oil and gas supplies grew more than expected.

U.S. light crude oil for March delivery finally settled down $1.36 at $66.56 on the New York Mercantile Exchange.

Investors also took in reports on the economy.

Manufacturing slowed more than expected in January, according to the morning's ISM index. However, the read was still high enough to signal expansion in the sector.

A separate read showed that construction spending rose more than expected in December, amid a bounce back in home building.

Treasury prices fell, raising the yield on the 10-year note to 4.55 percent from around 4.52 percent late Tuesday. Treasury prices and yields move in opposite directions.

In currency trading, the dollar was little changed versus the euro and the yen.

COMEX gold for April delivery fell $1.40 to settle at $569.40 an ounce.

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