The U.S. stock market extended July’s advance on $25 billion of share buybacks and speculation second-quarter earnings will surpass analysts’ estimates.

ConocoPhillips, the third-largest U.S. oil producer, rose to a record and Johnson & Johnson, the world’s biggest maker of health-care products, climbed the most in almost two months after saying they will repurchase stock. Alcoa Inc., the second-largest aluminum maker, led the Dow Jones Industrial Average to within 27 points of a record ahead of today’s earnings report.

Companies have announced plans to buy $415 billion of their own equity this year, 24 percent more than in the same period in 2006, according to data compiled by Birinyi Associates Inc. as of June 29. Nineteen straight quarters of profit growth above 10 percent have left Standard & Poor’s 500 Index companies flush with cash.

(Bloomberg)