US STOCKS-Wall St rises as oil drops, financials gain

(Updates to 4 p.m.)

NEW YORK, July 23 (Reuters) - U.S. stocks rose on Wednesday as financial shares climbed on hopes lawmakers will approve the rescue plan for mortgage finance companies Fannie Mae FNM.N and Freddie Mac FRE.N and as the price of oil fell.

Based on the latest available data, the Dow Jones industrial average .DJI unofficially ended 29.88 points, or 0.26 percent, higher at 11,632.38. The Standard & Poor's 500 Index .SPX ended 5.05 points, or 0.40 percent, higher at 1,282.05. The Nasdaq Composite Index .IXIC ended 21.92 points, or 0.95 percent, higher at 2,325.88. (Reporting by Steven C. Johnson; Editing by Leslie Adler)