Wall Street closed mostly higher today as investors appeared relieved that more bad news did not emerge about risky mortgages and shrinking credit markets. Investors seeking safety pressed into shorter-term Treasurys.

Stocks climbed higher for the second straight day today as an already buoyant Wall Street embraced robust consumer spending figures and largely overcame disappointment in Google Inc.’s profit report. Both the Dow Jones industrials and the Russell 2000 index of smaller companies closed at new highs.