WASHINGTON (AP) - Defense stocks on Wednesday hit new highs as Defense Secretary Robert Gates requested an extra $42 billion in funding from Congress to cover military costs in Iraq and Afghanistan in 2008.

Among the defense companies likely to benefit from additional wartime spending are: Force Protection Industries Inc., General Dynamics Corp. (NYSE:GD) , Ceradyne Inc. (NASDAQ:CRDN) and Oshkosh Truck Corp. (NYSE:OSK)

Bank of America (NYSE:BAC) analyst Robert Stallard said he expects war-related spending in fiscal 2009 and fiscal 2010 to be $170 billion and $150 billion, respectively. And even after the peak, war spending is still likely to be more than $100 billion annually for the next few years to refurbish and replace war torn equipment used in Iraq.