U.S. Stocks Gain


U.S. stocks rose as Halliburton Co.'s better-than-estimated profit improved the earnings outlook for energy companies and a decrease in global money market rates boosted bank shares.

Halliburton, the world's second-largest oilfield-services provider, climbed 18 percent, while Exxon Mobil Corp. added 4.3 percent as crude rallied above $74 a barrel. Bank of America Corp. and Goldman Sachs Group Inc. advanced after three-month dollar interest rates slid the most in nine months. Apple Inc., maker of the iPhone, increased 2 percent as third-quarter results at Ericsson AB, the world's largest maker of wireless phone networks, were boosted by a surge in North American sales.

The Standard & Poor's 500 Index gained 18, or 1.9 percent, to 958.52 at 9:51 a.m. in New York. The Dow Jones Industrial Average added 150.77, or 1.7 and the Nasdaq Composite Index increased 23.31, or 1.36 percent. About five stocks rose for each that fell on the New York Stock Exchange.

The Canadian stocks
rose. The S&P/TSX Composite Index added 390.75 or 4.09 percent at 10:06 a.m. in Toronto.

U.K. stocks
rose for a second day after a rally in base metals and oil prices boosted shares of commodity producers. The FTSE 100 Index gained 79.55, or 1.96 at 2:36 p.m. in London.

Japan stocks
rose for a second day on speculation corporate profits will beat analyst estimates and after the rout in global equity markets made shares cheap relative to earnings. The Nikkei 225 Stock Average gained 311.77, or 3.6 percent, to close at 9,005.59 in Tokyo.

Australia's benchmark stock
index, the S&P/ASX 200 Index, rose 4.30 percent to 4142.30. Gains in the S&P/ASX 200 Index were led by Bhp Billiton Ltd, Commonwealth Bank Of Australia and Australia & New Zealand Banking Group Ltd.

India's Sensitive Index rose as some investors judged the benchmark's three-day, 13 percent drop excessive. Infosys Technologies Ltd. led gains amongst the biggest companies. The Bombay Stock Exchange's Sensitive Index, or Sensex, rose 247.74, or 2.5 percent, to 10,223.09.

China's stocks
gained on speculation the slowest growth in five years will prompt the government to accelerate efforts to bolster the world's fourth-largest economy. The CSI 300 Index, which tracks yuan-denominated shares traded in Shanghai and Shenzhen, added 63.47, or 3.5 percent, to 1,896.73 at the close, the most since October 13.


TradingEconomics.com, Bloomberg.com
10/20/2008 7:16:37 AM