U.S. Stocks Rise


U.S. stocks rose for the first time in three days as a rebound in oil from a 16-month low bolstered speculation that the global economic slump won't worsen.

Exxon Mobil Corp. and Chevron Corp. rallied more than 8 percent on expectations OPEC will trim output to stem a slide in crude prices. The Dow Jones Industrial Average recovered from a 276-point drop that sent it below its lowest close since April 2003 as Boeing Co. and AT&T Inc. climbed more than 6 percent.

The Standard & Poor's 500 Index rebounded from a 5 1/2-year low, gaining 11.33 points, or 1.3 percent, to 908.11. The Dow rose 172.04, or 2 percent, to 8,691.25. The Nasdaq Composite Index slipped 11.84, or 0.7 percent, to 1,603.91.

Canadian stocks gained for the first time in three days. The Standard & Poor's/TSX Composite Index rose 94.59, or 1.02 percent after falling 3.8 percent earlier, to the lowest level since November 2004.

Brazilian stocks fell for a third day, led by commodity producers and retailers, as metal prices slid and Deutsche Bank AG cut its profit estimates for merchants on the prospect of a weakening currency and slowing economy. The Bovespa index lost 3.57 percent to 33,818.

U.K. stocks advanced for the first time in three days, led by Royal Dutch Shell Plc, Europe's largest oil company, and BP Plc as crude rebounded from a 16- month low. The FTSE 100 Index climbed 46.94, or 1.2 percent, to 4,087.83, having dropped as much as 2.8 percent.

German stocks declined for a third day on concern the cooling economy is curbing profits, with Metro AG slumping the most in at least 12 years after Societe Generale SA downgraded the country's largest retailer. The benchmark DAX Index declined 51.37, or 1.1 percent, to 4,519.7.

Japan stocks tumbled a second day as the slowing global economy dragged on export growth, and the yen jumped to a six-year high against the euro. The Nikkei 225 Stock Average sank 213.71, or 2.5 percent, to close at 8,460.98 in Tokyo.

Australian stocks fell after commodity prices tumbled to a four-year low, led by declines in oil, copper and grains, on increased speculation a global economic slowdown will reduce demand for raw materials. The S&P/ASX 200 Index slid 181.70 points, or 4.4 percent, to 3,974.40 at the close in Sydney, extending yesterday's 3.4 percent loss.

China's benchmark stock index rose for the first time in three days, led by developers after the government announced measures to bolster the property market. The CSI 300 Index, which tracks yuan-denominated stocks traded in Shanghai and Shenzhen, added 1.46, or 0.1 percent, in the last 15 minutes of trading to 1,834.78 at the close.

Russian stocks tumbled, erasing gains for this week, led by OAO Sberbank after the country's debt risk soared and its reserves fell for a third straight week. The ruble-denominated Micex Index sank 5.7 percent to 592.63 at 3 p.m. in Moscow, the lowest since May 2005, after climbing to a close of 652.51 on Oct. 21.


TradingEconomics.com, Bloomberg.com
10/23/2008 1:45:01 PM