U.S. Stocks Advance


U.S. stocks gained for the first time this week as investors snapped up energy shares trading at their cheapest valuation on record.

Exxon Mobil Corp. and Chevron Corp. led gains in 38 of 40 energy producers in the Standard & Poor's 500 Index as oil rebounded from a 21-month low. CB Richard Ellis Inc., the world's largest provider of commercial real estate services, advanced 31 percent after raising money in a share sale. Dell Inc., the second-biggest maker of personal computers, lost 3.7 percent as it was added to Goldman Sachs Group Inc.'s ``conviction sell'' list on concern that demand is slowing.

The Standard & Poor's 500 climbed 1.3 percent to 863.47 at 10:25 a.m. in New York. The Dow Jones Industrial Average increased 93.74 points, 1.1 percent, to 8,376.4. The Nasdaq Composite Index added 0.5 percent to 1,506.3.

Stocks fell in Europe and Asia as Germany sank into recession, the OECD forecast a global slump and Intel Corp. cut its sales target.

The Dow Jones Stoxx 600 Inde
x lost 0.6 percent to 203.89 at 3:07 p.m. in London, pushing this year's retreat to 44 percent. The OECD forecast comes after a report showed Germany entered its worst recession in at least 12 years.

National benchmarks fell in nine of the 18 western European markets. The U.K.'s FTSE 100 lost 1 percent. Germany's DAX gained 0.5 percent, as did France's CAC 40.

Russia's Micex Index fell as much as 17 percent and was 7.5 percent lower at 3:05 p.m. in Moscow after it reopened following a 30-minute trading suspension. A court in Kuwait ordered a shutdown as traders lobbied for support after a sixth day of declines. The MSCI Emerging Markets Index slid 4.7 percent.

Japan stocks
fell to a two-week low as earnings forecasts in the U.S. indicated the world's biggest economy is weakening, and reports Japan's biggest banks may sell new shares raised dilution concerns. The Nikkei 225 Stock Average dropped 456.87, or 5.3 percent, to close at 8,238.64 in Tokyo.

Australian stocks
plunged, led by banks and resource companies, after Commonwealth Bank of Australia said bad debts may double, the U.S. Treasury scrapped plans to buy mortgage assets, and metals prices dived. Australia's benchmark S&P/ASX 200 Index dropped 5.9 percent to 3,697.30 at the close of trading, the lowest since Oct. 25, 2004.

China's stocks
rose to the highest in three weeks, led by industrial companies, as the government took steps to implement its 4 trillion yuan ($586 billion) economic stimulus plan. The CSI 300 Index, which tracks yuan-denominated A shares listed on China's two exchanges, rose 72.26, or 4 percent, to 1,874.08 at the close, the highest since Oct. 21.


TradingEconomics.com, Bloomberg.com
11/13/2008 7:32:20 AM