U.S. Stocks Surge


U.S. stocks rallied the most in two weeks, with the Standard & Poor's 500 Index jumping 6 percent in the final hour, as investors snapped up the cheapest energy shares on record and real-estate companies gained after CB Richard Ellis Inc. raised cash in a share sale.

Exxon Mobil Corp. and Chevron Corp. led gains in all 40 energy producers in the S&P 500 and helped the Dow Jones Industrial Average rebound from a 317-point drop. CB Richard Ellis, the world's largest provider of commercial real-estate services, surged 43 percent for its steepest advance since going public in 2004.

Declines in midday trading today pushed the S&P 500 to 35 percent below its average for the past 200 days, only the second time that's happened since the Great Depression. The last time was a day before the index rose 12 percent on Oct. 13, the biggest rally since 1939.

The S&P 500 added 6.9 percent to 911.29, reversing a slide of 3.9 percent. The Dow increased 552.59 points, or 6.7 percent, to 8,835.25. The Nasdaq Composite Index jumped 6.5 percent to 1,596.7. More than 14 stocks rose for each that fell on the New York Stock Exchange, where almost 2 billion shares changed hands in the busiest trading session since Oct. 16.

Canadian stocks rose for the first time in three days as commodity producers including EnCana Corp. and Barrick Gold Corp. climbed along with rebounding oil, metal and wheat prices. The Standard & Poor's/TSX Composite Index rose 4.8 percent to 9,352.78 in Toronto.

European stocks fell for a third day, led by banks and commodity producers, as Germany sank into recession and the OECD forecast a global economic slump.

The Dow Jones Stoxx 600 Index lost 0.6 percent to 204.08, pushing this year's retreat to 44 percent. Germany entered its worst recession in at least 12 years.

National benchmarks fell in eight of the 18 western European markets. The U.K.'s FTSE 100 lost 0.3 percent. Germany's DAX gained 0.6 percent, with Siemens AG rallying after Europe's biggest engineering company said it saw no cancellations of projects. France's CAC 40 climbed 1.1, led by GDF Suez SA on confirmation of its profit target.


TradingEconomics.com, Bloomberg
11/13/2008 3:21:14 PM