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Stocks: Thursday's review
Toyota Motor Corp., the world’s biggest carmaker by market value, gained 2.1 percent.
Sumitomo Metal Industries Ltd., Japan’s No. 3 steelmaker, jumped 3.8 percent after Credit Suisse Group AG raised its stock price estimate.
Elpida Memory Inc. paced chipmakers higher after saying it may shift some production overseas to combat the yen’s appreciation.
European stocks rallied as Germany and France said Greece will remain a member of the euro and the European Central Bank announced coordinated measures with the Federal Reserve to ensure banks have enough dollars.
National benchmark indexes climbed in all 18 western European markets, except Greece and Ireland. Germany’s DAX Index (DAX) advanced 3.2 percent, the U.K.’s FTSE 100 gained 2.1 percent and France’s CAC 40 climbed 3.3 percent.
Bank shares rose after the ECB said it will lend the U.S. currency to euro-area banks.
BNP Paribas (BNP), France’s biggest bank, soared 13 percent to 30.50 euros, the largest advance since May 2010. Credit Agricole surged 5.9 percent to 5.52 euros and Italy’s Intesa Sanpaolo SpA (ISP) rose 10 percent to 1.05 euros.
UBS AG (UBSN) slid 11 percent, the most since March 2009, after Switzerland’s biggest bank announced a $2 billion trading loss.
French President Nicolas Sarkozy and German Chancellor Angela Merkel said late yesterday they are “convinced” Greece will stay in the euro area after a phone conversation with Greek Prime Minister George Papandreou.
U.S. stocks rose for a fourth day as the European Central Bank and international policy makers coordinated to lend dollars to banks to tame the credit crisis, offsetting concern spurred by signs unemployment is worsening.
Bank of America Corp. (BAC) and JPMorgan Chase & Co. (JPM) added more than 3 percent as the ECB coordinated with the Federal Reserve and other central banks to provide liquidity to European lenders.
General Electric Co. (GE) and Chevron Corp. (CVX) advanced at least 2 percent, pacing gains in companies most-tied to the economy.
Netflix Inc. (NFLX) tumbled 19 percent as the online film- rental service cut its forecast for U.S. subscribers.
Stocks rallied as the ECB said it coordinated with the Fed, the Bank of England, the Bank of Japan and the Swiss National Bank to extend three-month loans to euro-area banks in an effort to ensure they have enough cash for the rest of the year. The announcement added to optimism after French and German leaders yesterday confirmed they will support Greece’s continued participation in the shared euro currency.
Operation Twist
In the U.S., a report showed industrial production unexpectedly rose in August. That helped temper concerns about other data pointing to a weakening recovery. Stock futures trimmed gains earlier as applications for U.S. unemployment benefits rose last week to the highest level since the end of June. Separate reports showed that manufacturing in the New York region contracted at a faster pace, while manufacturing in the Philadelphia region shrank for a second straight month.
All groups in the S&P 500 rose as gains were led by financial, energy and industrial shares.
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