US stocks advance to five-month high
SHARES
TEL AVIV The TA-25 Index increased for an eighth day on Tuesday, adding 1.7 percent to 1,134.07, at the 4:30 p.m. close in Tel Aviv. The measure has gained 4.5% this year after dropping 18% in 2011. Investors traded about NIS 1.3 billion of shares and convertible securities.
Delek Drilling-lp climbed to the highest since November 2010, gaining 3.1%, after the oil and gas exploration company and its partners in the Tamar natural-gas field signed deals totaling $1.2b. to supply gas from the Tamar site. Partner Isramco Negev 2 LP rose 1.6%, also the highest since November 2010. Avner Oil Exploration LLP, another partner, climbed 3.6%, the highest since October 2010. Delek Group, which has stakes in Delek Drilling and Avner, rose 5.3%.
Elbit Imaging, an investor in real estate and medical companies, declined 6.4% after it agreed to sell its Gap franchise to Gottex Models for about NIS 40 million.
Israel Land Development Co. Energy, a natural-gas explorer, advanced 6% after it said drilling at the Sara and Myra natural-gas sites is scheduled to start in the first quarter. The Israel Land Development Company, which owns a 65.46% stake in Israel Land Energy, rose 5.8%. Modiin-lp, a partner in the two natural-gas sites, advanced 6.6%.
Teva Pharmaceutical Industries gained 2.3%, the highest since June 1. Its US shares advanced 2.4% on Monday. WALL STREET Stocks rose, sending the Standard & Poor’s 500 Index toward its highest level since July, on bets that China may act to spur economic growth.
All 10 groups in the S&P 500 advanced as commodity, financial and industrial shares had the biggest gains. Bank of America Corp. and Caterpillar added at least 2.6%.
Alcoa, the first company in the Dow Jones Industrial Average to report quarterly results, trimmed a rally of as much as 4.5%. Tiffany & Co. tumbled 10% after the luxury-jewelry retailer reduced its annual earnings forecast.
The S&P 500 climbed 0.9% to 1,291.60 at 2:11 p.m. in New York. The Dow increased 64.71 points, or 0.5%, to 12,457.40. The Russell 2000 Index of small companies jumped 1.3%, rallying above its average price of the last 200 days. EUROPE Stocks rose as mining companies rallied after Alcoa kicked off the US earnings season with results that met analysts’ estimates.
BHP Billiton climbed more than 3% as copper rebounded from a one-week low on record monthly imports of the metal in China. Volkswagen advanced more than 3% as German carmakers said they plan to grow faster than competitors after setting sales records last year. UK retailers rallied.
National benchmark indexes climbed in every Western Europe market except Greece and Portugal. The UK’S FTSE 100 Index increased 1.5% to 5,696.70, Germany’s DAX Index gained 2.4% and France’s CAC 40 Index rose 2.7%. ASIA Stocks rose on stronger US and Australian economic reports and speculation that slowing China trade boosts the case for easier monetary policy.
Japan’s Nikkei 225 Stock Average rose 0.4% to 8,422.26, Australia’s S&P/ASX 200 Index increased 1.1%, South Korea’s Kospi Index climbed 1.5%, Hong Kong’s Hang Seng Index added 0.7% and China’s Shanghai Composite Index gained 2.7%.