Dow Closes Above 13,000 on Earnings DataAP - It looks like cause for
celebration: The Dow Jones industrial average surged from 12,000 to 13,000 in
just six months. But appearances can be deceiving, and there may be more reason
to worry than rejoice about Wall Street's latest accomplishment.
Asian Stocks Track Rally in U.S. Markets; PetroChina Gains
By Lu Wang
April 25 (Bloomberg) -- Asian
stocks trading in the U.S. rose for the first time in three days, spurred by a
rally in U.S. equities that took the Dow Jones Industrial Average above 13,000
for the first time ever. A jump in oil prices lifted PetroChina Co. and other
energy shares.
The Bank of New York Co.'s Asia ADR Index, tracking the region's
American depositary receipts, climbed 0.7 percent to 161.32.
U.S. stocks extended their biggest monthly rally in more than three
years today on better-than-expected economic data and corporate earnings.
Crude oil for June delivery rose 2 percent to $65.84 a barrel in New
York after a government report showed that U.S. gasoline inventories fell to
the lowest in 18 months as refinery operations unexpectedly plunged.
PetroChina, the country's largest oil company, advanced $2.11 to
$116.56. Cnooc Ltd., China's biggest offshore oil producer, gained 23 cents to
$87.18. Santos Ltd., an Australian oil and gas company, jumped $1.10 to $37.20.
Advantest Corp. dropped 71 cents to $46.90. The world's biggest maker
of memory-chip testers said full-year net income fell 14 percent to 35.6
billion yen ($300 million) after price declines in semiconductors forced
chipmakers to hold off on spending. That missed the company's January
prediction of 41 billion yen.
Advanced Semiconductor Engineering Inc., the world's largest chip
packaging and testing company, lost 20 cents to $6.19.
Nikkei 225 Stock Average futures expiring in June were at 17,500 in
Chicago, 17,330 in Singapore and 17,280 in Osaka.
To contact the reporter on this story: Lu Wang in New York at
[EMAIL PROTECTED]
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