(Bloomberg) — U.S. and European stocks advanced and oil and industrial metals climbed following better-than- estimated earnings at Home Depot Inc. and Target Corp. and an increase in German investor confidence. The MSCI World Index added 0.7 percent at 11:08 a.m. in New York, rebounding from its biggest slide since April.
Aluminum rose 2 percent and crude oil and nickel rebounded after a two-day drop. The yen weakened against each of the most-traded currencies, while the dollar decreased versus every one except the yen. “This is a bull market and it will continue to do OK,” said Craig Hodges , a fund manager at Dallas-based Hodges Capital Management Inc., which oversees about $750 million. “There are necessary corrections you need in order for it to stay healthy. It’s a tug of war.” The advance in equities today restored only about a quarter of yesterday’s 2.8 percent slump in the MSCI World Index. The gauge of 23 developed markets has rallied 51 percent from a 13- year low in March on speculation the worst of the global recession is over. The Dow Jones Industrial Average gained 49.35 points to 9,184.69. Europe’s Dow Jones Stoxx 600 Index added 0.9 percent. Treasuries were little changed. Home Depot, the largest home-improvement retailer, added 3.3 percent to $26.97 to help lead the gain in the Dow industrials.
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