Stocks Stage a Post-Holiday Rally

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In the energy markets Friday, January West Texas Intermediate crude oil futures, which fell 74 cents Wednesday, climbed in late trading Friday to $97.96 per barrel. According to a Reuters report, Roy Mason of Oil Movements said that OPEC oil exports, excluding Angola, will rise by 720,000 barrels per day in the four weeks to Dec. 8.

December gold futures surged to $822.40 on Friday, even though the dollar index was higher and the euro tumbled from record highs on worries a world financial turmoil will cause a bigger-than-expected slowdown in the euro zone, prompting the single currency to tumble.

Among stocks in the news Friday, Arcelor Mittal (MT) confirmed it is in talks with controlling shareholders in China Oriental Group Limited about future co-operation and including increasing its stake in the company. Arcelor currently holds a 28% equity stake in China Oriental Group.

Bristol-Myers Squibb (BMY) and Pierre Fabre Medicament terminated their license agreement for the development of vinflunine, a chemotherapy agent under investigation for the treatment of advanced or metastatic bladder cancer and other tumor types.

Broadcom (BRCM) announced that a federal judge has let stand a jury verdict that found that Qualcomm (QCOM) infringes three Broadcom patents. Broadcom will now seek to enjoin Qualcomm from making, using, selling and developing third generation (3G) WCDMA and EV-DO cellular chips that infringe any of the patents.

CIBC World downgraded shares of Hecla Mining (HL) to sector underperform from sector perform.

Massey Energy (MEE) said a higher court overturned a $76 million judgment against the company.

European and Asian markets rose even though central bank officials worried economies slowing down.

In London, the FTSE 100 index gained 1.59% to 6,253.40. In Paris, the CAC 40 index added 1.51% to 5,497.95. Germany's DAX index rose 0.45% to 7,596.40.

Hong Kong's Hang Seng index advanced 2.06% to 26,541.09. Shanghai's benchmark index rose 0.96%.

Japan's markets were closed Friday for a holiday.

Treasury Market

Bonds, which surged Wednesday in a flight to safety from falling stocks, were a bit lower Friday morning as U.S. stocks moved higher. The 10-year note was lower at 101-27/32 for a yield of 4.029%, while the 30-year bond was higher at 109 for a yield of 4.453%.