Israeli stocks rose Monday, paced by Teva Pharmaceutical Industries Ltd., after Wachovia Capital Markets LLC said Wal-Mart Stores Inc.'s plan to cut drug prices shouldn't hurt profit at the world's biggest maker of generic medicines.
The TA-25 Index advanced 1.37, or 0.2 percent, to 821.02 as almost two stocks gained for each one that fell. Investors bought and sold about NIS 961 million in shares and convertibles.
Teva rose for the first time after a six-day slide, adding NIS 2.50, or 1.8%, to NIS 144.60. Wachovia Capital said in a September 22 report that it did not expect Wal-Mart's discounting to have a "material financial impact" on generic drugmakers. Wal-Mart, the world's biggest retailer, said it won't ask drugmakers to lower prices.
US stocks rose, with the Nasdaq Composite pacing the advance on hopes the decline in the price of oil over the last two months will be enough to sustain consumer spending and offset the negative impact of a slowing housing market.
The Dow Jones Industrial Average rose 41 points, or 0.4%, to 11,548 in afternoon trade. The Nasdaq Composite Index was up 19 points, or 0.9%, at 2,240 while the S&P 500 Index added 8 points, or 0.6%, to 1,323.
Leading European stock market indexes ended mixed Monday, as companies reacted differently to a softening in commodity prices, though a continuation of health-care sector consolidation provided support.
The German DAX 30 index rose 0.3% to 5,901, and the French CAC 40 edged up 0.1% to 5,146, but the UK's FTSE 100 index ended 0.4% lower at 5,798.
Asian indexes trimmed losses after upbeat Japanese vehicle-export data lifted shares of Toyota Motor Corp. and its peers.
Japan's Nikkei 225 Average ended unchanged at 15,633.8. The broader Topix index of Tokyo-listed stocks fell 0.2% to 1,559.82.
The dollar rose against the euro but fell slightly against the yen, rebounding from session lows after a report showed US sales of existing homes fell by a smaller-than-expected percentage in August.
In New York trading, the dollar was quoted at 116.48 yen compared with 116.49 yen late Friday. The euro changed hands at $1.2746 compared with $1.2792.
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