European markets closed the session with solid gains, reaching new peaks as stocks were lifted by Daimler Chrysler’s restructuring plan of 8,500 job cuts , better-than-anticipated durable goods data, and a positive economic news, released by the U.S. Fed Reserve Chairman. The German DAX 30 jumped 1,7%, the French CAC 40 rose 1.2%, and London’s FTSE 100 gained 0.9%.

ENERGY, METALS, CURRENCIES

Oil surged over $66 a barrel after the U.S. petroleum inventory report showed a drop of crude and distillate stocks but an increase of gasoline stocks. Light sweet crude November delivery jumped $1.43 to $66.50 a barrel on the Nymex. Heating oil rose by more than 8 cents to $2.1555 a gallon, while gasoline rose almost 7 cents to $2.235.

Gold prices further advanced in European trading. In London the precious metal closed at $463.90 per troy ounce, up from $459.40. In Hong Kong gold dropped $3.90 to close at $462.05. Silver closed at $7.30, up from $7.22.

The U.S. dollar was mixed against the other major currencies in European trading The euro traded unchanged at $1.2010. The dollar changed hands at 113.29 yen, down from 113.32. The British pound was trading at $1.7606, down from $1.7755.

EARNINGS NEWS

The Topps Co., (TOPP: chart) maker of trading cards and assorted candy products, posted 2Q earnings of 12 cents a share, up vs. profit of 9 cents a share a year-earlier on 9.4% sales growth, topping the analysts’ forecasts of 7 cents a share. The results incorporate a gain of $1.6 million from a reversal of income tax reserves.

Steel Technologies Inc., (STTX: chart) flat steel processor, announced it expects 4Q earnings of 6 cents a share, missing analysts’ forecast of earnings of 8 cents a share. The company stated it expects shipments to be 5% below projections in its July conference call.

Horizon Financial Corp., (HRZB: chart) holding company, announced that the company's quarterly cash dividend was 14 cents per share. The dividend will be paid on November 2, 2005, to shareholders of record on October 7, 2005. Horizon has risen its cash dividend twice in the last year.

Greater Bay Bancorp, (GBBK: chart) financial services holding company, stated a quarterly cash dividend of 15 cents per share outstanding to shareholders of record as of October 7, 2005. The dividend is payable on October 17, 2005.

McCormick & Co., (MKC: chart) spice seller, posted 3Q earnings of 35 cents a share, up from 33 cents a share in the year-ago period on 1.5% sales growth, beating analyst estimate by a penny. The company stated it continues to expect 2005 fiscal year earnings per share of $1.58 to $1.62 a share.

CORPORATE NEWS

Gazprom, the global biggest producer of natural gas, announced that it has agreed to buy a majority stake of 72.663% in Sibneft oil company for $13.01 billion, which will be the biggest purchase in Russian corporate history. Gazprom, which has been under state control since June when the government took over 50% of its stake, is trying to take a firmer position in the energy sector.

NRG Energy Inc. is in advanced talks to buy power generation company Texas Genco Holdings Inc at the minimum price of $5 billion in cash and stock. The deal involves assuming of a more than $2 billion of Genco debt.