2:45 PM New York – U.S. stocks gained after the release of third quarter economic expansion. The surge in the economic was supported by personal consumption, a rise in exports, inventory investments and federal spending. Oil, natural gas and precious metals advanced.

Stocks rallied after the release of third quarter GDP data and weekly jobless claims.

The preliminary read of Gross Domestic Product in the third quarter indicated expansion at an annual rate of 3.5% from the second quarter. The economy shrank at revised 0.7% in the second quarter.

Personal consumption, exports, investment in inventories and a rise federal government outlay contributed to the economic expansion.

Seasonally adjusted weekly jobless claims increased 11,000 to 530,000 from the revised previous week claims of 526,250. The preliminary unemployment rate in the week ending October 17 decreased 0.1 percentage point to 4.5%.

Earnings Review

Exxon Mobil Corporation third quarter sales fell 40.2% to $82.3 billion from $137.7 billion a year ago. Net income in the quarter fell 68% to $4.73 billion or 98 cents per diluted share compared to net income of $14.8 billion or $2.85 per share a year ago.

The Procter & Gamble Company, the consumer products company reported first quarter sales fell 6% to $19.8 billion from $21 billion a year ago. Net income in the quarter fell 1% to $3.31 billion or $1.06 per diluted share compared to net income of $3.35 billion or $1.03 per share a year ago.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 183.95 or 1.83% to 9,891.10, Hang Seng index in Hong Kong decreased 496.59 or 2.28% to 21,264.99, and CSI 300 index in China lower 82.28 or 2.47% to 3,247.05. ASX 200 index in Australia decreased 110.40 or 2.36% to 4,574.70. The FTSE Bursa KL Composite index in Malaysia was lower 7.30 or 0.58% to 1,241.75.

The Kospi Index in South Korea decreased 23.86 or 1.48% to close at 1,585.85, SET index in Thailand closed lower 13.85 or 1.97% to 690.10. JSE Index in Indonesia decreased 11.28 or 0.48% to 2,344.03. The Sensex index in India decreased 230.77 or 1.42% to 16,052.72.

Europe Markets Review

In London FTSE 100 Index traded lower 10.73 or 0.21% to 5,069.69, in Paris CAC 40 Index decreased 3.76 or 0.10% to 3,660.02 and in Frankfurt DAX index traded lower 3.44 or 0.06% to 5,492.83. In Zurich trading SMI decreased 40.07 or 0.64% to 6,239.87.