European markets finished higher, boosted by energy sector and strength in early U.S. trading. Rising crude oil prices lifted energy stocks, such as BP, Royal Dutch Shell, and Total. The market sentiment was also supported by a strong earnings report from Philips Electronics. The German DAX 30 gained 0.3%%, the French CAC 40 added 0.4%, and London’s FTSE 100 rose 0.4%.

ENERGY, METALS, CURRENCIES

Oil price rose about $1.73 as another tropical storm, called Wilma, gathered strength in the Caribbean, threatening to hit the vulnerable oil platforms and refineries in the Gulf of Mexico. Light sweet crude for November delivery rose $1.73 cents to $64.36 a barrel on the Nymex. London Brent gained 57 cents to $60.05. Natural gas rose 63 cents to $13.85 per MBTU.

In European trading gold prices advanced. In London gold December contract closed at $474.30 per troy ounce, up from $466.70. In Hong Kong gold gained $1.70 to close at $472.4. Silver opened at $7.84, up from $7.62

In European trading the U.S. dollar gained strength against its major counterparts. The euro was quoted at $1.2030, down from $1.2092. The dollar changed hands at 114.78 yen, up from 113.92. The British pound was trading at $1.7538, down from $1.7689.

EARNINGS NEWS

Commerce Bancorp Inc. (CBH: chart), banking services company, reported a Q3 net income of 45 cents a share, 13% up from 42 cents a share in the year-earlier period, matching analyst estimate of 45 cents a share.

Citigroup Inc (C), financial services company, posted that Q3 earnings advanced 34.6% to $1.38 a share on 14.7% revenue growth up boosted by a 34.6% rise in corporate and investment banking revenue. Earnings from continuing operations of 97 cents a share missed expectations for 99 cents despite that the revenue figure topped forecasts of $20.5 billion.

Eaton Corporation (ETN: chart), diversified industrial manufacturer, reported Q3 net income of $1.30 per share, a rise of 19 %, compared with net income of $1.09 per share in the same time last year on 10% sales growth. Net income in both periods incorporated charges for restructuring activities related to the integration of acquisitions. Before these restructuring charges, Q3 operating earnings per share were $1.33, an 18% rise compared with $1.13 per share in the year-ago period.

Hasbro Inc. (HAS: chart), toymaker, reported Q3 earnings of 47 cents per share, up 4 % from 43 cents per share in the year-ago period on 4 % revenue growth, boosted by strong sales of games and ‘Star Wars’ products, though the company missed analysts’ forecasts of earnings of 51 cents per share. The year-ago results were restated in view of the adoption of new accounting rules.

Wachovia Corp. (WB: chart), banking and retail brokerage firm, reported Q3 net income of $1.06 per share, up from 96 cents in the year-earlier period on 19% revenue growth and an increase in consumer banking and its other segments. Excluding merger-related charges, earnings reached $1.09 per share. The company's adjusted profit beat the analyst estimate of $1.07 per share.

CORPORATE NEWS

General Motors (GM: chart), car maker, has reached a tentative deal with the United Auto Workers union to cut health-care costs. The agreement is expected to cut its retiree health care liabilities by about $15 billion. In addition, GM stated that the agreement would cut its annual employee health care expense by about $3 billion. The annual cash savings from the agreement are projected to be $1 billion.