Stocks up as recovery hopes grow

LONDON: Stocks climbed, sending the MSCI World Index higher for a third day, and oil advanced above $72 a barrel as speculation mounted that the worst of the global recession is over.

The MSCI World added 0.3 percent at 12:02 pm in London, while futures on the Standard & Poor's 500 Index increased 0.2 percent. Crude oil rose as much as 1.4 percent in New York as the International Energy Agency increased its oil-demand forecast for the first time in 10 months.

Treasuries fell, extending a plunge yesterday that sent the 10-year yield to the highest level since October after Russia and Brazil said they will allocate $20 billion of their foreign-exchange reserves to International Monetary Fund bonds.