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Most U.S. Stocks Rise for Third Day; Lowe''s, Freeport Advance
By Eric Martin

Aug. 20 (Bloomberg) -- Retail, mining, and railroad shares carried most U.S. stocks to their third straight advance on growing confidence the Federal Reserve will assuage turmoil in credit markets and keep the economy growing.

Lowe''s Cos., the second-largest U.S. home-improvement retailer, climbed the most in four years after its profit topped analysts'' estimates. Freeport-McMoRan Copper & Gold Inc., the world''s second-biggest copper producer, gained following a rally in metal prices. Union Pacific Corp., the largest U.S. railroad, posted its biggest one-day increase since March 2006 after UBS AG said it may be able to raise prices.

The Dow Jones Industrial Average rose 42.27, or 0.3 percent, to 13,121.35. The Nasdaq Composite Index added 3.56, or 0.1 percent, to 2,508.59. The S&P 500 slipped 0.39, or 0.03 percent, to 1,445.55. More than seven stocks climbed for every six that fell on the New York Stock Exchange.

``Investors are relieved that the Fed''s becoming more proactive in dealing with the credit crisis,'''' said Bruce Bent, who manages about $65 billion in assets as chairman of Reserve Funds in New York.

Today''s advance added to the S&P 500''s biggest rally in four years after the Fed lowered its discount rate on Aug. 17 and said it will ``act as needed'''' to keep credit market losses from spreading. Yields on U.S. Treasury bills fell the most in two decades on speculation the Fed will cut its benchmark rate next month.

Lowe''s

Lowe''s rose $1.63 to $28.50 for the top gain in the S&P 500. The company added market share with better customer-service ratings and newer stores with brighter lighting and wider aisles. Second-quarter net income climbed 9 percent to 67 cents a share. Analysts predicted profit of 61 cents a share, the average of 17 projections compiled by Bloomberg.

Home Depot Inc., Lowe''s larger rival, climbed 48 cents to $33.79.

Earnings at S&P 500 companies increased 10.7 percent on average in the second quarter, more than twice the estimate of analysts surveyed by Bloomberg at the beginning of the reporting period last month.

``The earnings scenario this quarter has been quite positive, but it''s being completely overlooked by investors,'''' said Eric Thorne, who manages $2.4 billion with Bryn Mawr Trust Co. in Bryn Mawr, Pennsylvania. ``There''s some opportunity there for investors. The fundamentals are being overlooked.''''

Freeport-McMoran advanced $3.06, or 4 percent, to $79.96 after copper futures gained for a second session, rebounding from a 6.1 percent drop last week.

Union Pacific, Alcoa

Union Pacific Corp. jumped $5.80, or 5.5 percent, to $111.73. The railroad is the ``least dependent'''' on U.S. economic growth among major carriers and may be able to raise rates, UBS Securities analyst Rick Paterson said in a report. Union Pacific is positioned to boost prices because 32 percent of its revenue comes from contracts with shippers signed before 2004, he wrote.

Alcoa Inc., the world''s second-largest aluminum producer, helped lead an advance among companies whose earnings are tied to economic growth. Alcoa climbed $1.03, or 3.1 percent, to $34.32, the biggest gain in the Dow Jones Industrial Average.

Honeywell International Inc., the world''s largest maker of airplane instruments, climbed $1.36 to $55.82 and Caterpillar Inc., the world''s biggest maker of heavy-duty diesel engines and earth-moving equipment, jumped $1.41 to $74.05.

Research In Motion Ltd. added $15.47, or 7 percent, to $235.99, the biggest gain in the Nasdaq-100 Index. Goldman, Sachs & Co. boosted its subscriber estimates for the BlackBerry e-mail device and said the stock price didn''t reflect the company''s growth potential.

Economy Watch

In economic data, the index of leading U.S. economic indicators rebounded in July, propelled by gains in consumer confidence and stock prices that have since receded. The Conference Board''s gauge rose 0.4 percent, matching forecasts, after dropping 0.3 percent in June, the New York-based group said today. The measure points to the direction of the economy over the next three to six months.

KKR Financial Holdings LLC gained $1.24, or 8.6 percent, to $15.64. The Kohlberg Kravis Roberts & Co. affiliate that invests in bonds and loans will receive a $500 million cash infusion from investors after being hurt by residential-mortgage losses.

An index of real-estate companies climbed 2 percent for the top gain among 24 industries in the S&P 500. ProLogis, the biggest publicly traded industrial developer, raised its 2007 earnings forecast and created four property funds to buy distribution centers. Prologis shares advanced $1.97, or 3.5 percent, to $59.04.

AvalonBay Communities Inc., the third-largest U.S. apartment real estate investment trust by market value, added $1.88 to $115.52. Vornado Realty Trust, the second-largest, climbed $3.56 to $103.66.

Thornburg

Thornburg Mortgage Inc. sank $1.54, or 10 percent, to $13.50. The Santa Fe, New Mexico-based lender said it sold $20.5 billion of mortgage-backed securities as part of a plan to return to ``business as usual.'''' The sales will result in a ``capital loss'''' of about $930 million this quarter, Thornburg said.

Financial shares in the S&P 500 dropped for the first time in three days, falling 0.8 percent as a group, and were the biggest drag on the overall index.

Citigroup Inc., the largest U.S. bank, declined 42 cents to $48.39. Bank of America Corp., the second biggest, slipped 41 cents to $51.35. JPMorgan Chase & Co. lost 52 cents to $46.49.

Banks and brokerages were also buffeted after Solent Capital Partners LLP, the $8.8 billion U.K. hedge fund manager, said it may be forced to sell assets in a unit that invests in mortgage- backed securities after lenders refused to provide it with short- term funding.

McGraw-Hill, Moody''s

McGraw-Hill Cos. fell $1.41, or 2.9 percent, to a 19-month low of $47.73. JPMorgan cut its rating on the stock, saying U.S. credit-market losses may cut revenue at the Standard & Poor''s unit, which generates almost half the company''s sales.

Moody''s Corp., the oldest credit-rating company, fell $4.09, or 8.2 percent, to $45.89. MBIA Inc., the world''s biggest bond insurer, retreated $1.71 to $61.89.

Countrywide Financial Corp. fell $1.62, or 7.6 percent, to $19.81. The biggest U.S. mortgage lender was downgraded to ``underperform'''' by KBW Inc., which said a liquidity crisis has spread to the company''s bank deposits.

The Russell 2000 Index, a benchmark for companies with a median market value of $652 million, gained 0.2 percent to 787.45. The Dow Jones Wilshire 5000 Index, the broadest measure of U.S. shares, rose 0.1 percent to 14,544.56. Based on its advance, the value of stocks increased by $16.6 billion.

In other markets, the dollar strengthened against the yen. Crude oil for September delivery dropped 86 cents to settle at $71.12 a barrel in New York. The three-month Treasury bill yield fell 0.66 percentage point to 3.09 percent, its biggest decline since Oct. 20, 1987.

In Europe, the Dow Jones Stoxx 600 Index added 0.7 percent. The Morgan Stanley Capital International Asia-Pacific Index rose 4.1 percent.

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