Stock market upbeat after consumers spend

HONG KONG (AP) -- Global stock markets advanced Tuesday after a report showing U.S. consumers continued to spend last month buoyed optimism about growth in the world's largest economy.

The dollar was little changed against the yen and the euro, and oil prices hovered above $82 a barrel.

Helping sentiment were overnight gains in the U.S., where Wall Street was boosted by news that consumer spending rose for a fifth straight month in February. Spending by households is by far the biggest source of economic activity in the U.S. and drives Asian export demand. The 0.3 percent rise added to hopes consumers are regaining confidence.

As trading started in Europe, Britain's FTSE 100 added 0.1 percent, Germany's DAX rose 0.3 percent and France's CAC-40 was up 0.1 percent. Wall Street was poised for a modestly stronger open as U.S. futures gained.

In Asia, Japan's Nikkei 225 stock average rose 110.67 points, or 1 percent, to 11,097.14, and South Korea's Kospi was up 8.20 points, or 0.5 percent, at 1,700.19. Hong Kong's Hang Seng index rose 137.36, or 0.7 percent, to 21,374.79.

Market continue to advance on sustained PROFITABILITY!

NEW YORK (AP) -- A rally in financial stocks Thursday helped the market extend its grind higher to a third day.

The Standard & Poor's 500 index cleared an important hurdle watched by traders when it closed just above its January peak to set a new 17-month high. That could bring some hesitant buyers into the market.

Financial shares rose after Citigroup Inc. CEO Vikram Pandit said the bank was on a path toward "sustained profitability" as it sells off risky assets. The bank has been the hardest hit by the financial crisis so the upbeat assessment helped boost expectations about the economy. The stock rose 5.6 percent.