US Stocks Rise;General Elec.,Wal-Mart Shares Adva

New York, Dec. 10 (Bloomberg) -- U.S. stocks rose before exchanges opened, rebounding from their biggest losses in a month, amid optimism growth may accelerate next year and lift corporate earnings. General Electric Co. and Wal-Mart Stores Inc. gained.

``As each day goes by, there will be more and more evidence that the economy is perking up,'' said Joseph McAlinden, chief investment officer of Morgan Stanley Investment Management, which oversees more than $400 billion.

Standard & Poor's 500 Index futures added 7.20 to 896.80 as of 8:56 a.m. New York time, suggesting the underlying index will climb 0.6 percent when trading resumes at 9:30 a.m. Dow Jones Industrial Average futures climbed 69 to 8520. Nasdaq-100 Index futures rose 8.50 to 1023.50.

The S&P 500 and Dow recorded their biggest declines in a month. The Nasdaq had its largest loss since Oct. 16. The Dow's 2 percent drop yesterday pared its advance from its five-year low on Oct. 9 to 16 percent. It had been up as much as 23 percent.

The Commerce Department will probably report today that wholesale inventories increased 0.2 percent in October, the fifth straight gain, as distributors restocked depleted shelves, economists said. The report is due at 10:00 a.m. Washington time.

Pointing to Growth

Recent reports on U.S. services and consumer spending pointed to growth. The U.S. services industry, which accounts for more than three-fourths of the economy, grew for a 10th straight month in November. Spending by individuals spending rose 0.4 percent in October, the biggest gain in three months.

The economy may expand 2.8 percent in 2003, up from a projected 2.4 percent pace this year, as consumers and businesses boost spending, according to the latest Blue Chip Economic Indicators survey of economists. Growth may slow this quarter. Economists forecast a 1.4 percent annual rate of growth in the fourth quarter, according to the December survey. A month earlier, they expected a 1.6 percent pace.

``The two-month rally we have had is the market is telling us looking out six to nine months we will have a better economic picture than we do right now,'' said Jeffrey Swensen, a trader at John Hancock Advisors Inc., which manages $29 billion in Boston.

Investors will also focus today on commentary from the Federal Reserve, which last month lowered its benchmark overnight interest rate by half a percentage point. All 56 economists surveyed by Bloomberg News expect the central bank to leave its benchmark rate unchanged at 1.25 percent after lowering it half a point at its last meeting.

``We've gotten all we're going to get out of the Fed,'' McAlinden said. He's buying shares of computer-related and telecommunications companies in addition to paper and metal stocks. He declined to name the companies.

GE Climbs

General Electric, whose products range from aircraft engines to refrigerators, added 19 cents to $25.69 in Germany. Boeing Co., the world's biggest commercial-jet maker, gained 31 cents to $32.71.

Wal-Mart, the largest retailer, advanced 34 cents to $52.19 in Germany. Yesterday the stock lost 2.2 percent after the company said sales last week were at the low end of its target.

General Motors Corp. gained $1.08 to $37.25. Lehman Brothers Inc. analyst Darren Kimball said Fiat SpA canceling an option that would require GM to buy Fiat's auto unit would eliminate an overhang on GM's stock. Fiat's is considering scrapping GM's obligation, Automotive News reported citing unidentified sources.

Kimball, who rates the largest automaker ``equal weight,'' said canceling the option could boost the stock by $3 a share.

Nokia Oyj's American depositary receipts dropped 38 cents to $17.64 on Instinet. The world's No. 1 mobile-phone maker cut its fourth-quarter sales forecast, saying consumers are buying cheaper models. It's the sixth time this year that Nokia has lowered its sales targets.

RF Micro Devices Inc., which makes chips for cell phones and counts Nokia as its largest customer, dropped 59 cents to $13.65. Motorola Inc., a rival, lost 23 cents to $9 on Instinet. Texas Instruments Inc., whose chips powered half the mobile phones sold last year, slid 12 cents to $16.82.

Kroger Co. may be active. The biggest U.S. supermarket chain said 2003 sales at stores open more than a year will trail forecasts.