Stocks: Tuesday's review

Japanese stocks rose, sending the Nikkei 225 (NKY) Stock Average to its biggest gain this month, after the government approved a bill to help Tokyo Electric Power Co. compensate victims of the Fukushima nuclear accident and China’s factory output increased more than expected.

Tokyo Electric, owner of the crippled Fukushima Dai-Ichi nuclear plant, led gains, surging 25 percent. Chubu Electric Power Co. soared 13 percent after a report the utility and Marubeni Corp. are close to winning an order for a gas-fired power plant in Oman. Fanuc Corp. (6954), an industrial robot maker that makes 50 percent of its sales in Asia, rose 1.7 percent.

The Nikkei 225 Stock Average rose 1.1 percent to 9,547.79 at the 3 p.m. close in Tokyo, extending gains after Financial Services Minister Shozaburo Jimi said the government will provide loan guarantees to ensure Tokyo Electric is able pay reparations following the worst nuclear accident in 25 years.

European stocks rose, giving the Stoxx Europe 600 Index its first back-to-back gains in three weeks, as Chinese industrial production and U.S. retail sales topped forecasts.

Nokia Oyj (NOK1V) climbed 1.6 percent after agreeing to settle all patent litigation with Apple Inc. in a deal that awards a one- off payment and royalties to the Finnish maker of mobile phones. Solarworld AG (SWV) and Q-Cells SE advanced at least 4 percent after a report that LDK Solar Co., a Chinese maker of solar panels, seeks acquisitions in Germany.

China reported that industrial production climbed more than estimated in May, while the country’s inflation last month accelerated to the fastest pace in almost three years. Production gained 13.3 percent from the year before, exceeding the median economist forecast of 13.1 percent in a survey. The 5.5 percent annual gain in consumer prices matched estimates.

U.S. stocks rallied and the Standard & Poor’s 500 Index headed for its biggest gain in two months after better-than-estimated data on American retail sales and Chinese industrial production.

Home Depot Inc. (HD) advanced the most in the Dow Jones Industrial Average, gaining 4 percent. Best Buy Co., the world’s largest consumer electronics retailer, surged 4.7 percent after profit exceeded analysts’ forecasts on rising demand for smartphones. J.C. Penney Co. soared 19 after naming Ron Johnson, Apple Inc. (AAPL)’s retail head, as its chief executive officer. Energy shares rallied the most among 10 groups in the S&P 500 as oil rebounded from its lowest in a month.

Stock futures extended their gains after a Commerce Department report showed sales at retailers fell 0.2 percent in May, less than forecast and indicating that American consumers are overcoming elevated gasoline costs. The median forecast of economists was a drop of 0.5 percent.

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