By Laura Mandaro
Brazilian stocks gained speed in midday trading Friday,
reversing off a lower open, as traders awaited word on whether the
country would host the 2016 Olympics.
Brazil's Bovespa index was recently 725 points, or 1.2%, higher
at 61,178. Airlines and steel stocks led the index higher.
The U.S.-listed shares of TAM (TAM) rose 5.9%, while GOL's (GOL)
U.S. shares gained 5.7%.
The International Olympic Committee has already said it's
eliminating Chicago and Tokyo from the Olympics bid. Rio de Janiero
and Madrid are still in the running.
U.S. airline shares also rallied, with the Amex Airline index
gaining 2.7% as oil prices sank and after Continental Airlines
(CAL) said its consolidated and mainline traffic rose in September
for the first month since August 2008.
The Brazilian real gained against the U.S. dollar, with one U.S.
dollar buying 1.7805 of the Brazilian unit versus 1.7820 late
Thursday.
Mexico's IPC index fell 0.7% to 28,397, while Chile's IPSA index
lost 0.1% to 3,350.
