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Asia stocks up despite global growth warnings

Associated Press Modified: October 9, 2012 at 1:00 am •  Published: October 9, 2012

"I think it's just follow-through action after the Golden Week holiday," he said. "Yesterday, it went into consolidation. Today it resumed its upsurge."

Wall Street didn't display quite the same zing after investors looked at forecasts for poor U.S. corporate earnings. Companies in the S&P 500 index are expected to post an overall decline in profits for the first time in 11 quarters, according to FactSet.

The Dow Jones industrial average fell 0.2 percent Monday to close at 13,583.65. The Standard & Poor's 500 index fell 0.4 percent, to 1,455.88. The Nasdaq composite fell 0.8 percent to 3,112.35.

Among individual stocks, embattled Japanese electronics maker Sharp Corp. plummeted 10.2 percent. Hong Kong-listed China Petroleum & Chemical Corp., Asia's biggest oil refiner, surged 4.5 percent. Australian miner Fortescue Metals Group jumped 6.5 percent.

Benchmark oil for November delivery was up 85 cents to $90.19 per barrel in electronic trading on the New York Mercantile Exchange. The contract closed down 55 cents to $89.33 per barrel on the Nymex on Monday.

In currencies, the euro rose to $1.2982 from $1.2967 late Monday in New York. The dollar rose to 78.40 yen from 78.34 yen.