Asian Stocks Rise

Asian stocks rose higher today despite a gloomier mood due to the deepening recession in the United States. South Korea led with its 5.8 percent gain today and Japan's Nikkei gained 2.7 percent. After a week of losses, Hong Kong stocks rose on speculation that the Chinese central bank might cut rates over the weekend. The Hang Seng rose 2.9 percent.

In Europe, the picture was more modest. Most markets were flat, with less than a one percent gain so far. The DJ Stoxx index is flat, up 0.3 percent.

Crude oil is up to $50 a barrel and gas prices in the United States are now just over $2.00 a gallon.

--Sara Goo