Oct. 24 (Bloomberg) -- U.S. stocks rose for the first time in three days as a rebound in oil from a 16-month low bolstered speculation that the global economic slump won't worsen. Goldman Sachs Group Inc., the only firm among Wall Street's five biggest to remain profitable throughout the credit crisis, will shed about 3,200 workers, or 10 percent of staff, according to a person briefed on the plan who declined to be identified.

TOP STORIES/MOST READ ON BLOOMBERG

Greenspan Concedes to `Flaw' in His Market Ideology

Former Federal Reserve Chairman Alan Greenspan said a ``once-in-a-century credit tsunami'' has engulfed financial markets and conceded that his free-market ideology shunning regulation was flawed.

Goldman Sachs May Slash 3,200 Jobs as Turmoil Worsens

Goldman Sachs Group Inc., the only firm among Wall Street's five biggest to remain profitable throughout the credit crisis, will shed about 3,200 workers, or 10 percent of staff, as the revenue outlook worsens, according to a person briefed on the plan who declined to be identified.

GLG's Roman, NYU's Roubini Predict Hedge Fund Failures, Panic

Hedge funds closures will eliminate about 30 percent of the industry, and policy makers may need to shut markets for a week or more to stem panic, according to presentations at an investor conference today in London.

AIG Taps $90.3 Billion, Three-Quarters of U.S. Credit Line

American International Group Inc., the insurer bailed out by the U.S. last month, has already tapped about three-quarters of its $122.8 billion Federal Reserve credit line.

MAIN ECONOMIC RELEASES TODAY South Korean GDP Growth Seen Slowing to 0.6% in 3Q, 3.7% on Year India Central Bank Seen Leaving Interest Rate Unchanged at 8% Malaysia Seen Leaving Benchmark Interest Rate Unchanged at 3.5% Singapore Sept. Industrial Production Seen Falling 1.4% on Year Philippine Imports, Trade Balance Report for August Is Due

MAIN ANALYST UPGRADES/DOWNGRADES *SONY CUT TO `HOLD' AT MIZUHO SECURITIES *CATHAY PACIFIC RAISED TO `EQUAL-WEIGHT' BY MORGAN STANLEY *MITSUBISHI TANABE CUT TO `UNDERPERFORM' BY MERRILL *NIPPON COMMERCIAL INVESTMENT CUT TO `MARKET PERFORM' AT MUFJ *CHUGAI RAISED TO `NEUTRAL' AT MERRILL LYNCH

ASIAN MARKETS

The Nikkei 225 futures contract due in December fell 195 points to 8,215. The Hang Seng October contract dropped 335 to 13,771. The S&P/ASX 200 Index futures due in December declined 63 to 3,970 at 6:59 a.m. in Sydney.

U.S. Stocks Rise, Led by Energy Shares on Rebound in Oil Prices

U.S. stocks rose for the first time in three days as a rebound in oil from a 16-month low bolstered speculation that the global economic slump won't worsen.

U.S. 30-Year Bond Yield Falls Near Record Low on Global Outlook

Treasury 30-year bonds rose, pushing yields close to an all-time low, as concern that financial turmoil is worsening globally drove investors to the relative safety of government debt.

Yen Trades Near Strongest Since 2002 on Global Economic Concern

The yen traded near the highest level against the euro since 2002 as global economic turmoil led investors to sell higher-yielding assets and pay back low-cost loans in Japan's currency.

European Stocks Fall on Economy Concern; ABB, Daimler, BHP Drop

European stocks fell for a third day after ABB Ltd.'s orders slowed, Daimler AG cut its forecast and raw-material producers slipped on concern the global economic slump will curb demand for metals.

European Bonds Rise as Regional Stocks, French Sentiment Slide

European government bonds rose as regional stocks dropped, French business confidence slumped and Finland's Finance Minister Jyrki Katainen said a recession may last several years, driving investors to the safest assets.

Oil Rises as OPEC Head Says There's a Consensus to Cut Output

Crude oil rose from a 16-month low as OPEC's president said that members had reached a consensus on the need to trim production and Iran said the cut may be as much as 2 million barrels a day.

Gold Drops Below $700 as Investors Flee to Cash; Silver Gains

Gold fell below $700 an ounce for the first time in more than a year as a rising dollar and stock-market losses forced investors to sell the metal to raise cash. Silver also dropped.

HIGHLIGHTS FROM NEWSPAPERS

Konica Minolta to Buy Dutch Copier Distributor, Nikkei Says

Konica Minolta Holdings Inc., the world's second-largest maker of film used in liquid-crystal displays, plans to buy a Dutch company to expand its sales network for copiers in Europe, Nikkei English News reported, without saying where it got the information.

Last Updated: October 23, 2008 17:06 EDT