ADR Report-ADRs track Wall Street higher
By Deepa Seetharaman
NEW YORK, Aug 28 (Reuters) - Overseas shares traded in the United States gained on Thursday, helped by falling oil prices and stronger-than-expected U.S. economic data.
"It's a two-pronged advance today based on financial services and technology," said James O'Leary, ADR fund manager for Navellier & Associates, in New York.
Shares of Greece's National Bank (NBG.N) rose about 5 percent to $8.66 after beating market expectations with a 15 percent rise in first-half earnings on brisk lending growth in Greece and southeast Europe. For details, see [ID:nLS656594]
U.S. crude oil futures fell $3.66 a barrel on news that the International Energy Agency was ready to release strategic crude stockpiles if Hurricane Gustav hits the Gulf of Mexico. [ID:nN28343587]
Oil fell despite news on Thursday that Tropical Storm Hannah had formed in the western Atlantic Ocean, the eighth named storm of the 2008 hurricane season.
The Bank of New York Mellon's index of leading American Depositary Receipts .BKADR was up 0.56 percent while the 30-share Dow Jones industrial average .DJI rose 1.55 percent.
Meanwhile, the Bank of New York Mellon's index of leading European ADRs .BKEUR gained 0.90 percent and the FTSEurofirst 300 .FTEU3 index of top European shares ended 1.44 percent higher, its third straight day of gains.
In Europe, shares closed higher on Thursday led by banks and other financials as unexpectedly strong U.S. growth in the second quarter and a drop in jobless claims sparked optimism about the economy. [ID:nLS713373]
Swiss bank Credit Suisse's (CS.N) stock rose more than 3 percent to $46.33 after Israeli holding company Koor Industries (KOR.TA) raised its stake 1.02 percent to $455.7 million.
The Bank of New York Mellon's index of leading Asian ADRs .BKAS fell slightly by 0.09 percent. Asia equity markets continued to hover around two-year lows, but the market's near-term direction was opaque due to a combination of low trading volumes, summer holidays and mixed corporate results.
Receipts with the Bank of New York Mellon's index of leading Latin American ADRs .BKLA edged up 0.03 percent. Brazil's Bovespa index .BVSP rose 0.91 percent. (Editing by Tom Hals)
