U.S. stocks rose Wednesday as encouraging forecasts from Kraft Foods and McKesson boosted investors' expectations of how the corporate sector is faring in the weak economy.

The Dow Jones Industrial Average gained 46.24, or 0.44%, to 10572.73, its highest close since Aug. 10 and its ninth gain in the past 11 sessions. Kraft was among the measure's best performers, up 54 cents, or 1.7%, to 31.59.

The company, which recently bought confectioner Cadbury, said it expects sales from its chocolate business to jump to $10 billion by 2013, driven by developing markets and added revenue growth from the acquisition.

Kraft executives, speaking at a New York analyst meeting, also forecasted growth in its biscuits business and its gum and candy operations.

The Nasdaq Composite rose 11.55, or 0.50%, to 2301.32, its sixth-straight session in the black. The Standard & Poor's 500 index added 3.97, or 0.35%, to 1125.07.

The measure's gains were led by the health care sector, which was boosted by a jump in McKesson of 3.24, or 5.4%, to 62.98.

The pharmaceutical supplier told investors at a conference that it expects to hit fiscal year guidance despite slowing health care volumes.

Wednesday's activity followed a wave of foreign exchange intervention by Japan to stem the yen's rise, marking the first time Japanese authorities publicly intervened in currency markets since 2004. The move sent the dollar sharply higher against the yen.

European market

European stocks ended lower Wednesday, with banks, oil and drug stocks all in the red after the release of disappointing U.S. economic data.

The Stoxx Europe 600 index fell 0.3% to 265.54 after closing down 0.02% Tuesday. Losses for Europe picked up after the Empire State factory index fell to 4.1 in September, the lowest level since July 2009, compared with expectations for a rise to 7.5.

Central bank intervention was on investors' minds, with Japan jumping in overnight to stop the rising yen, an action which some in the market think will have only limited effect. The German DAX-30 index slipped 0.2% to 6,261.87, with shares of Deutsche Bank AG down 1.5%.

The French CAC-40 index fell 0.5% to 3,755.64, with Credit Agricole SA down 1.4% and BNP Paribas SA down 0.8%. In the media sector, Vivendi SA fell 1.5%.

Autos were higher in Paris, with Peugeot SA rallying 3.9% and Renault SA rising 1.8%. In London, drug, mining and oil stocks led the losses.

AstraZeneca PLC shares fell 1.1% on news that the U.S. Food and Drug Administration will need more time to complete its review of the anti-clotting drug ticagrelor. Losses for mining shares intensified as commodity prices fell back.

African Barrick Gold PLC slid 3.4%, and Eurasian Natural Resources Corp. PLC fell 2.1%. BP PLC fell 2.7% in London, after a report in the Financial Times said the oil giant was cited for safety lapses in the North Sea in 2009. The U.K. FTSE 100 fell 0.2% to 5,555.56.

Asian market

Asian stock markets ended mostly higher Wednesday, with Tokyo stocks surging to a one month high after Japan conducted its first foreign exchange intervention in six and a half years to weaken the yen.

Local traders estimated that authorities' yen sales were worth around 200 billion to 300 billion in the early minutes of intervention, while sources pegged the end of day figure at around 1 trillion.

The intervention was the first by Tokyo authorities since 2004. That sent the dollar surging above the 85.00 level, compared with an earlier low of 82.87.

The euro tagged along and rose above 110.00 from 107.74 earlier in the day. Japan's Nikkei Stock Average ended 2.3% higher at 9,516.56, the highest closing level since August 10.

Exporters were among the biggest gainers, although gains were broad based, with 31 of 33 subindexes closing in positive territory.

Toyota Motor was up 3.8%, Honda Motor gained 4.0% and Sony was up 4.1%. But despite the intervention's apparent success in providing a shot in the arm for the stock market, analysts were not confident the gains would last.

Other markets ended mostly higher, shaking off an initial mixed reaction as the effects of Japan's move were digested across the region.

South Korea's Kospi Composite added 0.5%, Hong Kong's Hang Seng Index nudged up 0.1% and the Shanghai Composite Index was off 1.3%.

Metals

Base metals on the London Metal Exchange closed mostly lower Wednesday, weighed down by weaker than expected U.S. data and speculation that China will step up measures to cool its property market.

The metals did, however, manage to pare some of their losses on the back of a rally in the euro, which pushed higher against the dollar in late afternoon trading in Europe.

It wasn't enough to completely reverse the fall in prices across the base metals, though, analysts said. LME three month copper, which had been down as much as 1.3% on the day, ended 0.5% lower and aluminum closed down 0.3%.

Tin, however, continued its rise to fresh two-year highs on the back of strong fundamentals. It closed up 2.2%, at $23,150 a metric ton.

Crude oil futures prices settled lower Wednesday, held down by a stronger dollar and signs of a setback in U.S. manufacturing.

Still, prices ended well above the lows of the day and traders noted some tentative signs of strength in the still oversupplied U.S. oil market.

Light, sweet crude oil futures for October delivery on the New York Mercantile Exchange settled 78 cents, or 1%, lower at $76.02 a barrel. That's the lowest price since Sept. 9 and 1.5% below the one month high hit Monday, but well above the day's low of $74.66 a barrel.

On the ICE, October North Sea Brent crude settled down 25 cents at $78.91 a barrel. Gold futures pulled back as market participants sold holdings to cash in on the metal's record highs and demand declined on a lack of market moving news.

The most actively traded gold contract, for December delivery, fell $3, or 0.2%, to $1,268.70 an ounce on the Comex division of the New York Mercantile Exchange.