(Updates to midday)

By Caroline Valetkevitch

NEW YORK, Nov 13 (Reuters) - U.S. stocks rebounded on Tuesday on higher-than-expected profit at Wal-Mart Stores Inc <WMT.N>, a drop in oil prices below $92 and sharp gains by tech bellwether Apple Inc <AAPL.O>.

The Nasdaq composite index rose more than 2 percent, lifted by a 10 percent jump in Apple's shares after news the company was talking to China Mobile Ltd <0941.HK>, the world's largest wireless carrier, about offering its iPhones in China.

Stocks added to gains after Goldman Sachs Group Inc's <GS.N> chief executive said the investment bank expected no significant asset writedowns. The S&P financial index <.GSPF> rose 1.9 percent.

Shares of Wal-Mart, the world's biggest retailer, rose 5.8 percent -- their biggest percentage gain in five years -- to $45.84 after it said third-quarter earnings rose on stronger sales abroad and tighter cost controls. For details, see [ID:nN13551390]

"You had Wal-Mart as the primary focus this morning, and the numbers came out pretty good," said Tim Smalls, head of U.S. stock trading at brokerage firm Execution LLC in Greenwich, Connecticut. "There's also a relief rally in financials."

The Dow Jones industrial average <.DJI> was up 178.91 points, or 1.38 percent, at 13,166.46. The Standard & Poor's 500 Index <.SPX> was up 21.18 points, or 1.47 percent, at 1,460.36. The Nasdaq Composite Index <.IXIC> was up 54.54 points, or 2.11 percent, at 2,638.67.

Oil fell below $92 a barrel after an international agency forecast lower oil demand growth in the world. The drop eased worries about higher energy costs heading into the winter.

Goldman shares gained 5.5 percent to $226.41 after the upbeat comments from Chief Executive Lloyd Blankfein.

However, the stock of Bank of America Corp <BAC.N>, the second-largest U.S. bank, slightly pared gains after it said it suffered a $3 billion loss stemming from exposure to collateralized debt obligations. For details, see [ID:nWEN2531]. Its shares were up 1.3 percent at $44.55.

Apple's shares rose to $168.75, allowing the stock to snap a four-session losing streak, its longest since August.

Also helping the tech sector was Corning Inc <GLW.N>, the largest maker of glass for liquid crystal displays, which raised its profit outlook. Corning shares gained 7.9 percent to $23.09

On Monday, stocks fell for a fourth session on Monday, led by a sell-off in technology stocks.

Crude oil futures fell $2.75 to $91.87 per barrel <CLc1> in New York.

On the economic agenda, the National Association of Realtors is scheduled to issue its Pending Home Sales Index for September at 3 p.m. (2000 GMT) Economists in a Reuters survey forecast a 2.8 percent drop versus a 6.5 percent fall in the August release. (Editing by Kenneth Barry) (([email protected]; +1 646 223 6393; Reuters Messaging:[email protected])) ((Multimedia versions of Reuters Top News are now available

for: * 3000 Xtra: visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on

Top News: http://topnews.reuters.com)) Keywords: MARKETS STOCKS

 
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