Those concerns were also fed by a government prediction on Tuesday that domestic oil inventories will fall further this year while consumption rises.

At the pump, meanwhile, gas prices continued to rise, following oil's 39 percent price rally since August.

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NEW YORK — Wall Street bounded higher Tuesday as investors still mindful of widening credit problems nonetheless went in search of bargain stocks.

The Dow Jones industrial average rose 117 points, with soaring oil and precious metals prices driving up the companies that produce those commodities.

Investors remain haunted by the big debt problems at banks. But companies outside of the banking, lending and housing industries have been posting strong financial results.

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DETROIT — General Motors Corp. says it will record a $39 billion net noncash charge for the third quarter because of negative changes in its historical three-year cumulative loss.

The charge will affect reported net earnings, which are to be announced Wednesday morning, the company said.

The charge is related to establishing a valuation allowance against deferred tax assets in the U.S., Canada and Germany, the company said in a statement

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REDMOND, Wash. — Microsoft Corp. has fired its chief information officer, saying he violated company policies. A spokesman declined to give the exact reason for the dismissal.

Gellos said Scott was dismissed Friday. He would not elaborate further.

According to Microsoft's Web site, Scott was responsible for the information technology infrastructure at the world's largest software maker. He joined Microsoft in 2005.

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LOS ANGELES — Production of the hit show "Desperate Housewives" and at least six sitcoms filmed before live audiences will be halted as a result of the writers strike — developments that raised the stakes Tuesday in the walkout targeting movie studios and TV networks.

Producer Alexandra Cunningham said "Desperate Housewives" will stop production on Wednesday after running out of scripts. Shows that have already been completed won't last until Christmas, she said.

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WASHINGTON — The government on Tuesday reached a $16.4 million settlement with Freddie Mac's former CEO for his role in the mortgage finance company's multibillion-dollar accounting scandal.

Leland Brendsel, who was ousted in 2003, agreed to pay $2.5 milion in fines to the government, give back $10.5 million in salary and bonuses to Freddie Mac and to waive claims worth $3.4 million against the company.

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WASHINGTON — The federal government would toughen its policing of products from abroad under steps proposed by President Bush on Tuesday after a rash of recalls of dangerous toothpaste, dog food and toys.

Bush said the United States benefits from having an open market and a huge variety of products from across the globe.

Acting on recommendations from an advisory panel, Bush proposed that the Food and Drug Administration be empowered to order mandatory recalls of unsafe food products.

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NEW YORK — The online hangout Facebook said Tuesday it plans to help companies target their advertisements on the site based on what its users and their friends buy and do on the Internet.

As Web companies look to boost advertising revenue by offering to target ads to their users' hobbies, interests and behavior, Facebook's move could change the tone of the site and revive privacy complaints it faced last year.

Facebook will now allow companies to build profile pages similar to the ones millions of users around the world now maintain.

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CHICAGO — Food processor Archer Daniels Midland Co. surprised Wall Street on Tuesday by reporting stronger-than-expected profits and surging sales despite a slowing of the ethanol boom. Its stock leaped almost 7 percent.

ADM's first-quarter earnings of $441 million were only a modest 9 percent more than in the same period a year ago.

But the fact it was able to shatter earnings and sales forecasts despite a drop in prices for ethanol, which had propelled its growth in recent quarters, and higher corn prices impressed industry analysts.

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DENVER — Beer giant Molson Coors Brewing Co. on Tuesday reported a dip in third-quarter net income because of one-time charges that offset a 7 percent increase in sales.

The company's Canadian and U.S. operations both turned in stronger results in sales to retail outlets, while the European business was affected by rainy weather and newly enacted smoking bans.

The Denver-based brewer showed overall improvements in brand strength, pricing and foreign currency rates, Chief Executive Officer Leo Kiely said.

The results were released as Molson Coors is working on a joint venture of its U.S. operations with Miller Brewing Co., owned by SABMiller PLC.

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WASHINGTON — Yahoo Inc.'s chief executive and top lawyer on Tuesday defended their company's involvement in the jailing of a Chinese journalist. Irate lawmakers accused them of collaborating with an oppressive communist regime.

Yahoo Chief Executive Jerry Yang and General Counsel Michael Callahan offered apologies and promises to do better but no specific commitments.

Lawmakers insisted that Yahoo along with other companies must use its market strength to change China, not just comply with the government's demands in order to gain access to tens of millions of Internet users.

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SAO PAULO, Brazil — Police detained 19 people Tuesday for allegedly taking part in a scheme to help large Brazilian companies evade taxes by laundering money through Swiss banks UBS AG and Credit Suisse Group and the U.S.-based American International Group Inc.

The raids at 44 sites in four states were part of a clampdown by Brazilian authorities on tax evasion that last month led to raids on the local offices of U.S. network-equipment maker Cisco Systems Inc.