ADRs in Focus: China ADR index rises

China's benchmark Shanghai Composite Index climbed 3.6 percent to 2,905.01 as buying in oil companies led Chinese stocks higher.

China's refiners gained, including PetroChina, which rose $4.50, or 3.4 percent, to $136.26, while China Petroleum & Chemical Corp. gained $2.25 to $101.20.

Telecom stocks also rose, including China Netcom Group Corp., which rose $2.03, or 3.8 percent, to $56.06. China Unicom Ltd., rose 62 cents, or 3.4 percent, to $18.88. The country's biggest landline operator, China Telecom Corp., added $1.69, or 3.2 percent, to $57.64.

Shares of Baidu.com Inc., a Chinese online search engine operator, jumped $25.17, or 8.2 percent, to $331.89.

In afternoon trading, the Bank of New York China ADR Index rose 7.49 points, or 1.7 percent, to 442.34. The bank's broader Asia ADR index added 2.01 to 154.39. ADR stands for American Depositary Receipt, which is a security designed to allow U.S. investors to trade shares of companies based overseas.

On Wall Street, stocks gained on a decline in oil prices and the Federal Reserve's decision to leave interest rates unchanged.