SAO PAULO, Brazil — Latin American stocks rose Tuesday as prices for most of the region's commodity exports climbed and U.S. stocks rallied to a two-month peak.

Brazil's benchmark Ibovespa index gained for a sixth day, rising 1.9 percent to 42,312 as prices for oil and metal gained in early trading. Shares in state-run oil company Petroleo Brasileiro climbed 1.4 percent to 25.45 reals, while mining company Vale do Rio Doce jumped 3.4 percent to 28.95 reals. The companies together comprise about 30 percent of the Ibovespa.

The index has soared 12.7 percent since Friday, the first trading day of 2009.

Brazil's currency meanwhile gained more than 3 percent to trade at 2.18 reals to the U.S. dollar, its strongest since Nov. 12, on news the government would sell an unspecified amount of dollar-denominated debt to draw U.S. dollars as the global downturn slows exports.

Argentina's Merval jumped 5.4 percent to 1,214, led by a 10 percent gain in locally traded shares of steelmaker Tenaris SA. The Luxembourg-based company, controlled by Argentina's Techint, is the largest producer of seamless steel pipes for oil and gas.

World oil prices meanwhile rose to their highest point since Dec. 1 in early trading on Tuesday, before slipping to $48.58 a barrel on news that home sales hit a record low in the U.S. in November, signaling a continued recession. Copper, silver, coffee, soy and sugar prices also increased on Tuesday.

In Mexico, the benchmark IPC index slipped 1 percent to 23,005 despite 1.8 percent gains in the peso, which traded at 13.35 to the U.S. dollar, its strongest level since Dec. 26.

Chile's benchmark IPSA index rose 2.5 percent to 2,504, while Peru's IGBVL gained 1.5 percent to 7,438 and Colombia's IGBC gained 2.4 percent to 7,856.

The world economic crisis has pummeled Latin American stocks, shrinking profits at the region's biggest exporters as prices for oil, copper, soy and other commodities fall. Foreign investors have also dumped local assets to cover losses at home, deflating local currencies.

Brazil's Ibovespa index lost 41 percent of its value since June 2, as foreigners pulled $10.7 billion from the Bovespa exchange in 2008, the worst yearly capital flight on record.