We report what is to our knowledge the first observation of continuous-wave stimulated Raman scattering (SRS). Both forward and enhanced backward SRS were observed in liquids, and the large spectral frequency shift between pump and probe makes signal detection easy. No separate collection optics are necessary for the backscattered SRS, whose signal-to-noise ratio is much improved compared with that measured by forward or side scatter. This is attributed to the existence of a phase-conjugate beam. Higher orders of Stokes scattering are also observed in return. Contrary to theoretical expectation, both forward-scattered and backscattered signals have identical gains owing to saturation effects in a number of the high-gain liquids studied.