DJI-NEW YORK, Sept 5 (Reuters) -The broader U.S. stock market edged higher on Friday, but still posted its worst week since May, as a rally in financial stocks helped reverse losses sparked by a government report showing the U.S. jobless rate rose to a five-year high.
Financial shares rebounded in afternoon trading, amid hopes the U.S. Treasury would take steps over the weekend to rescue mortgage finance companies Fannie Mae and Freddie Mac. After the closing bell, The Wall Street Journal reported the Treasury is close to finalizing a plan to backstop Fannie and Freddie.
The Dow Jones industrial average rose 32.73 points, or 0.29 percent, to 11,220.96, but ended down 2.8 percent on the week.The Standard & Poor's 500 Index climbed 5.48 points, or 0.44 percent, to 1,242.31, ending down 3.2 on the week.The Nasdaq Composite Index, meanwhile, slipped 3.16 points, or 0.14 percent, to 2,255.88, ending the week 4.7 percent lower.
NYMEX-NEW YORK, Sept 5 (Reuters) - U.S. crude oil futures ended sharply lower on Friday, weighed down by economic worries after government data showed the U.S. economy lost more jobs than expected in August.
On the New York Mercantile Exchange, October crude settled down $1.66, or 1.54 percent, at $106.23 a barrel, trading between $105.13, the lowest since prices fell to $104.03 on April 4, and $108.10.
CBOT-SOYBEANS - September
down 54 cents at $11.80 per bushel, November down 58 at $11.77.Nearbys drop below $12 for first time in three weeks on spillover weakness from crude oil and improved U.S. Midwest crop weather after this week's beneficial rains. Lackluster export sales add pressure.
Research firm Allendale Inc forecast U.S. 2008 soybean production at 2.818 billion bushels, yield at 38.43 bushels per acre, based on farmer survey.
Traders said analytical firm Informa Economics projects U.S. soy crop at 3.035 billion bushels, up from USDA 2.973 bln bu forecast.
FCPO-JAKARTA, Sept 5 (Reuters) - Malaysian crude palm oil futures fell by more than 1 percent on Friday on weak soy and crude oil prices, and concerns about high stocks, dealers said.
The benchmark November crude palm oil contract on the Bursa Malaysia Derivatives Exchange were down 40 ringgit, or 1.59 percent, to 2,470 ringgit ($714) per tonne, after going as low as 2,414 ringgit per tonne.
REGIONAL EQUITIES-SINGAPORE, Sept 5 (Reuters) - Heightened fears of slowing economic growth dragged down Southeast Asian markets on Friday,with a pullback in oil prices this week weighing on the region's energy stocks, planters and rig-makers.
Singapore <.FTSTI> fell 2 percent on Friday to bring losses this week to over 6 percent. Malaysia's benchmark stock index <.KLSE> slid 1.3 percent as planters faltered, while Thailand <.SETI> slipped 1.4 percent on energy plays.
