The Dow Jones industrial average <.DJI> rose 252.81 points, or 2.88 percent, to 9,029.20. The Standard & Poor's 500 Index <.SPX> jumped 27.83 points, or 3.08 percent, to 931.08. The Nasdaq Composite Index <.IXIC> gained 55.18 points, or 3.50
percent, to 1,632.21.
Analysts also said investors were watching for clues of how President-elect Barack Obama will try to shake the U.S. economy out of its worst slump in decades. Obama is due to meet leaders in Congress on Monday to discuss his stimulus plan. Some Republicans are worried that their Democratic rivals could expand the plan to as much as $1 trillion.
FCPO-JAKARTA, Jan 2 (Reuters) - Malaysian palm futures closed up more than 2 percent on the first trading day of 2009 as strong crude oil, gains in soybean, and bullish exports offered support, traders said.
The benchmark March palm oil contract
Other traded contracts gained between 26 ringgit and 52 ringgit. Overall volume was thin at 8,947 lots of 25 tonnes each.
NYMEX-NEW YORK, Jan 2 (Reuters) - U.S. crude oil futures settled higher on Friday, bouncing from early lows to rally in volatile trading on Russia's energy dispute with Ukraine, Gaza violence, and Wall Street's strong kick off to 2009.
On the New York Mercantile Exchange, February crude
CBOT-SOYBEANS - January
Profit-taking from Wednesday's big gains lent pressure but gains in crude oil and less-than-desired crop weather in South America and tight soybean stocks continue to buoy prices.
CBOT-SOYOIL - January
REGIONAL EQUITIES-SINGAPORE, Jan 2 (Reuters) - Singapore and Malaysian markets both gained more than 2 percent on Friday, an optimistic start to a year shrouded in uncertainty, as investors picked up battered commodity shares.
Singapore's benchmark Straits Times Index <.FTSTI> jumped 3.9 percent, shrugging off dismal economic data which showed the city-state in a deepened state of recession in the fourth quarter.
Thailand, Philippines and Jakarta stock markets were closed for holidays, while other Asian shares gained on expectations the worst of the global crisis may be over after a brutal 2008.
Malaysian stocks <.KLSE> rose 2 percent, led by a 9.6 percent jump in palm oil play IOI Corp