The Dow Jones industrial average <.DJI> rose 106.41 points, or 1.34 percent, to 8,063.07. The Standard & Poor's 500 Index <.SPX> gained 13.62 points, or 1.64 percent, to 845.85. The Nasdaq Composite Index <.IXIC> climbed 31.19 points, or 2.06
percent, to 1,546.24.
A day before the release of the January non-farm payrolls report, investor sentiment got a boost from talk that Washington would suspend an accounting requirement on the
recognition of losses that has resulted in billions of write-downs for banks.
The Obama administration is due to announce its bank rescue plan next week.
There was also encouraging news on the earnings front on Thursday.
NYMEX-NEW YORK, Feb 5 (Reuters) - U.S. crude oil futures rose on Thursday lifted by a stock market rally and expectations that demand may start to rebound as OPEC cuts start to hit supplies.
On the New York Mercantile Exchange, March crude
April crude
CBOT-SOYBEANS - March
Forecasts for drier weather in Argentina, signs China was buying soy and tight stocks boost market. Also supported by U.S. ag attache trimming estimate for Argentine soy production and Brazil's government agency Conab reducing forecast for Brazil soy crop.
Argentine crop conditions slowly improve after rains. Mostly favorable weather in Brazil but moisture requirement for crops quite high at this time.
Conab, Brazil's government Crop Supply Agency, pegs Brazil's soy crop 57.2 million tonnes, down from its January estimate for 57.8 million and below USDA's January outlook for 59.0 million.
CBOT-SOYOIL - March
FCPO-KUALA LUMPUR, Feb 5 (Reuters) - Malaysian crude palm futures ticked up 1.8 percent on Thursday to hit a new one-week high on signs of a rundown in domestic inventories although sentiment was dampened by slow shipments, dealers said.
The benchmark April contract
REGIONAL EQUITIES-BANGKOK, Feb 5 (Reuters) - Most Southeast Asian stock markets
rose on Thursday, with optimism over government policy bolstering buying of Malaysian big caps such as Maybank and earnings in Thailand inducing buying in shippers such as Precious Shipping.
But in Singapore the main index <.FTSTI> erased early gains to fall 0.2 percent, with banks sliding amid domestic economic worries.
Singapore's finance minister said he expected the economic downturn to worsen, after the country fell into recession last year.