Thursday, February 12, 2009

Trader's Highlight

DJI-NEW YORK, Feb 11 (Reuters) - U.S. stocks rose in a choppy session on Wednesday after lawmakers reached a compromise deal on a $789 billion stimulus package that is seen as crucial to reviving the recession-hit economy.

Stocks had see-sawed during the day, hurt by falling crude oil prices and declines in technology shares before finally holding gains on the stimulus package.

The Dow Jones industrial average <.DJI> gained 50.65 points, or 0.64 percent, to 7,939.53. The Standard & Poor's 500 Index <.SPX> climbed 6.58 points, or 0.80 percent, to 833.74. The Nasdaq Composite Index <.IXIC> added 5.77 points, or 0.38
percent, to 1,530.50. 04:28 12Feb09 RTRS-NYMEX-Crude ends lower on big build, demand view

NYMEX-NEW YORK, Feb 11 (Reuters) - U.S. crude oil futures tumbled more than 4 percent on Wednesday, weighed down by a large increase in domestic crude stocks last week and a gloomy oil demand forecast from the International Energy Agency.

On the New York Mercantile Exchange, March crude settled down $1.61, or 4.29 percent, at $35.94 a barrel, trading from $35.65, a new contract low, to $38.47. The day's low was the lowest since prices hit $32.70 on Jan. 20.

CBOT-SOYBEANS
- March down 16 cents to $9.78 a bushel.

Better-than-expected rains in drought-stricken Argentina at mid-week weighed on soybean futures.

Argentine soy production may be higher than expected due to recent rainfall.

CBOT-SOYOIL - March down 0.46 cent at 33.18 cents a pound. Following soy with late drop in crude oil also pressuring.

FCPO
-KUALA LUMPUR, Feb 11 (Reuters) - Malaysian crude palm futures fell 2.2 percent on Wednesday, easing off one-month highs, as investors booked profits on the previous day's rally with inventory data meeting trade expectations.

The benchmark April contract settled down 44 ringgit at 1,925 ringgit ($533.8), easing from 1,969 ringgit notched the day before, a level unseen since Jan. 12.

Other traded contracts fell between 6 and 44 ringgit while the Sep 2009 contract was unchanged <0#KPO:>. Overall volume was 17,768 lots of 25 tonnes each compared with the usual 10,000 lots.

REGIONAL EQUITIES-BANGKOK, Feb 11 (Reuters)-Asian stocks were pulled down by financials and energy shares, with scepticism rife about the new plan from Washington. Analysts said regional equities would take their direction from
developments in the Chinese economy and U.S. stock markets.

Elsewhere, the Malaysian index <.KLSE> lost 0.7 percent, with Malayan Banking down 2.2 percent and lender CIMB down 1.8 percent.