Trader's Highlight

DJI-NEW YORK, April 29 (Reuters) - U.S. stocks climbed on Wednesday after grim growth data offered hints of future expansion, a prospect reinforced by the Federal Reserve's hopeful comments.

Gross domestic product dropped at a 6.1 percent annual rate in the first quarter, but the data showed consumer spending rose and a decline in inventories suggested
manufacturers and retailers will have to stock up in merchandise.

The central bank backed up the positive sentiment when its policy meeting concluded and the Fed said the economic outlook had improved modestly since its last meeting in March.

The Dow Jones industrial average <.DJI> gained 168.78 points, or 2.11 percent, to 8,185.73. The Standard & Poor's 500 Index <.SPX> gained 18.48 points, or 2.16 percent, to 873.64. The Nasdaq Composite Index <.IXIC> gained 38.13 points, or 2.28 percent, to 1,711.94.

NYMEX-NEW YORK, April 29 (Reuters) - U.S. crude futures ended higher on Wednesday, backed by a rebound on Wall Street and as traders shrugged off a large build in crude stocks and banked instead on a bigger-than-forecast drawdown in gasoline stocks.

On the New York Mercantile Exchange, June crude settled up $1.05, or 2.1 percent, at $50.97 a barrel, trading from $49.12 to $51.42.

CBOT-SOYBEANS - May up 44-1/2 cents at $10.34 per bushel. New-crop November up 32-1/2 at $9.32-1/2.

Rebounding from the swine flu-induced plunge on Monday. Support from tight U.S. soy stocks and disappointing South American harvest along with higher crude, stock markets and softer dollar.

Overhanging market was talk that China canceled up to five U.S. cargoes of soybeans amid softer crush margins.

CBOT-SOYOIL - May up 0.53 cent at 35.43 cents per lb. Higher soybeans and crude oil boosts soyoil.

FCPO-KUALA LUMPUR, April 29 (Reuters) - Malaysian crude palm oil futures gained 1 percent on Wednesday, bouncing off one-week lows earlier in the session, as investors shifted focus from swine flu to expectations of higher demand.

The benchmark July contract on the Bursa Malaysia Derivatives Exchange settled up 24 ringgit at 2,480 ringgit ($690) a tonne after going as low as 2,413, a level unseen since April 21.

Other traded months ranged between a 10 ringgit fall and gains of up to 35 ringgit <0#KPO:>. Overall volume more than doubled to 24,260 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, April 29 (Reuters) - Singapore, Thai and Malaysian
stocks rebounded on Wednesday as investors bought back blue chips, betting that a swine flu outbreak would be contained and cheered by some improvement in U.S. economic data.

Southeast Asian countries have so far reported no cases of the flu, which has caused more than 150 deaths in Mexico.

Singapore's Straits Times Index <.FTSTI> recovered 2.28 percent, a day after falling to a near three-week low, while Thai stocks <.SETI> closed up 2.28 percent at their highest level since Oct. 13, 2008.

Malaysian shares <.KLSE> rose 0.18 percent, Indonesian stocks <.JKSE> rose 3.02 percent to a one-week high and Vietnam <.VNI> rose 1.88 percent, but Philippine shares <.PSI> fell for the third day, down 0.12 percent.