"We had the OPEC meeting today, plus we had inventory numbers, and both were favorable for oil. That's helping that whole sector," said Owen Fitzpatrick, head of U.S. Equity Group at Deutsche Bank Private Wealth Management in New York. OPEC decided to hold production at current levels.
The Dow Jones industrial average <.DJI> gained 103.78 points, or 1.25 percent, to finish at 8,403.80. The Standard & Poor's 500 Index <.SPX> was up 13.77 points, or 1.54 percent, at 906.83. The Nasdaq Composite Index <.IXIC> was up 20.71 points, or 1.20 percent, at 1,751.79.
NYMEX-NEW YORK, May 28 (Reuters) - U.S. crude oil futures ended Thursday above $65 a barrel, the highest settlement since early November, after government data showed a steep drop in oil inventories last week.
Traders also factored in better-than-expected economic data and OPEC's decision to hold production at current levels.
On the New York Mercantile Exchange, July crude
CBOT-SOYBEANS - July
Profit-taking after rally to eight-month high on tight stocks of soy and fund buying.
There was talk that China may have canceled one to three cargoes of U.S. soybeans out of the Gulf.
Census pegs U.S. April soy crush 140.56 million bushels, below estimates for 141.2 million.
CBOT-SOYOIL - July
Census pegs U.S. soyoil stocks at end of April 3.134 bln lbs, below estimates for 3.166 bln lbs.
FCPO-KUALA LUMPUR, May 28 (Reuters) - Malaysian palm futures ended unchanged on Thursday as some buyers took some positions after a key industry analyst predicted that prices of the vegetable oil could reach 3,000 ringgit if the crude oil market strengthened.
The benchmark August contract
REGIONAL EQUITIES-BANGKOK, May 28 (Reuters) - Most Southeast Asian stocks eased
on Thursday, as investors worried about the U.S. economic recovery, profit takers swooped on Singapore's CapitaLand and Malaysia fell for a third day on a bearish GDP outlook.
Asian shares came off a seven-month high as concerns grew that rising U.S. government debt yields could push up borrowing costs and choke off a potential recovery in the world's largest economy.
Malaysia's index <.KLSE> fell for a third day, ending down 0.6 percent, after Prime Minister Najib Razak said the domestic economy would shrink by as much as 5 percent in 2009, its biggest fall in a decade.
Thailand's benchmark SET index <.SETI> ended unchanged, while Vietnam <.VNI> lost 2.3 percent. Indonesia's index <.JKSE> added 0.5 percent after a 1.9 percent gain on Wednesday.