Wednesday, September 23, 2009

Trader's Highlight

DJI-NEW YORK, Sept 22 (Reuters) - U.S. stocks rose on Tuesday, as investors bet the U.S. Federal Reserve will stick to its accommodative policy to foster economic recovery, boosting growth-sensitive sectors such as financials, technology and industrials.

The gains were broad-based, with all but three of the 10 S&P 500 industry sectors ending higher. Energy and other natural resources stocks were underpinned by resurgent global commodity prices as the U.S. dollar retreated.

The Federal Reserve began a two-day policy-setting meeting on Tuesday. Its policy statement is due on Wednesday around 2:15 p.m. (1815 GMT).

With no change expected in interest rates, investors probably will focus on the bank's assessment of the economic outlook, particularly after Chairman Ben Bernanke said last week that the recession was "technically" over.

The Dow Jones industrial average <.DJI> gained 51.01 points, or 0.52 percent, to end at 9,829.87. The Standard & Poor's 500 Index <.SPX> rose 7.00 points, or 0.66 percent, to 1,071.66 -- a fresh 11-month closing high. The Nasdaq Composite
Index <.IXIC> climbed 8.26 points, or 0.39 percent, to 2,146.30.

NYMEX-NEW YORK, Sept 22 (Reuters) - U.S. crude oil futures edged lower in post-settlement trading after industry data showed that domestic crude stocks rose slightly last week, against the forecast that supplies shrank.

On the New York Mercantile Exchange at 5:15 p.m. EDT (1715 GMT), November crude , the new front-month, was up $1.69, or 2.42 percent, at $71.62 a barrel. It earlier settled up $1.83, or 2.62 percent, at $71.76, trading $69.74 to $72.03.

October crude had expired and settled up $1.84, or 2.64 percent, at $71.55 a barrel, trading $69.61 to $71.85.

CBOT-SOYBEANS - November up 5-3/4 cents at $9.19-1/4 a bushel. Bounce in corn pulls soybeans up. Weak dollar, record export pace for 2009/10 marketing year and slowed Delta harvest supportive for soy. Prospects for a bumper U.S. soy harvest weigh.

SOYOIL
- October up 0.45 cent at 34.22 cents per lb; December up 0.43 cents at 34.62. Recovery rally in crude oil lends strength to soyoil.

FCPO-JAKARTA, Sept 18 (Reuters) - Malaysian crude palm oil futures edged up on Friday, but were off their highs as investors squared positions in late trade, wary of exposure to possible weakness in external markets over the Eid al-Fitr Muslim holiday, traders said.

The benchmark December contract on the Bursa Malaysia Derivative Exchange settled up 8 ringgit, or 0.4 percent, at 2,190 ringgit ($629.67) a tonne, after running as high as 2,210 ringgit earlier in the day. Overall volume was at 13,522 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, Sept 22 (Reuters) - Most Southeast Asian stock markets rose on Tuesday, with Thailand touching a 14-month high on demand for construction and energy stocks, but a plunge in Manila's MetroPac hit the Philippines, ending two days of gains.

Trading was generally muted, with Malaysia <.KLSE> and Indonesia <.JKSE> still closed for a long Muslim holiday.

Thailand's benchmark index <.SETI> climbed 1.6 percent, led by IRPC , Southeast Asia's biggest integrated petrochemical complex operator, which rose 5.6 percent and top builder Italian-Thai , which added 5.7 percent.

Singapore's index <.FTSTI> gained 1.4 percent, with Genting Singapore adding 9.5 percent, Singapore Telecommunications jumping 1.6 percent and property developer CapitaLand edging up 2.2 percent.

Shares of Wilmar International also rose 3 percent as the newspaper reported the plantation and palm oil processor would spin off its China food operation, raising up to HK$27.3 billion ($3.5 billion) in a flotation of shares in Hong Kong in October.