Oil prices jumped 3 percent, supporting energy shares, as data showed a much larger-than-expected decline in inventory of crude oil. The weaker dollar also boosted commodity prices in general, sending gold as much as 1 percent higher. A weaker dollar makes commodities cheaper for investors using other currencies.
The Dow Jones industrial average <.DJI> edged up 1.51 points, or 0.01 percent, to 10,466.44, while The Standard & Poor's 500 Index <.SPX> rose 2.57 points, or 0.23 percent, to 1,120.59. The Nasdaq Composite Index <.IXIC> ended up 16.97 points, or 0.75 percent, to 2,269.64.
NYMEX- NEW YORK, Dec 23 (Reuters) - U.S. crude oil futures ended 3 percent higher on Wednesday, boosted by government inventory data showing crude stocks fell more than expected last week and the dollar's slump.
Crude oil reached $77 a barrel intraday for the first time since Dec. 4, when it hit $77.90. The contract has gained about $7 since Dec. 14 when it hit a nearly 2-1/2-month low, dropping intraday to $68.59.
On the New York Mercantile Exchange, February crude
CBOT- SOYBEANS - January
CBOT-SOYOIL - January
FCPO- KUALA LUMPUR, Dec 23 (Reuters) - Malaysian crude palm oil futures dropped for a third day on Wednesday due to a firmer U.S. dollar and some position squaring towards the year end.
Expectations of a stock drawdown due to the end of the high production season limited losses. Traders expect stocks to fall about 13 percent to 1.68 million tonnes in December compared with the previous month.
The benchmark March contract
REGIONAL EQUITIES- BANGKOK, Dec 23 (Reuters) - Southeast Asian stock markets gained on Wednesday, with Noble Group leading Singapore to its highest in over a year while Thailand hovered around two month highs as investors bought big caps such as PTT and Siam Cement.
Singapore's index <.FTSTI> rose 0.6 percent to its highest since Aug. 11, 2008, with commodities firm Noble Group
Malaysia's index <.KLSE> was nearly flat, edging up 0.01 percent, with palm plantation firms leading advancers. IOI Corp