Wednesday, March 3, 2010

Trader's Highlight

DJI-NEW YORK, March 2 (Reuters) - U.S. stocks ended slightly higher on Tuesday as mergers and acquisitions supported selected sectors, but investors pulled back from recent gains in some big-cap technology and bank shares.

The S&P 500 has risen for eight of the past 11 trading days, but there were signs of fatigue as investors grew cautious in advance of key employment data at the end of the week.

The Dow Jones industrial average <.DJI> gained 2.19 points, or 0.02 percent, to 10,405.98. The Standard & Poor's 500 Index <.SPX> added 2.60 points, or 0.23 percent, to 1,118.31. The Nasdaq Composite Index <.IXIC> rose 7.22 points, or 0.32
percent, to 2,280.79.

NYMEX-NEW YORK, March 2 (Reuters) - U.S. crude futures were little changed in post-settlement trading on Tuesday, after industry data showed a larger-than-expected build in crude inventories and greater-than-forecast drawdown in distillates.

Heating oil futures rose further on the data and gasoline futures firmed, even though the report showed that gasoline stocks rose higher than expected.

On the New York Mercantile Exchange, April crude last traded at $70.61 a barrel, up 91 cents, after settlement at $79.68, up 98 cents, or 1.25 percent. It traded from $78.26 to $80.95, the highest since Jan. 12's $82.34 intraday high.

CBOT-CHICAGO, March 2 (Reuters) - Chicago Board of Trade grains and soy complex close on Tuesday.

CBOT-SOYBEANS- CBOT March soybeans last up 1-3/4 cents at $9.54-1/4 a bushel, May soybeans up 1 cent at $9.63-1/2. Firm cash market and higher crude oil lifting soy futures but choppy consolidation trade with early harvest of likely record large South American soybean crop limiting gains.

CBOT-SOYOIL - CBOT March soyoil up 0.31 cent at 39.81 cents per lb., May soyoil up 0.30 cent at 40.20 cents. Firm crude oil lending support along with support from unwinding of meal/oil spreads.

FCPO-KUALA LUMPUR, March 2 (Reuters) - Malaysia's crude palm oil futures slipped from a one-week high on Tuesday as traders took profits on weaker external markets and crude oil prices.

Expectations of lower production have offset cargo surveyor reports of a near one-fifth decline in Malaysian palm oil export shipments in February and limited losses for the trading session.

Benchmark May crude palm oil futures on the Bursa Malaysia Derivatives Exchange settled down 0.7 percent, or 18 ringgit to 2,612 ringgit ($772.1). On Monday, the market hit one-week highs at 2,638 ringgit.

REGIONAL EQUITIES-BANGKOK, March 2 (Reuters) - Thai stocks hit a six-week high
on Tuesday in their first reaction to a long-awaited court ruling on the assets of former premier Thaksin Shinawatra after a long holiday weekend, but the region in general was mixed.

Markets got an early boost from strong manufacturing data in Europe and news American International Group was selling its Asian insurance business to Britain's Prudential , which drove both European markets and Wall Street up on Monday.

However, Singapore's index <.FTSTI> closed down 0.07 percent, after climbing to its highest since Feb. 18, weighed down by a 4.4 percent drop in gaming group Genting Singapore and a 0.98 percent loss in United Overseas Bank .

Malaysia's index <.KLSE> was up 0.36 percent after an early gain to a five-week high as better-than-expected fourth-quarter GDP data announced last week and higher projections for 2010 and 2011 earnings buoyed the market, dealers said.