The seesion's climb pushed the Dow industrials back above the psychologically important 11,000 mark in a recovery from a swoon just before midday when Standard & Poor's cut Spain's credit rating. On Tuesday, the market sold off following a Standard & Poor's downgrade of Greece's debt rating to junk and a two-notch cut in Portugal's credit rating as well.
The Dow Jones industrial average <.DJI> rose 53.28 points, or 0.48 percent, to end unofficially at 11,045.27. The Standard & Poor's 500 Index <.SPX> added 7.65 points, or 0.65 percent, to finish unofficially at 1,191.36. The Nasdaq Composite Index <.IXIC> edged up just 0.26 of a point, or 0.01 percent, to close unofficially at 2,471.73.
NYMEX-NEW YORK, April 28 (Reuters) - U.S. crude futures were modestly higher on Wednesday, recovering from earlier lows, as the market weighed guidance from Wall Street, which was called to open higher, and forecasts that government inventory data will show another build in domestic crude stocks.
Energy traders were also watching the currency markets, with the euro rising against the dollar and the yen on optimism that Greece will soon receive assistance to help it service its debts.
On the New York Mercantile Exchange at 9:08 a.m. EDT (1308 GMT), June crude
CBOT-CHICAGO, April 28 (Reuters) - Chicago Board of Trade grains and soy complex close on Wednesday.
NOTE: Downgrade of Spain's credit rating boosts dollar and weighs on grains.
CBOT-SOYBEANS - May
CBOT-SOYOIL - May
FCPO-KUALA LUMPUR, April 28 (Reuters) - Malaysia palm oil futures extended losses for a second session on Wednesday as risk appetite for commodities weakened after a rating agency downgraded Greek and Portuguese debt.
Standard & Poor's on Tuesday cut Greece's credit rating to junk status and downgraded Portugal as investors feared that political pressures could block a multi-billion euro bailout of Greece.
The action has sparked a dollar rally, making it more costly for investors using the euro and other currencies to buy commodities.
The benchmark July crude palm oil futures
REGIONAL EQUITIES-BANGKOK, April 28 (Reuters) - Cuts in the credit ratings of Greece and Portugal depressed sentiment in Southeast Asian stock markets on Wednesday and Singapore's index fell to its lowest in four weeks, also pulled down by some big firms going ex-dividend.
Thailand fell 1.6 percent as another clash between troops and anti-government protestors deepened its political crisis. Malaysia <.KLSE> fell 0.5 percent, Indonesia <.JKSE> 1.2 percent and the Philippines <.PSI> 0.7 percent.
Singapore's Straits Times Index <.FTSTI> fell 2 percent to its lowest since April 1, with Keppel Corp
Losers also included Singapore Telecommunications
In Malaysia, the index fell to its lowest since April 19. Palm plantation firm IOI Corp