Economic data gave a mixed picture, but traders latched on to a rise in August business spending as the latest sign the recovery is on firmer ground. That seemed to trump a lackluster report on new home sales in August.
The Dow Jones industrial average <.DJI> was up 197.84 points, or 1.86 percent, at 10,860.26. The Standard & Poor's 500 Index <.SPX> finished up 23.82 points, or 2.12 percent, at 1,148.65. The Nasdaq Composite Index <.IXIC> was up 54.14 points, or 2.33 percent, at 2,381.22.
NYMEX-NEW YORK, Sept 24 (Reuters) - U.S. crude oil prices rose on Friday, posting their biggest weekly gain in two months as the dollar slid and investors remained expectant that the Federal Reserve could pump billions of dollars into the U.S. financial system to support a faltering economic recovery.
Also boosting oil was a surprise rise in Germany's Ifo index of business sentiment [ID:nLDE68N0L3] and rallying U.S. equities markets as investors latched on to a rebound in business spending and steady August home sales.
On the New York Mercantile Exchange, November crude
CBOT-CHICAGO, Sept 24 (Reuters) - Chicago Board of Trade grain and soy complex close on Friday.
CBOT-SOYBEANS - November
CBOT-SOYOIL - October
FCPO-KUALA LUMPUR, Sept 24 (Reuters) - Global vegetable oil futures rose on Friday as traders took positions hoping for a revival in overseas demand ahead of a key industry conference.
Prospects for record vegetable oil imports by India and the impact on the international price of vegetable oil will be key themes at an international conference in Mumbai that begins later on Friday.
India, which overtook China as the world's No. 1 edible oil importer in 2009, is likely to buy a record 9 million tonnes of the commodity, used mainly to cook food, in the year to October, up from 8.7 million tonnes in the previous year.
Malaysia's benchmark palm oil futures
Industry analysts Dorab Mistry from Godrej International, Oil World's editor in chief Thomas Mielke and LMC International's James Fry will present their views at the meet.
Financial markets in China were shut most of this week for the Mid-Autumn festival and will resume on Monday, but closes again for another holiday next Friday.
REGIONAL EQUITIES-COLOMBO, Sept 24 (Reuters) - The Indonesian stock market hit a record closing high on Friday, turning round from four straight falls in the week as foreign investors returned, a factor that also boosted the Philippines and Thailand.
Indonesia <.JKSE>, the region's best performer for the year with a 34 percent gain, jumped 1.8 percent to a record closing high of 3,397.63.
Southeast Asia's largest economy saw a net inflow of $62 million, compared to an outflow of $19.3 million the previous session, Thomson Reuters data showed.
Both Singapore <.FTSTI> and the Philippines gained 0.3 percent, while Thailand <.SETI> added 0.5 percent, hitting a 14-year closing high.
Bucking the trend, Malaysia <.KLSE> fell 0.5 percent to a two-week low and Vietnam <.VNI> edged down 0.2 percent.
In Singapore, shares in commodity trader Olam International