DJI-NEW YORK, May 5 (Reuters) - U.S. stocks sagged on Wednesday as more signs emerged that the fallout from the Greek debt crisis could spread to bigger European economies.
The euro hit a 14-month low as investors shunned the debt of weaker euro zone countries and jumped into safe-havens. U.S. Treasury prices and the dollar surged on fears Greece's debt problems could hinder global growth.
The Dow Jones industrial average <.DJI> dropped 58.65 points, or 0.54 percent, to 10,868.12. The Standard & Poor's 500 Index <.SPX> fell 7.73 points, or 0.66 percent, to 1,165.87. The Nasdaq Composite Index <.IXIC>lost 21.96 points, or 0.91 percent, to 2,402.29.
NYMEX-NEW YORK, May 5 (Reuters) - U.S. crude futures fell sharply on Wednesday, dropping below $80 a barrel as the euro weakened and ongoing concerns that the Greece debt crisis might spread to other euro zone countries kept investors risk adverse.
Rising U.S. inventories and demand concerns also weighed on the market after an industry group's weekly report on Tuesday showed crude supplies rose much more than expected.
On the New York Mercantile Exchange at 10 a.m. EDT (1400 GMT), June crude
was down $2.85, or 3.44 percent, at $79.89 a barrel, trading from $79.15 to $82.83.
CBOT-CHICAGO, May 5 (Reuters) - Chicago Board of Trade grains and soy complex close on Wednesday.
CBOT-SOYBEANS - July down 9 cents at $9.78 per bushel; new-crop November down 7-1/2 cents at $9.55-1/2. Pressure from unwinding of soy/corn spreads, prospects for a bumper U.S. soy crop, and pressure from a rallying dollar.
CBOT-SOYOIL - July up 0.25 cent at 38.93 cents per lb. Unwinding of meal/oil spreads supports soyoil and support from talk China may buy Brazil and/or U.S. soyoil because it is embargoing Argentine soyoil.
FCPO-JAKARTA, May 5 (Reuters) - Malaysia's palm oil futures rose on Wednesday after hitting a fresh two-week low as weaker crude oil and soy prices were offset by growing buying interest, traders said.
Benchmark July crude palm oil futures on the Bursa Malaysia Derivatives Exchange rose 15 ringgit, or 0.6 percent, to 2,530 ringgit ($816.68) per tonne. Overall volumes shot up to 18,142 lots of 25 tonnes each from the daily average of 10,000 lots.
REGIONAL EQUITIES-SINGAPORE, May 5 (Reuters) - Jakarta led the losers among Southeast Asian stock markets, dropping 3.8 percent, its biggest daily fall since December 2008, on news that its reformist finance minister is leaving her post to join the World Bank.
News of Sri Mulyani Indrawati's departure came on a day when heightened fears about Greece's debt woes spread to Asia, knocking the MSCI index of Asia ex-Japan stocks <.MIAPJ0000PUS> down by 1.9 percent.
Singapore's second largest bank OCBC recovered from early losses after it reported a 24 percent rise in first-quarter net profit, smashing analysts forecasts, but the stock finished flat.
Malaysia lost just over half a percent, led by planter Sime Darby which declined 1.5 percent.
