State Street
Bank stocks led the way, but investors also scooped up beaten-down industrial and technology shares.
The Dow Jones industrial average <.DJI> rose 274.66 points, or 2.82 percent, to 10,018.28. The Standard & Poor's 500 Index <.SPX> gained 32.21 points, or 3.13 percent, to 1,060.27. The Nasdaq Composite Index <.IXIC> advanced 65.59 points, or 3.13 percent, to 2,159.47.
NYMEX-NEW YORK, July 7 (Reuters) - U.S. crude oil futures ended nearly 3 percent higher on Wednesday, ending a six-day losing streak, as a rally on Wall Street and forecasts that weekly inventory reports will show a hefty crude oil inventory
drawdown improved risk appetite.
Traders also were closely monitoring a potential tropical depression that government storm trackers said could hit the southern Gulf of Mexico in the next two days.
CBOT-CHICAGO, July 7 (Reuters) - Chicago Board of Trade grain and soy complex close on Wednesday.
CBOT-SOYBEANS - July up 28-3/4 cents at $9.93 per bushel; new-crop November up 32-1/2 at $9.32-1/2. USDA said 66 percent of the U.S. soybean crop was rated good to excellent, down from 67 percent a week ago and the fourth consecutive weekly decline. Traders had expected soy conditions to hold steady or improve.
CBOT-SOYOIL - August up 0.97 cent at 36.96 cents per lb. Following strength in soybeans and crude oil.
FCPO-JAKARTA, July 7 (Reuters) - Malaysian crude palm oil fell 1.35 percent on Wednesday, its fourth day of losses in five, as investors were concerned higher production may overwhelm already slow demand and lead to higher inventories.
The benchmark September contract
REGIONAL EQUITIES-BANGKOK, July 7 (Reuters) - Major Southeast Asian stock markets trod water on Wednesday, with late selling pulling down Singapore and Indonesia, amid worries global growth was faltering and as a drop in crude prices weighed on commodity shares.
Equities in the region failed to sustain early gains as investors turned cautious over a weak outlook on Wall Street on Wednesday after the previous session's tepid gains. U.S. stock index futures <.DJHO> were down 0.6 percent at 0944 GMT.
Singapore's benchmark stock index <.FTSTI> ended down 0.2 percent. The market climbed to a one-week high in early trade amid optimism about the economy.
Stronger-than-expected export and manufacturing data in April and May prompted economists to significantly revise up their gross domestic product (GDP) growth forecast for Singapore for 2010.