The banks -- epicenter of the credit crisis two years ago -- led indexes higher as a December run helped keep the market's year-end rally afloat. The KBW Bank Index <.BKX> rose 1.9 percent, led by regional institutions.
The Dow Jones industrial average <.DJI> added 26.33 points, or 0.23 percent, to 11,559.49. The Standard & Poor's 500 Index <.SPX> gained 4.24 points, or 0.34 percent, to 1,258.84. The Nasdaq Composite Index <.IXIC> edged up 3.87 points, or 0.15 percent, at 2,671.48.
NYMEX-NEW YORK, Dec 22 (Reuters) - U.S. crude oil futures prices rose a fourth consecutive session on Wednesday on lift from a third straight weekly drop in crude oil inventories reported by the government and cold weather on both sides of the Atlantic.
U.S. crude oil inventories fell 5.33 million barrels in the week to Dec. 17, a third straight weekly decline, the U.S. Energy Information Administration said on Wednesday.
On the New York Mercantile Exchange, February crude
CBOT-CHICAGO, Dec 22 (Reuters) - Dry weather in Argentina that is threatening the corn crop there during its key pollination phase pushed Chicago Board of Trade corn futures to their highest level since July 2008 on Wednesday.
Soybean futures also rose, hitting a 5-1/2-week top, due to the strength in corn, dryness in Argentina as well as a strike at Argentine crushing plants that may slow shipments from the world's largest soyoil exporter, traders said.
CBOT-SOYBEANS - January
CBOT-SOYOIL - January
FCPO-KUALA LUMPUR, Dec 22 (Reuters) - Malaysian crude palm oil futures hit a one-week high on Wednesday as traders priced in heavy rains cutting into this month's output.
Palm oil has gained for three straight sessions as investors favoured commodity assets as a hedge against rising inflation in China and India, which has also helped weather-driven rallies in soybeans and corn.
Benchmark March 2011 crude palm oil futures
REGIONAL EQUITIES-BANGKOK, Dec 22 (Reuters) - Most Southeast Asian stock markets posted small gains on Wednesday, with Malaysia and the Philippines climbing to one-week highs, as investors piled into commodities and energy shares amid higher oil prices.
Trading volume for most share markets fell more than half their 90-day average ahead of the year-end holiday season.
Malaysia's main share index <.KLSE> ended up 0.7 percent, extending its gain for a second session, while the Philippines share index <.PSI> rose for a fourth session, adding 0.5 percent.
The equities indexes of Singapore <.FTSTI> and Thailand <.SETI> gained for a second session, adding 0.14 percent and 0.6 percent, respectively. Vietnam <.VNI> was almost unchanged.
Among the gainers, Thailand's top refiner Thai Oil Pcl