Trader's Highlight

DJI-NEW YORK, March 3 (Reuters) - Wall Street scored its best one-day rally in three months on Thursday, due to a pullback in oil prices and upbeat labor market data, while the euro jumped on the European Central Bank president's inflation warning.

Data showing new U.S. claims for unemployment benefits fell last week to their lowest level in more than 2-1/2 years represented the latest optimistic reading to bolster hopes for an upside surprise in Friday's key payrolls report.

The Dow Jones industrial average <.DJI> gained 191.40 points, or 1.59 percent, to end at 12,258.20. The S&P 500 rose 22.53 points, or 1.72 percent, to finish at 1,330.97. The Nasdaq Composite Index <.IXIC> jumped 50.67 points, or 1.84 percent, to close at 2,798.74.

CBOT-CHICAGO, March 3 (Reuters) - Chicago Board of Trade grain and soy complex futures close on Thursday.

CBOT-SOYBEANS - May up 17-3/4 cents at $14.12 per bushel. Support from talk China may be lowering import tariffs, labor unrest at Argentina's Rosario port and wet weather in portions of Brazil that was slowing soybean harvest. A weak dollar also lending support.

CBOT-SOYOIL - May down 0.03 cent at 58.77 cents per lb. Weighed down by unwinding of oil/meal spreads and weak crude oil.

FCPO-JAKARTA, March 3 (Reuters) - Malaysian palm oil futures hit a one-week peak before paring gains late on Thursday, as potential import tariff cuts in top consumer China offset falling crude prices weighed by a possible peace plan in Libya.

China will cut tariffs and red tape to boost imports this year and "maintain balanced trade," Zhong Shan, the country's vice minister of commerce said in comments published on Thursday, but did not disclose details.

The benchmark May 2011 crude palm oil contract on Bursa Malaysia Derivatives added 0.3 percent to 3,600 Malaysian ringgit ($1,185) a tonne. Earlier, prices rose to a high of 3,648 ringgit -- a level not seen since Feb.22.

The most-active Sept 2011 soyoil on the Dalian Commodity Exchange traded at 10,308 yuan versus an open at 10,366 yuan.

REGIONAL EQUITIES-BANGKOK, March 3 (Reuters) - Southeast Asian stock markets rose on Thursday as oil dipped and some investors took heart from news of a peace plan for Libya, with airlines in particular seeing strong demand.

But volume across the region was relatively weak as many investors preferred to wait and see what happened to the peace plan. The energy-driven Thai stock market saw turnover drop to 0.8 times its 30-day average and oil-linked shares dropped.

Share markets ended off their day's highs, with Singapore <.FTSTI>, Malaysia <.KLSE>, Indonesia <.JKSE> and Thailand <.SETI> posting only small gains on the day.

Oil prices briefly dropped by more than $3 after the Arab League said a peace plan for Libya was under consideration, before recovering.

Malaysia had $40 million in outflows and Thailand posted $56 million in outflows, exchange data showed.

Thailand's national carrier, Thai Airways International , surged 7.2 percent, Malaysia's AirAsia climbed 2.5 percent and Singapore Airlines , Southeast Asia's biggest airline, rose 0.8 percent

Palm plantation stocks were among bright spots as Malaysian palm oil futures rose to a one-week peak on Thursday, buoyed by a potential import tariff cut in top consumer China.

Shares in Wilmar International , the world's largest listed palm oil company, gained 1.8 percent and Golden Agri-Resources climbed 2.2 percent.