The S&P 500 ran into resistance after its recent bounce, and many investors have resigned themselves to a patch of economic weakness over the summer.
The Dow Jones industrial average <.DJI> gained 45.14 points, or 0.36 percent, to 12,605.32. The Standard & Poor's 500 Index <.SPX> rose 2.92 points, or 0.22 percent, to 1,343.60. The Nasdaq Composite Index <.IXIC> added 8.31 points, or 0.30 percent, to 2,823.31.
NYMEX-NEW YORK, May 19 (Reuters) - U.S. crude futures fell on Thursday as disappointing economic data fueled worries about oil demand and the International Energy Agency raised the possibility of releasing emergency stockpiles to cool prices if producers did not increase supply.
Weak data on U.S. home sales and factory activity showed the economy stuck in a slow-growth gear, although a drop in claims for jobless aid indicated the possibility the labor market's recovery was continuing.
On the New York Mercantile Exchange, June crude
CBOT-CHICAGO, May 19 (Reuters) - Chicago Board of Trade soybean futures closed firm on Thursday on unwinding of corn/soy spreads in choppy dealings.
Profit-taking limited gains in nearby months and weighed on deferred contracts.
FCPO-KUALA LUMPUR, May 19 (Reuters) - Malaysian palm oil futures hit more than three-week highs on Thursday as traders bet on strong overseas demand on the back of firm commodity markets.
The benchmark August crude palm oil contract
Palm oil was further bolstered by adverse crop weather in Europe and the United States, which threatened to curb grain supplies, fuelling a rally across commodity futures.
REGIONAL EQUITIES-BANGKOK, May 19 (Reuters) - Major Southeast Asian stock markets edged higher on Thursday as a surge in global oil prices revived demand for shares in energy and related sectors, and Singapore outperformed after a raised GDP forecast triggered a broad market rally.
Trading volumes were generally moderate, with equities players still put off by predictions of rising inflation and tighter monetary policy as economies continued to grow.
Singapore's Straits Times Index <.FTSTI> rose 1 percent, with markets in Indonesia <.JKSE> and Malaysia <.KLSE> posting smaller gains.
Singapore raised its forecast for GDP growth this year to 5-7 percent from 4-6 percent and said domestic cost pressures remained a concern due to increased economic activity and a tight labour market.
Central banks in the region, including Malaysia and Thailand, are widely expected to keep their hawkish stance against inflation given underlying price pressures and strong momentum of domestic demand.
