Trader's Highlight

DJI-NEW YORK, Jan 27 (Reuters) - Strong corporate earnings led Wall Street to a 29-month closing high for a second day on Thursday, but another run of big gains may be harder to achieve.

The Dow and the S&P struggled to advance past major technical levels -- the 12,000 mark for the Dow and 1,300 for the S&P -- but investors see more gains for companies that outperform in their earnings.

The Dow Jones industrial average <.DJI> finished up 4.39 points, or 0.04 percent, at 11,989.83. The Standard & Poor's 500 Index <.SPX> closed up 2.91 points, or 0.22 percent, at 1,299.54. The Nasdaq Composite Index <.IXIC> was up 15.78 points, or 0.58 percent, at 2,755.28.

NYMEX-NEW YORK, Jan 27 (Reuters) - U.S. crude oil futures ended nearly 2 percent lower on Wednesday as weak U.S. economic data spurred selling that wiped out Tuesday's gains, in a session delayed by heavy snow in the New York area,

Talk of higher OPEC production and a weekly forecast showing higher seaborne oil exports from the group added pressure.

On the New York Mercantile Exchange, March crude settled down $1.69, or 1.94 percent, at $85.64 a barrel, the lowest close since the Nov. 30, 2010, settlement at $84.11. It traded from $85.31, lowest since Dec. 1's $83.63, to $87.66. Technical support buckled down at $86, analysts said.

CBOT-CHICAGO, Jan 27 (Reuters) - Chicago Board of Trade grain and soy complex futures close on Thursday.

CBOT-SOYBEANS - March up 14 cents at $13.99-1/2 per bushel. Big exports of U.S. soy, firm cash markets, an Argentine port strike and unwinding of grains/soy spreads boost soybeans to a higher close.

CBOT-SOYOIL - March up 0.71 cent at 57.41 cents per lb. Following soybeans and oil/meal spreading, as Census soymeal stocks for soymeal above estimates.

FCPO-KUALA LUMPUR, Jan 27 (Reuters) - Malaysian palm oil futures rebounded on Thursday from one-week lows hit the previous day, buoyed by global commodities markets and stronger demand ahead of Lunar New Year.

Commodities rebounded forcefully on Wednesday from sharp losses the previous session as demand hopes and supply snags drove up oil, metals and crop prices.

The benchmark April crude palm oil contract on the Bursa Malaysia Derivatives exchange ended up 0.4 percent at 3,685 ringgit ($1,208) a tonne. Overall traded volume were 25,648 lots of 25 tonnes each, compared to the usual 15,500 lots.

REGIONAL EQUITIES-COLOMBO, Jan 27 (Reuters) - Southeast Asian stock markets mostly gained on Thursday as foreign investors again put money into the region although volume on the whole was low.

Commodity and energy shares were in particular demand. Indonesia <.JKSE> ended 0.4 percent higher, below the 1.4 percent seen in the early trade, led by shares in the consumer goods sector, and foreign investors bought a net $80.2 million of stock after $176.4 million in the previous three sessions, Reuters data showed.

Malaysia <.JKSE> gained 0.5 percent, with Petronas Chemicals Group gaining 2.7 percent, and Vietnam <.VNI> rose 0.3 percent. Singapore <.FTSTI> closed flat.

Some regional analysts say foreigners may increase their buying in the region as the valuations are becoming attractive again after the recent fall.

Singapore is trading at 13.9 times this year's projected earnings, the highest in the region and compared to all-Asia's 12.9. Thailand is trading at 11.4, lower than the 13.7 of Malaysia and Indonesia and 12.4 of the Philippines, Thomson Reuters StarMine data shows.