DJI-NEW YORK, Feb 11 (Reuters) - U.S. stocks closed out their second straight week of gains on Friday with a rally sparked after Egyptian President Hosni Mubarak resigned, easing tension around the region for now.
The S&P's five-month surge, which has taken it up almost 27 percent, has confounded those calling for a correction, but weak volume recently has been undercutting the unfailingly bullish direction in equities. Only 7.7 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, below last year's daily average of 8.47 billion.
The Dow Jones industrial average <.DJI> was up 43.97 points, or 0.36 percent, at 12,273.26. The Standard & Poor's 500 Index <.SPX> was up 7.28 points, or 0.55 percent, at 1,329.15. The Nasdaq Composite Index <.IXIC> was up 18.99 points, or 0.68percent, at 2,809.44.
NYMEX-NEW YORK, Feb 11 (Reuters) - U.S. crude oil futures ended at their lowest level in 10 weeks on Friday after Egypt's President Hosni Mubarak's resignation eased worries about potential disruption of oil supplies along the Suez Canal and a strategic pipeline.
The dollar rose against the euro, after a brief dip on the news, helping pressure oil prices.
On the New York Mercantile Exchange, March crude
settled at $85.58, down $1.15, or 1.33 percent, the lowest close for a front-month contract since Nov. 30's settlement at $84.11. It traded from from $85.10 to $87.77.
CBOT-CHICAGO, Feb 11 (Reuters) - Chicago Board of Trade grain and soy complex close on Friday.
CBOT-SOYBEANS - March down 17 cents at $14.16 per bushel. Pressure from a seasonal shift in export business to South America and a firm U.S. dollar, traders said.
CBOT-SOYOIL - March down 0.55 cent at 58.49 cents per lb. Weighed down by falling soybeans.
FCPO-KUALA LUMPUR, Feb 11 (Reuters) - Malaysian palm oil futures rose 0.7 percent on Friday on concerns that earlier floods and rains could further weaken yields at a time of strong demand despite prices logging their weakest weekly gain in two weeks.
Traders expect continued tightening in vegetable oil supplies on strong export demand from China and a possible shift in U.S. farming acreage this year to more lucrative corn from soybeans, an oilseed crushed into competing soyoil.
The benchmark April crude palm oil contract on the Bursa Malaysia Derivatives Exchange rose 29 ringgit to 3,955 ringgit ($1,299). The previous day, the market hit 3,967 ringgit, a level not reached since March 2008.
Overall volumes more than doubled to 22,982 lots at 25 tonnes each, compared to the usual 15,000 lots.
REGIONAL EQUITIES-BANGKOK, Feb 11 (Reuters) - Most Southeast Asian stock markets fell on Friday, with Singapore and Malaysia posting their biggest weekly loss in almost nine months, as growing tension in Egypt eroded appetite for risk among emerging market investors.
Foreign funds fled the region just as domestic investors in most markets stayed on the sidelines. The Indonesian <.JKSE> and Thai <.SETI> markets saw subdued trading, with volumes falling to about 0.8 times their 30-day average.
Malaysia, along with Thailand and the Philippines, recorded outflows on the day and the week, amid persistent concern over inflation and as central banks in Asia moved to tighten monetary policy, including interest rate rises by China and Indonesia.
Strong capital inflows into emerging markets last year has lost steam and the region has seen outflows since January.
Dealers expect inflation fears to ease later this year as a result of policy tightening while a recovery in the U.S. economy should shore up global oil prices , luring investors to the resource- and commodity-driven region again.
Singapore's Straits Times Index <.FTSTI> ended down 0.8 percent, with a 4.2 percent loss for the week, the biggest weekly loss since May. Malaysia <.KLSE> eased 0.6 percent on the day. Singapore-listed DBS Group , Southeast Asia's biggest lender, inched down 0.1 percent, as weak sentiment outweighed its better-than-expected quarterly earnings, traders said.
