The S&P 500 recovered off early lows triggered by deepening concerns that higher oil could stifle economic activity. Stocks hit their worst levels when Brent crude neared $120 a barrel on Libya's turmoil.
The Dow Jones industrial average <.DJI> fell 37.28 points, or 0.31 percent, to end at 12,068.50. The Standard & Poor's 500 Index <.SPX> slipped 1.30 points, or 0.10 percent, to finish at 1,306.10. But the Nasdaq Composite Index <.IXIC> rose 14.91 points, or 0.55 percent, to close at 2,737.90.
NYMEX-NEW YORK, Feb 24 (Reuters) - U.S. crude oil futures dropped more than 2 percent in a late sell-off on Thursday on rumors that Libyan strongman Muammar Gaddafi had been shot, wiping out gains in a rally to near 2-1/2-year highs.
Earlier, news that Saudi Arabia was in talks with European companies affected by the disruption of Libyan supplies and was willing and able to plug any gap appeared to have capped the day's highs, traders said.
On the New York Mercantile Exchange, crude for April delivery
CBOT-CHICAGO, Feb 24 (Reuters) - Chicago Board of Trade grain and soy complex closing trends on Thursday.
CBOT-SOYBEANS - May
CBOT-SOYOIL - May
FCPO-KUALA LUMPUR, Feb 24 (Reuters) - Palm oil ended off three-month lows on Thursday with other vegetable oil markets limiting losses on surging crude oil although concerns lingered over Libyan unrest spreading and slowing economic growth.
Palm oil hit its lowest since Nov. 29 with much of the selling pressure coming from refiners and funds cutting positions.
Traders said palm oil's high premium to soyoil narrowed to about $10 from $70, which may attract demand from price sensitive India and China -- the world's top two buyers of the vegetable oil.
The benchmark May crude palm oil contract
REGIONAL EQUITIES-BANGKOK, Feb 24 (Reuters) - Southeast Asian stock markets fell on Thursday, fretting over the potential impact of the spike in global energy costs on economic growth, with airlines coming under particular pressure but palm oil and bank stocks also hit.
Markets gave up early gains as Brent oil
Other stock markets finished around their day's lows. Singapore's stock index <.FTSTI> lost nearly 1 percent, at one point hitting the lowest in six months, and Malaysia <.KLSE> fell 1.4 percent to the lowest in almost three months. Indonesia <.JKSE> fell 1 percent.
Airline companies pulled back further amid concerns over the rise in fuel costs, led by a 5 percent drop in Malaysia's AirAsia
In an effort to attract more funds, stock exchanges in Malaysia, the Philippines, Singapore and Thailand are keen to set up trading links between their markets to help liquidity.
Finance Minister Korn Chatikavanij said on Wednesday that liquidity was the key to market success for Thailand and similar small equity markets.