DOW JONES-NEW YORK, Nov 8 (Reuters) - U.S. stocks closed higher on Tuesday for a second day in a row as late-day news about Europe sparked an afternoon rally that erased early weakness.
Italy's president said Silvio Berlusconi, the country's prime minister, would resign after a new budget law was approved. Equities had hoped for a resignation, which is seen as clearing the way for a leader who will act more aggressively to tackle the country's debt problems. The PHLX Europe sector index <.XEX>, which includes major European shares, advanced 1.8 percent.
The Dow Jones industrial average <.DJI> shot up 101.79 points, or 0.84 percent, to 12,170.18. The Standard & Poor's 500 Index <.SPX> gained 14.80 points, or 1.17 percent, to 1,275.92. The Nasdaq Composite Index <.IXIC> advanced 32.24 points, or 1.20 percent, to 2,727.49.
NYMEX-NEW YORK, Nov 8 (Reuters) - U.S. crude oil futures rose for a fifth straight day on Tuesday, as some political clarity emerged in Italy on news that Prime Minister Silvio Berlusconi will resign and amid concerns about Iran's nuclear program.
The euro rallied against the dollar on the news from Italy, further improving investor's appetite for risk as Berlusconi's departure is seen paving the way for resolving the country's problems with government finances.
On the New York Mercantile Exchange, crude for December delivery
CBOT-SOYBEANS, Soybean futures on the Chicago Board of Trade soybean futures firmed 0.3 percent in thin trade as traders squared positions ahead of USDA's November crop report on Wednesday.
Soyoil futures closed higher but soymeal futures edged lower, losing to soyoil on oil/meal spreading.
FCPO-KUALA LUMPUR, Nov 8 (Reuters) - Malaysian palm oil futures rose to a seven-week high on Tuesday ahead of a slew of industry data this week and as concerns of bad weather hitting output of the tropical oil spurred some investors to stock up.
But gains were limited by fears the euro zone financial turmoil was deepening with surging bond yields possibly damaging Italy's fund raising plans and Greece struggling to pick a new leader.
The benchmark January palm oil futures
REGIONAL EQUITIES-BANGKOK, Nov 8 (Reuters) - Southeast Asian stock markets cautiously pushed higher on Tuesday as investors picked up selected stocks as the reporting season continued, but overall the mood remained cautious because of worries about the euro zone's debt problems.
Volume remained thin, especially in Bangkok, where severe flooding deterred many investors. Fund flows on Tuesday were mixed. Malaysia posted inflows of 286.47 million ringgit ($92 million) while Indonesia had outflows of $15.4 million, Thomson Reuters and stock exchange data showed.
In Singapore, casino operator Genting Singapore
