DOW JONES-NEW YORK, Dec 5 (Reuters) - Hopes that policymakers are working toward a solution to the debt crisis lifted global shares on Monday, but a late-day credit warning from Standard & Poor's underscored what was at stake.
Reports that the warning was coming caused U.S. stocks to cut gains in the afternoon, while the euro retreated. S&P said after the closing bell that it may downgrade the credit ratings of 15 euro zone countries.
The Dow Jones industrial average <.DJI> gained 78.41 points, or 0.65 percent, to 12,097.83. The Standard & Poor's 500 Index <.SPX> rose 12.80 points, or 1.03 percent, to 1,257.08. The Nasdaq Composite Index <.IXIC> climbed 28.83 points, or 1.10 percent, to 2,655.76.
NYMEX-NEW YORK, Dec 5 (Reuters) - U.S. crude oil prices retreated after an early jump and ended near flat on Monday, after the euro tumbled on a media report that S&P may downgrade ratings on several major European countries.
Oil prices rose early on supply risk worries over Iran tensions with the West. But oil futures pared much of those gains due to weak November readings in service sector activities in the United States and China. The euro's retreat on the ratings news weighed even more on market sentiment.
On the New York Mercantile Exchange, crude for January delivery settled up just 3 cents at $100.99 a barrel, sliding from an early high of $102.44. In post-settlement trade, the contract slid to a session low of $100.24.
CBOT-SOYBEANS, Chicago Board of Trade soybean futures closed lower as the dollar turned firm amid a report that S&P was poised to announce credit watch negative for six AAA-rated euro-zone countries.
Corn and soybean crops in Argentina are in good shape for now but forecasts for several weeks of dry weather could affect corn fields that are in the flowering stage, an agricultural meteorologist said.
FCPO-KUALA LUMPUR, Dec 5 (Reuters) - Palm oil futures rose to a near two-week high on Monday, as weekend floods in No.2 producer Malaysia raised fears about supply disruptions and hopes grew that a crucial euro zone summit this week may reveal a plan to solve the region's debt crisis.
Prices of the edible oil have fallen 18 percent so far this year due to the debt crises in the United States and Europe that threaten to stall economic growth and commodity demand.
The benchmark February palm oil futures
REGIONAL EQUITIES-Dec 5 (Reuters) - Most Southeast Asian stock markets ended steady to slightly firmers on Monday, though gains were capped by profit-taking in banking and commodities-related shares as investors waited to see if European leaders can deliver a solution to the region's debt crisis at a summit later in the week.
Emerging equity markets gained some support from stronger European stocks, which rose on growing hopes of a sweeping solution to the debt crisis as French President Nicolas Sarkozy and German Chancellor Angela Merkel meet ahead of the Friday summit.
Among actively-traded stocks, Singapore-listed palm oil plantation firm Wilmar International Ltd
