DOW JONES-NEW YORK , Dec 13 (Reuters) - The euro plunged to an 11-month low on Tuesday and U.S. stocks fell as worries about Europe's debt crisis mounted and the Federal Reserve said market turbulence may pose risks for the U.S. economy.
The euro zone agreed to impose stricter budget discipline on members last week but markets were not convinced it had done enough to solve a two-year old debt crisis.
The S&P 500 index <.SPX> fell 0.9 percent to close unofficially at 1,225.29, while the Dow industrials closed down 0.6 percent at 11,950.36 <.DJI>.
NYMEX-NEW YORK, Dec 13 (Reuters) - U.S. crude futures rebounded more than 2 percent on Tuesday, their biggest one-day gain in almost four weeks, on fears of supply disruptions that emerged amid speculation of a "practice" shutdown of the Straits of Hormuz by Iran's military.
The day's high at over $101 was hit in the morning, with traders citing other factors, such as the indefinite shutdown of the vital Houston Ship Channel due to a ship collision, upbeat German sentiment and hopes of monetary easing as investors awaited results of a meeting of Fed policymakers.
In volatile trading on the New York Mercantile Exchange, crude for January delivery settled at $100.14 a barrel, gaining $2.37, or 2.42 percent, front-month crude's biggest one-day percentage gain since Nov. 16, when prices ended up 3.24 percent.
CBOT-SOYBEANS, Chicago Board of Trade corn futures ended firm on mounting concern about pockets of dryness in South American crop areas and spillover support from gains in soybeans.
The La Nina weather phenomenon is expected to reduce rainfall in Argentina's main crop belt until at least mid-January, hitting corn and soy yields and preventing some plantings, forecasters said this week.
FCPO-JAKARTA, Dec 13 (Reuters) - Palm futures closed hardly changed on Tuesday after earlier falling to near six-week lows on persistent worries over the euro zone debt crisis and higher than expected inventory data.
European stocks and the euro steadied after sharp sell-offs on disappointment about last week's EU summit but any gains could be short lived due to lingering concerns over credit rating downgrades and the health of the banking sector.
Benchmark February palm oil futures on the Bursa Malaysia Derivatives Exchange closed 0.1 percent higher at 3,002 Malaysian ringgit ($950) per tonne.
REGIONAL EQUITIES-Dec 13 (Reuters) - Most Southeast Asian stock markets fell on Tuesday on fears that any fresh credit rating downgrades in Europe will deal a fresh blow to financial markets and the cooling global economy.
Optimism over last week's European Union agreement on tougher fiscal discipline quickly evaporated after Fitch Ratings said on Monday that leaders had failed to come up with a comprehensive solution to the debt crisis, thereby increasingly short-term pressure on the debt ratings of euro zone countries.
Indonesia's benchmark share index <.JKSE> fell 0.8 percent, Singapore <.FTSTI> 0.6 percent, Thailand <.SETI> 0.3 percent and Malaysia <.KLSE> 0.1 percent. Vietnam <.VNI> also lost 1 percent.
In Singapore, Oversea-Chinese Banking Corp fell 1.3 percent, commodities firm Olam International lost 0.9 percent, and shopping mall owner CapitaMalls Asia slumped 2 percent.
Shares of Singapore's subway operator SMRT Corp bucked the weak market with a 1.1 percent gain, as analysts see more commuters switching to trains and buses after the recent fare hike by the country's largest taxi operator ComfortDelGro .
In Kuala Lumpur, Malaysian gaming and property company Genting Bhd and financial CIMB Group Holding Berhad led falls with losses of more than 1.5 percent each.
