DOW JONES-NEW YORK, Dec 29 (Reuters) - U.S. stocks rallied on Thursday, moving the S&P 500 back in positive territory for 2011 ahead of the last trading day of the year, on more positive signals on the U.S. economy.
The S&P 500 edged above its 200-day moving average, a key measure of the market's long-term momentum, but scant volume increased volatility, and made the gains harder to trust.
The Dow Jones industrial average <.DJI> shot up 135.63 points, or 1.12 percent, to 12,287.04 at the close. The Standard & Poor's 500 Index <.SPX> gained 13.38 points, or 1.07 percent, to 1,263.02. The Nasdaq Composite Index <.IXIC> advanced 23.76 points, or 0.92 percent, to 2,613.74.
NYMEX-NEW YORK, Dec 29 (Reuters) - U.S. crude futures edged up on Thursday as tensions between Iran and the West, a stronger euro and an equities rally prompted investors to cover short positions after oil was pressured by data showing crude stockpiles rose last week in the United States.
On the New York Mercantile Exchange, February crude
CBOT-SOYBEAN, Soybean futures at the Chicago Board of Trade fell on profit-taking after the market hit a seven-week high this week and some forecasts called for much-needed rain in South America, traders said.
Trade expecting USDA on Friday to report export sales of U.S. soybeans in the latest week at 300,000 to 600,000 tonnes.
FCPO-SINGAPORE, Dec 29 (Reuters) - Malaysian crude palm oil futures dropped on Thursday in cautious year-end trading, but losses were limited by worries that heavy rains may hit production in second-largest producer Malaysia.
Weaker global markets also prompted investors to book profits as palm oil eased from a 5-week high on Wednesday, adding to its 16.7 percent loss this year.
Palm oil is set to post its first annual decline since 2008, weighed down by concerns the euro zone debt crisis could stall economic growth and commodity demand.
Benchmark March palm oil futures
REGIONAL EQUITIES-BANGKOK, Dec 29 (Reuters) - Most Southeast Asian bourses edged higher on Thursday, helped by late bargain-hunting in big caps and dividend-yielding stocks such as banks and telecoms, but trade remained quiet, especially ahead of an Italian debt auction that kept investors nervous.
The region's markets have been range-bound this week, with holidays keeping investors away and the euro zone debt crisis still clouding the global economic outlook.
Malaysian shares <.KLSE> inched up 0.17 percent to their highest in more than four months after registering small gains over the past five sessions. Singapore's main index <.FTSTI> edged up 0.2 percent, after an early fall to a one-week low.
