DJI- NEW YORK, Feb 15 (Reuters) - U.S. stocks fell on Wednesday for the third session in four, with market direction largely dictated by the swings in shares of
Apple, the largest company in the world.
The S&P 500 appeared set for a strong move off a nine-month high as Apple Inc shares gained 3 percent in early trading, helped by Tuesday's disclosures that prominent hedge-fund managers had been buying the stock.
But Apple, the largest company by market capitalization, turned negative around midday and closed down 2.3 percent to $497.67, quickly reversing the Nasdaq index's advance. The stock had climbed as high as $526.29 during the session.
The Dow Jones industrial average dropped 97.33 points, or 0.76 percent, to 12,780.95. The Standard & Poor's 500 Index lost 7.27 points, or 0.54 percent, to 1,343.23. The Nasdaq Composite Index fell 16.00 points, or 0.55 percent, to 2,915.83.
NYMEX- NEW YORK, Feb 15 (Reuters) - U.S. crude futures rose on Wednesday on fears of supply disruptions from Iran and other producers and U.S. government data showing a small drop in inventories.
U.S. crude stockpiles fell 171,000 barrels, the U.S. Energy Information Administration said in a report, against a forecast for a 1.5 million barrel rise in supplies.
Gasoline stocks rose 400,000 barrels and distillate stocks fell 2.87 million barrels, the EIA report said.
Gasoline stocks had been expected to rise 800,000 barrels, and distillate stockpiles fall 1.1 million barrels, a Reuters survey of analysts ahead of the weekly inventory report.
Crude stocks held at the Cushing, Oklahoma, delivery point for the NYMEX light sweet crude contract, rose to their highest level since September, posting a 2 million-barrel build, the biggest weekly increase since December 2009.
Iran's Oil Ministry denied state media reports on the Islamic state stopping its crude exports to six European countries.
The initial report by Iran's state media had sent crude prices surging. The European Union has slated for an embargo of Iran's crude as part of the West's tightening sanctions over Tehran's controversial nuclear program.
On the New York Mercantile Exchange, March crude rose $1.06, or 1.05 percent, to settle at $101.80 a barrel, having traded from $100.61 to $102.54, highest price
reached intraday since Jan. 12.
CBOT SOYBEANS- Soybean futures on the Chicago Board of Trade closed higher for a fourth consecutive session on Wednesday, hovering near a four-month high on export demand for U.S. soybeans and concerns about crop weather in Brazil, traders said.
USDA confirmed sales of 116,000 tonnes of U.S. soybeans to China for delivery in 2011/12. The announcement followed confirmation of U.S. soybean sales to unknown destinations on Monday and Tuesday.
Trade expects announcement of U.S. soy purchase agreements during a Chinese trade delegation's visit to Iowa on Wednesday afternoon.
Soybeans gaining relative to CBOT corn this week on worries that U.S. farmers might not plant enough acres to soybeans this spring to meet global demand.
FCPO-SINGAPORE, Feb 15 (Reuters) - Malaysian crude palm oil futures rose to their highest level in over a month, boosted by dry weather concerns in South America, but the prospect of slowing demand due to Europe's economic woes led the contract to
close lower.
Hamburg-based oilseeds analyst Oil World cut its forecast for the 2012 soybean crops in drought-hit Brazil and Paraguay, and prospects of lower production supported palm oil prices, which tracked soybean oil closely.
But export trends in No.2 producer Malaysia pointed to declining demand for the vegetable oil and investors were wary that an uncertain outlook for Greece could further cut commodity consumption in Europe.
Benchmark April palm oil futures on the Bursa Malaysia Derivatives Exchange eased 0.3 percent to close at 3,197 ringgit ($1,054) per tonne. Prices hit an intraday high of 3,213 ringgit, a level last seen on Jan. 12. Traded volumes stood at 23,479 lots of 25 tonnes each, slightly thinner than the usual 25,000 lots.
REGIONAL EQUITY- Feb 15 (Reuters) - Stocks in Singapore and Thailand joined those in East Asian markets in rising on Wednesday in the belief central banks will boost economies through cash injections, though other Southeast Asian bourses slipped.
Indonesia was an underperformer, ending flat on the day, as funds balanced portfolios and rotated out of over-owned positions in favour of some of last year's laggards.
Investors in Singapore piled into shares of companies that were reporting strong earnings such as offshore vessel builder STX OSV Holdings Ltd. It soared 12 percent to a record high after reporting its fourth quarter net profit
doubled.
Malaysian stocks, considered the most defensive among regional markets due to its reliance on the domestic consumption and low foreign ownership, fell 0.3 percent
extending their underperformance this year.
Apple, the largest company in the world.
The S&P 500 appeared set for a strong move off a nine-month high as Apple Inc shares gained 3 percent in early trading, helped by Tuesday's disclosures that prominent hedge-fund managers had been buying the stock.
But Apple, the largest company by market capitalization, turned negative around midday and closed down 2.3 percent to $497.67, quickly reversing the Nasdaq index's advance. The stock had climbed as high as $526.29 during the session.
The Dow Jones industrial average dropped 97.33 points, or 0.76 percent, to 12,780.95. The Standard & Poor's 500 Index lost 7.27 points, or 0.54 percent, to 1,343.23. The Nasdaq Composite Index fell 16.00 points, or 0.55 percent, to 2,915.83.
NYMEX- NEW YORK, Feb 15 (Reuters) - U.S. crude futures rose on Wednesday on fears of supply disruptions from Iran and other producers and U.S. government data showing a small drop in inventories.
U.S. crude stockpiles fell 171,000 barrels, the U.S. Energy Information Administration said in a report, against a forecast for a 1.5 million barrel rise in supplies.
Gasoline stocks rose 400,000 barrels and distillate stocks fell 2.87 million barrels, the EIA report said.
Gasoline stocks had been expected to rise 800,000 barrels, and distillate stockpiles fall 1.1 million barrels, a Reuters survey of analysts ahead of the weekly inventory report.
Crude stocks held at the Cushing, Oklahoma, delivery point for the NYMEX light sweet crude contract, rose to their highest level since September, posting a 2 million-barrel build, the biggest weekly increase since December 2009.
Iran's Oil Ministry denied state media reports on the Islamic state stopping its crude exports to six European countries.
The initial report by Iran's state media had sent crude prices surging. The European Union has slated for an embargo of Iran's crude as part of the West's tightening sanctions over Tehran's controversial nuclear program.
On the New York Mercantile Exchange, March crude rose $1.06, or 1.05 percent, to settle at $101.80 a barrel, having traded from $100.61 to $102.54, highest price
reached intraday since Jan. 12.
CBOT SOYBEANS- Soybean futures on the Chicago Board of Trade closed higher for a fourth consecutive session on Wednesday, hovering near a four-month high on export demand for U.S. soybeans and concerns about crop weather in Brazil, traders said.
USDA confirmed sales of 116,000 tonnes of U.S. soybeans to China for delivery in 2011/12. The announcement followed confirmation of U.S. soybean sales to unknown destinations on Monday and Tuesday.
Trade expects announcement of U.S. soy purchase agreements during a Chinese trade delegation's visit to Iowa on Wednesday afternoon.
Soybeans gaining relative to CBOT corn this week on worries that U.S. farmers might not plant enough acres to soybeans this spring to meet global demand.
FCPO-SINGAPORE, Feb 15 (Reuters) - Malaysian crude palm oil futures rose to their highest level in over a month, boosted by dry weather concerns in South America, but the prospect of slowing demand due to Europe's economic woes led the contract to
close lower.
Hamburg-based oilseeds analyst Oil World cut its forecast for the 2012 soybean crops in drought-hit Brazil and Paraguay, and prospects of lower production supported palm oil prices, which tracked soybean oil closely.
But export trends in No.2 producer Malaysia pointed to declining demand for the vegetable oil and investors were wary that an uncertain outlook for Greece could further cut commodity consumption in Europe.
Benchmark April palm oil futures on the Bursa Malaysia Derivatives Exchange eased 0.3 percent to close at 3,197 ringgit ($1,054) per tonne. Prices hit an intraday high of 3,213 ringgit, a level last seen on Jan. 12. Traded volumes stood at 23,479 lots of 25 tonnes each, slightly thinner than the usual 25,000 lots.
REGIONAL EQUITY- Feb 15 (Reuters) - Stocks in Singapore and Thailand joined those in East Asian markets in rising on Wednesday in the belief central banks will boost economies through cash injections, though other Southeast Asian bourses slipped.
Indonesia was an underperformer, ending flat on the day, as funds balanced portfolios and rotated out of over-owned positions in favour of some of last year's laggards.
Investors in Singapore piled into shares of companies that were reporting strong earnings such as offshore vessel builder STX OSV Holdings Ltd. It soared 12 percent to a record high after reporting its fourth quarter net profit
doubled.
Malaysian stocks, considered the most defensive among regional markets due to its reliance on the domestic consumption and low foreign ownership, fell 0.3 percent
extending their underperformance this year.
