DJI- NEW YORK, Feb 16 (Reuters) - The S&P 500 hit a nine-month high on Thursday, fueled by strong U.S. economic data and increased hopes for a deal on a Greek bailout next week.
The benchmark index posted its strongest percentage gain in two weeks, bouncing back from several sessions of back-and-forth action.
Sectors sensitive to economic growth paced the market, with technology, materials and financials leading on a day when all 10 S&P sectors finished higher.
Even with Thursday's gains, equity indexes remained in tight ranges, with the 1,360 barrier that investors cited for the S&P 500 as an impediment to more gains.
The Dow Jones industrial average gained 123.21 points, or 0.96 percent, to 12,904.16. The Standard & Poor's 500 Index climbed 14.82 points, or 1.10 percent, to 1,358.05. The Nasdaq Composite Index rose 44.02 points, or 1.51 percent, to 2,959.85.
NYMEX-NEW YORK, Feb. 16 (Reuters) - U.S. crude futures ended higher for a second straight day on Thursday on worries about Iran supply disruption and hopes that there may be an agreement next week on a Greece debt bailout.
Crude futures also got a boost from the euro's rebound against the dollar on optimism about Greece, which happened around midday, and from strong gasoline futures, which hit 5-1/2 month highs.
Greece expects to get approval from euro zone finance ministers on Monday to begin a debt swap scheme with private bondholders, moving it closer to averting a chaotic default.
In early trading, prices fell after ratings agency Moody's warned it may cut the credit ratings of 17 global and 114 European financial institutions, in yet another sign that the impact of the euro zone debt crisis was spreading across the global financial system.
Iran has told world powers it wants to resume long-stalled talks with "new initiatives" and France said it might be open to addressing suspicions about Tehran's nuclear program.
But Iran's ambassador to Moscow said Tehran would accept "no preliminary conditions" for progress in any further talks.
On the New York Mercantile Exchange, crude for March deliverysettled at $102.31 a barrel, gaining 51 cents, the highest close since Jan. 4, when front-month crude ended at $103.22.
CBOT SOYBEANS, Soybean futures on the Chicago Board of Trade closed lower on
Thursday, halting a four-day rally on technical selling including profit-taking after the market set a near four-month high this week, traders said.
Market under pressure as traders unwound long soybean/short corn spreads.
Soymeal and soyoil futures followed soybeans lower.
USDA reported export sales of U.S. soybeans in the latest week at 614,700 tonnes (old- and new-crop years combined), near the low end of trade estimates for 600,000 to 750,000 tonnes.
USDA showed weekly U.S. soymeal sales at 80,000 tonnes, below trade estimates, and soyoil sales at 21,100 tonnes, above trade estimates.
FCPO- SINGAPORE, Feb 16 (Reuters) - Malaysian crude palm oil futures slipped on Thursday as a delay in a second bailout package for Greece raised investors' concerns, although losses were limited thanks to dry weather fears in soy-producing South America.
Prospects of lower supply in soybean due to dry weather in Brazil provided some support for palm oil that competes with soyoil for use in biofuels and food.
Slowing exports for Malaysian palm oil and uncertainty in Europe, a major palm oil consumer, has weighed on the futures market that has edged higher so far this year.
"The recent exports data showed that exports for the first 15 days are not that strong but I suspect that this could be due to the delay in the issuance of tax-free crude palm oil quota, "said Ivy Ng, an analyst with Malaysia's CIMB Investment Bank.
"Exports should recover as we go into later part of the month, or if not in March," she added.
Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange eased 0.4 percent to close at 3,189 ringgit ($1,043) per tonne. Prices hit a high of 3,213 ringgit on Wednesday, a level last seen on Jan. 12. Traded volumes stood at 28,778 lots of 25 tonnes each, higher than the usual 25,000 lots for the first time this week.
REGIONAL EQUITY- Feb 16 (Reuters) - Singapore stocks retreated from a six-month high on Thursday while Indonesia slipped into negative territory for the month as Southeast Asia followed larger regional markets lower amid doubts about a further bailout for Greece.
Broad-based profit-taking was seen across most markets, particularly in resources and materials stocks that have been significant outperformers this year.
Singapore-listed commodities trading house Noble Groupfell 4.3 percent after it hit a three-month high the previous session.
Elsewhere in the region, Malaysia's stock market <.KLSE>, considered the most defensive in the region due to low foreign ownership and reliance on domestic consumption, fell 0.7percent.
The benchmark index posted its strongest percentage gain in two weeks, bouncing back from several sessions of back-and-forth action.
Sectors sensitive to economic growth paced the market, with technology, materials and financials leading on a day when all 10 S&P sectors finished higher.
Even with Thursday's gains, equity indexes remained in tight ranges, with the 1,360 barrier that investors cited for the S&P 500 as an impediment to more gains.
The Dow Jones industrial average gained 123.21 points, or 0.96 percent, to 12,904.16. The Standard & Poor's 500 Index climbed 14.82 points, or 1.10 percent, to 1,358.05. The Nasdaq Composite Index rose 44.02 points, or 1.51 percent, to 2,959.85.
NYMEX-NEW YORK, Feb. 16 (Reuters) - U.S. crude futures ended higher for a second straight day on Thursday on worries about Iran supply disruption and hopes that there may be an agreement next week on a Greece debt bailout.
Crude futures also got a boost from the euro's rebound against the dollar on optimism about Greece, which happened around midday, and from strong gasoline futures, which hit 5-1/2 month highs.
Greece expects to get approval from euro zone finance ministers on Monday to begin a debt swap scheme with private bondholders, moving it closer to averting a chaotic default.
In early trading, prices fell after ratings agency Moody's warned it may cut the credit ratings of 17 global and 114 European financial institutions, in yet another sign that the impact of the euro zone debt crisis was spreading across the global financial system.
Iran has told world powers it wants to resume long-stalled talks with "new initiatives" and France said it might be open to addressing suspicions about Tehran's nuclear program.
But Iran's ambassador to Moscow said Tehran would accept "no preliminary conditions" for progress in any further talks.
On the New York Mercantile Exchange, crude for March delivery
CBOT SOYBEANS, Soybean futures on the Chicago Board of Trade closed lower on
Thursday, halting a four-day rally on technical selling including profit-taking after the market set a near four-month high this week, traders said.
Market under pressure as traders unwound long soybean/short corn spreads.
Soymeal and soyoil futures followed soybeans lower.
USDA reported export sales of U.S. soybeans in the latest week at 614,700 tonnes (old- and new-crop years combined), near the low end of trade estimates for 600,000 to 750,000 tonnes.
USDA showed weekly U.S. soymeal sales at 80,000 tonnes, below trade estimates, and soyoil sales at 21,100 tonnes, above trade estimates.
FCPO- SINGAPORE, Feb 16 (Reuters) - Malaysian crude palm oil futures slipped on Thursday as a delay in a second bailout package for Greece raised investors' concerns, although losses were limited thanks to dry weather fears in soy-producing South America.
Prospects of lower supply in soybean due to dry weather in Brazil provided some support for palm oil that competes with soyoil for use in biofuels and food.
Slowing exports for Malaysian palm oil and uncertainty in Europe, a major palm oil consumer, has weighed on the futures market that has edged higher so far this year.
"The recent exports data showed that exports for the first 15 days are not that strong but I suspect that this could be due to the delay in the issuance of tax-free crude palm oil quota, "said Ivy Ng, an analyst with Malaysia's CIMB Investment Bank.
"Exports should recover as we go into later part of the month, or if not in March," she added.
Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange eased 0.4 percent to close at 3,189 ringgit ($1,043) per tonne. Prices hit a high of 3,213 ringgit on Wednesday, a level last seen on Jan. 12. Traded volumes stood at 28,778 lots of 25 tonnes each, higher than the usual 25,000 lots for the first time this week.
REGIONAL EQUITY- Feb 16 (Reuters) - Singapore stocks retreated from a six-month high on Thursday while Indonesia slipped into negative territory for the month as Southeast Asia followed larger regional markets lower amid doubts about a further bailout for Greece.
Broad-based profit-taking was seen across most markets, particularly in resources and materials stocks that have been significant outperformers this year.
Singapore-listed commodities trading house Noble Group
Elsewhere in the region, Malaysia's stock market <.KLSE>, considered the most defensive in the region due to low foreign ownership and reliance on domestic consumption, fell 0.7percent.
