DJI- NEW YORK, Feb 28 (Reuters) - The Dow closed above 13,000 for the first time since May 2008 on Tuesday and the S&P 500 also hit a milestone, as buoyant U.S.
consumer confidence data and a sharp drop in oil prices nudged the nearly five-month rally forward.
The S&P 500 closed above 1,370, its May 2011 intraday high, a move that could invite momentum buying as money managers chase performance, though low volumes lately have
raised concerns about the rally's longevity.
The Dow Jones industrial average <.DJI> gained 23.61 points, or 0.18 percent, to close at 13,005.12. The Standard & Poor's 500 Index <.SPX> rose 4.59 points, or 0.34 percent, to end at 1,372.18. The Nasdaq Composite Index <.IXIC> climbed 20.60
points, or 0.69 percent, to finish at 2,986.76.
NYMEX- Feb 28 (Reuters) - U.S. crude oil futures ended lower for a second day on Tuesday, pressured by weak durable goods data that trumped an upbeat report on consumer confidence, and technical signals showing the market correction from near $110 a barrel has not completed.
Investors extended a profit-taking binge, with crude and refined product futures having hit overbought conditions in recent sessions. A warning over the weekend by G20 officials on the risks to global growth amid high oil prices triggered a
sell-off that began on Monday.
Forecasts in a Reuters poll ahead of weekly inventory data showing that U.S. crude and gasoline inventories rose last week also weighed on crude futures. Gasoline and heating oil futures ended sharply lower, also extending losses for a second day, on liquidations ahead of the expiration on Wednesday of their front-month March contracts.
For the moment, worries about Iranian oil supply disruptions
were in the background as the Islamic Republic's foreign minister, in a U.N.-sponsored Conference on Disarmament in Geneva, called for more talks with the U.N. nuclear watchdog and condemned production of atomic weapons as a "great sin"
The United States has imposed sanctions against Iran and a European Union ban on Iranian oil will take effect on July 1. Both aim to make Iran back down from its nuclear program that is suspected to have military objectives. Iran has denied this, but the tensions spawned by its belligerence has elevated oil prices.
A U.S. government report on the global oil markets due from the EIA on Wednesday could help determine how tough the Obama administration will be enforcing sanctions against Iran and provide information in needs to combat rising oil prices.
On the New York Mercantile Exchange, crude for Aprildelivery settled at $106.55 a barrel, down $2.01, or 1.85 percent, after trading between $106.30 and $108.79.
CBOT SOYBEANS- Soybean futures on the Chicago Board of Trade advanced for a seventh straight session, reaching a five-month high on expectations that shrinking supplies in South America will boost U.S. exports, especially to top buyer China.
Global soybean output this year is set for a record drop of 7.2 percent, or 19 million tonnes, mainly due to bad weather conditions in key growing areas in South America - Oil World.
Cash basis bids for soybeans shipped by barge to the U.S. Gulf Coast were steady to firm, supported by good export demand and the need by some short-bought exporters for nearby supplies, traders said.
The March and May contracts settled above all key moving averages, and the nine-day RSI for most-active May rose to 86, from 83 ahead of the open, moving farther into the technically overbought range of 70 to 100.
Traders expect zero to 300 soybean deliveries on Wednesday, which is first notice day for March futures contracts. Traders expects zero to 300 soymeal deliveries and
2,000 to 4,000 soyoil.
FCPO- SINGAPORE, Feb 28 (Reuters) - Malaysian crude palm oil futures touched a new eight-and-a-half month high on Tuesday, buoyed by improving demand prospects, but gains were limited as investors worried about the risks to global growth from high oil prices.
Malaysian export numbers on Monday pointed to strengthening demand, helping to lift palm oil prices which have gained 7 percent so far this month.
"Exports were quite weak last month. Overall demand is higher this month and it should be positive for prices," said James Ratnam, an analyst with TA Securities in Malaysia.
"Recently the U.S. Department of Agriculture revised soybean stocks downwards. So all these things coming together and they are pushing prices up."
Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange gained 0.4 percent to close at 3,295 ringgit ($1,095) per tonne. It touched an intraday high of
3,321 ringgit, highest since June 9 last year.
Traded volumes stood at 25,613 lots of 25 tonnes each, higher than the usual 25,000 lots.
REGIONAL EQUITY- BANGKOK, Feb 28 (Reuters) - Indonesian stocks climbed more than 1 percent on Tuesday while most other Southeast Asian stock markets moved higher amid selective buying of beaten-down big caps though investors remained cautious about the impact of high oil prices.
Consumer and banking stocks that had led recent losses in such as Indonesia's PT Astra International, Thailand's Kasikornbank Pcl and Philippine Metropolitan Bank and Trust Co, recouped some lost ground.
consumer confidence data and a sharp drop in oil prices nudged the nearly five-month rally forward.
The S&P 500 closed above 1,370, its May 2011 intraday high, a move that could invite momentum buying as money managers chase performance, though low volumes lately have
raised concerns about the rally's longevity.
The Dow Jones industrial average <.DJI> gained 23.61 points, or 0.18 percent, to close at 13,005.12. The Standard & Poor's 500 Index <.SPX> rose 4.59 points, or 0.34 percent, to end at 1,372.18. The Nasdaq Composite Index <.IXIC> climbed 20.60
points, or 0.69 percent, to finish at 2,986.76.
NYMEX- Feb 28 (Reuters) - U.S. crude oil futures ended lower for a second day on Tuesday, pressured by weak durable goods data that trumped an upbeat report on consumer confidence, and technical signals showing the market correction from near $110 a barrel has not completed.
Investors extended a profit-taking binge, with crude and refined product futures having hit overbought conditions in recent sessions. A warning over the weekend by G20 officials on the risks to global growth amid high oil prices triggered a
sell-off that began on Monday.
Forecasts in a Reuters poll ahead of weekly inventory data showing that U.S. crude and gasoline inventories rose last week also weighed on crude futures. Gasoline and heating oil futures ended sharply lower, also extending losses for a second day, on liquidations ahead of the expiration on Wednesday of their front-month March contracts.
For the moment, worries about Iranian oil supply disruptions
were in the background as the Islamic Republic's foreign minister, in a U.N.-sponsored Conference on Disarmament in Geneva, called for more talks with the U.N. nuclear watchdog and condemned production of atomic weapons as a "great sin"
The United States has imposed sanctions against Iran and a European Union ban on Iranian oil will take effect on July 1. Both aim to make Iran back down from its nuclear program that is suspected to have military objectives. Iran has denied this, but the tensions spawned by its belligerence has elevated oil prices.
A U.S. government report on the global oil markets due from the EIA on Wednesday could help determine how tough the Obama administration will be enforcing sanctions against Iran and provide information in needs to combat rising oil prices.
On the New York Mercantile Exchange, crude for Aprildelivery settled at $106.55 a barrel, down $2.01, or 1.85 percent, after trading between $106.30 and $108.79.
CBOT SOYBEANS- Soybean futures on the Chicago Board of Trade advanced for a seventh straight session, reaching a five-month high on expectations that shrinking supplies in South America will boost U.S. exports, especially to top buyer China.
Global soybean output this year is set for a record drop of 7.2 percent, or 19 million tonnes, mainly due to bad weather conditions in key growing areas in South America - Oil World.
Cash basis bids for soybeans shipped by barge to the U.S. Gulf Coast were steady to firm, supported by good export demand and the need by some short-bought exporters for nearby supplies, traders said.
The March and May contracts settled above all key moving averages, and the nine-day RSI for most-active May rose to 86, from 83 ahead of the open, moving farther into the technically overbought range of 70 to 100.
Traders expect zero to 300 soybean deliveries on Wednesday, which is first notice day for March futures contracts. Traders expects zero to 300 soymeal deliveries and
2,000 to 4,000 soyoil.
FCPO- SINGAPORE, Feb 28 (Reuters) - Malaysian crude palm oil futures touched a new eight-and-a-half month high on Tuesday, buoyed by improving demand prospects, but gains were limited as investors worried about the risks to global growth from high oil prices.
Malaysian export numbers on Monday pointed to strengthening demand, helping to lift palm oil prices which have gained 7 percent so far this month.
"Exports were quite weak last month. Overall demand is higher this month and it should be positive for prices," said James Ratnam, an analyst with TA Securities in Malaysia.
"Recently the U.S. Department of Agriculture revised soybean stocks downwards. So all these things coming together and they are pushing prices up."
Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange gained 0.4 percent to close at 3,295 ringgit ($1,095) per tonne. It touched an intraday high of
3,321 ringgit, highest since June 9 last year.
Traded volumes stood at 25,613 lots of 25 tonnes each, higher than the usual 25,000 lots.
REGIONAL EQUITY- BANGKOK, Feb 28 (Reuters) - Indonesian stocks climbed more than 1 percent on Tuesday while most other Southeast Asian stock markets moved higher amid selective buying of beaten-down big caps though investors remained cautious about the impact of high oil prices.
Consumer and banking stocks that had led recent losses in such as Indonesia's PT Astra International, Thailand's Kasikornbank Pcl and Philippine Metropolitan Bank and Trust Co, recouped some lost ground.
