DOW JONES-NEW YORK, Jan 12 (Reuters) - The S&P 500 closed at a five-month high for the third day on Thursday but had difficulty extending gains in the face of lackluster economic data and another European bond market test.
Energy shares curbed gains after Chevron Corp , the second-largest U.S. oil company, said fourth-quarter profit would be far below the previous quarter. Chevron slid 2.6 percent to $104.97, making it the biggest drag on the Dow, while the S&P energy index <.GSPE> fell 0.9 percent and was the biggest decliner among S&P sectors.
The Dow Jones industrial average <.DJI> gained 21.57 points, or 0.17 percent, to 12,471.02. The Standard & Poor's 500 Index <.SPX> added 3.02 points, or 0.23 percent, to 1,295.50. The Nasdaq Composite Index <.IXIC> rose 13.94 points, or 0.51 percent, to 2,724.70.
NYMEX-NEW YORK, Jan 12 (Reuters) - U.S. crude futures fell on Thursday in a late sell-off sparked by a report that a proposed European Union embargo on Iranian crude exports would be phased in over six months, reinforcing news already published by Reuters.
After trading higher for most of the day, both Brent and U.S. crude prices dropped soon after 2 p.m. EST (1900 GMT) after Bloomberg News reported the proposed embargo would be delayed, or phased in over a six month period, citing an EU official with knowledge of the matter.
On the New York Mercantile Exchange, February crude fell $1.77, or 1.75 percent, to settle at $99.10 a barrel, having traded as high as $102.98. It fell to a $98.50 low in post-settlement trading.
CBOT-SOYBEANS, Soybean futures on the Chicago Board of Trade fell for a third straight session on Thursday in active trade, after the U.S. Department of Agriculture raised its forecast of U.S. soy ending stocks above trade estimates, traders said.
USDA raised its forecast of U.S. 2011/12 soybean ending stocks -- the amount of soybeans that USDA forecasts will be left at the end of the 2011/12 marketing year on Aug. 31, 2012 -- to 275 million bushels, up from 230 million in December and above the average trade estimate of 233 million. USDA cut its estimate of 2011/12 U.S. soy crushings and exports.
FCPO-SINGAPORE, Jan 12 (Reuters) - Malaysian crude palm oil futures fell on Thursday, tracking an earlier decline in soy futures as rains in Argentina provided temporary relief to the drought-stressed crops while investors remained cautious ahead of a key U.S. report.
The U.S. Department of Agriculture will issue January world crop data which traders expect to show downgrades of South American crop forecasts.
Benchmark March palm oil futures on the Bursa Malaysia Derivatives Exchange eased 1 percent to close at 3,202 ringgit ($1,020) per tonne. Traded volumes stood at 17,886 lots of 25 tonnes each, thinner than the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, Jan 12 (Reuters) - Southeast Asian stock markets were little changed on Thursday, with appetite for risk assets weak across Asia as investors waited for a Spanish debt sale that is seen as a key test of confidence amid nagging concerns about Europe's debt crisis.
The Philippines' main share index <.PSI> ended flat. It had climbed 1.9 percent on Wednesday, hitting an all-time high for a second session, but its 14-day relative strength index has moved above the "overbought" level to 79.2.
Stocks in Malaysia <.KLSE>, Thailand <.SETI> and Vietnam <.VNI> posted limited gains of 0.21 percent, 0.06 percent and 0.2 percent respectively. Indonesia <.JKSE> ended unchanged and Singapore <.FTSTI> eased 0.13 percent.
Banking shares advanced in Singapore as analysts expect the lenders to report strong loan growth in the final quarter of the year. DBS Group Holdings Ltd climbed 2.14 percent to a one-month high after a 3.2 percent gain in the previous two sessions.
