DJI- NEW YORK, March 13 (Reuters) - The U.S. stock market posted its best day this year, with Tuesday's late spark coming from JPMorgan Chase & Co after the bank announced it will raise its dividend.
JP Morgan's news preceded the Federal Reserve's release of results from its latest stress tests of U.S. banks. Most of the top banks did well and their shares extended gains in trading after the closing bell.
Stocks advanced throughout the session, helped by stronger-than-expected retail sales and benign comments from the U.S. Federal Reserve, which said recent strains on financial markets were easing.
The Dow Jones industrial average jumped 217.97 points, or 1.68 percent, to close at 13,177.68. The Standard & Poor's 500 Index <.SPX> rose 24.86 points, or 1.81 percent, to 1,395.95. The Nasdaq Composite Index <.IXIC> climbed 56.22 points, or 1.88 percent, to 3,039.88.
NYMEX- NEW YORK, March 13 (Reuters) - U.S. crude futures ended higher on Tuesday on positive domestic and German economic data coupled with a modestly brighter outlook from the U.S. Federal Reserve.
U.S. retail sales rose 1.1 percent in February, the biggest gain in five months. Americans bought more motor vehicles even though they had to pay more for gasoline and other goods, Commerce Department data showed. [ID:nL2E8ED15O]
The data added to recent improvements in the U.S. economy, which the Federal Reserve acknowledged in a statement released after a one-day meeting of its policymakers. The U.S. central bank gave no clues, however, for further monetary easing.
The Fed reiterated it would maintain exceptionally low interest rates until at least through 2014, even though the economy was "expanding moderately", saying there were still significant downside risks.
On the New York Mercantile Exchange, crude for April delivery settled at $106.71 a barrel, gaining 37 cents, or 0.35 percent.
CBOT SOYBEANS- Chicago Board of Trade soybean futures closed higher on
dwindling stocks of soy, estimates for reduced soy output in South America and soy/corn spreading as the soy market attempts to "buy" acres from corn for the 2012 U.S. seeding season.
Technical fund buying, gains in crude oil and higher equities markets were combining to lift soybean futures as well.
Soymeal closed higher and soyoil closed higher.
Trade sources said crop scout Michael Cordonnier lowered his estimate of Brazil's soybean crop to 67.0 million tonnes from his previous estimate for 68.0 million. USDA in its March crop report forecast Brazilian soybean production at 68.5
million tonnes.
The National Oilseed Processors Association's monthly soybean crush data slated for release on Wednesday should show the U.S. crush for February at 134.5 million bushels, analysts projected on Tuesday.
FCPO-KUALA LUMPUR, March 13 (Reuters) - Malaysian crude palm oil futures edged up on Tuesday, as traders bet energy markets would hold firm and eyed the outlook for U.S. corn plantings, which could take more acreage from soybeans and limit global edible oil supply this year.
Traders were also looking out for the U.S. Federal Reserve's policy statement later in the day, which may reinforce a view from recent upbeat data that the world's biggest economy is on the road to recovery.
Palm oil tends to gain from a weaker greenback as the dollar-denominated edible oil becomes cheaper for buyers holding other currencies, but can be hit by a stronger dollar.
An unexpected rise in Malaysian palm oil stocks on Monday reined in the market, which has gained 6 percent so far this year, although a recovery in exports for the first ten days of March kept investors upbeat.
Benchmark May palm oil futures on the Bursa Malaysia Derivatives Exchange rose 1.5 percent to close at 3,365 ringgit ($1,111) per tonne.
Traded volumes on Tuesday stood at 22,597 lots of 25 tonnes each, lower than the usual 25,000 lots, as some traders shunned big moves ahead of the U.S. Fed decision.
REGIONAL EQUITY- BANGKOK, March 13 (Reuters) - Southeast Asian stock markets were mostly higher on Tuesday after a choppy session, with Singapore climbing to a one-week high as property shares led the way on hopes about the positive spillover of China's
efforts to boost consumer demand.
Trading volume was generally light and market players appeared reluctant to chase regional stocks further while waiting to see what the U.S. Federal Reserve says later on
Tuesday.
In Singapore, CapitaMalls Asia Ltd was the top gainer on the Straits Times Index, rising 4.6 percent. Carey Wong, an investment analyst at OCBC Investment Research, said China's lower export figures showed it would have to boost domestic consumption to sustain growth, and CapitaMalls stood to benefit from rising consumption and spending.
