DJI- NEW YORK, Sept 27 (Reuters) - The S&P 500 snapped a five-day string of declines in a broad-based rally on Thursday, as Spain's plans for economic reform eased some worries about one of the euro zone's most troubled countries.
The benchmark S&P 500 rose 1 percent, its biggest percentage gain since the Federal Reserve announced its plan for a third round of stimulus on Sept. 13.
Spain announced a detailed timetable for economic reforms for the fiscally troubled nation and a tough 2013 budget based mostly on spending cuts.
"Any information that gives some understanding about what's going to happen is good for the market. It's small news, but more certainty is good," said Giri Cherukuri, head trader at OakBrook Investments LLC in Lisle, Illinois.
The EU's Economic and Monetary Affairs Commissioner, Olli Rehn, said Spain's detailed timetable for economic reforms goes beyond what the European Commission has asked of Spain. Rehn said it is an ambitious step forward.
Gold stocks ranked among the day's bigger gainers in the wake of Spain's news; the PHLX gold/silver index .XAU jumped 3 percent.
Adding to the rally was a last-minute push by investors to reposition portfolios ahead of the quarter's end, with the S&P 500 on track for a gain of 6.2 percent in the third quarter. Friday will be the quarter's last trading day.
"What we've seen is broadly a consolidation, but also an attempt by fund managers to position properly for the rest of the year, to be in the best sectors," said Bruce Zaro, chief technical strategist at Delta Global Asset Management in Boston.
The Dow Jones industrial average .DJI shot up 72.46 points, or 0.54 percent, to 13,485.97 at the close. The Standard & Poor's 500 Index .SPX rose 13.83 points, or 0.96 percent, to finish at 1,447.15. The Nasdaq Composite Index .IXIC gained 42.90 points, or 1.39 percent, to close at 3,136.60.
While the Nasdaq led Thursday's gains, it also led the market's declines earlier this week - its volatility possibly reflecting investors' nervousness about the U.S. economic outlook, analysts said.
Apple AAPL.O, up 2.4 percent at $681.32, gave the biggest lift to the Nasdaq. The semiconductor index .SOX gained 2.3 percent, bolstering the Nasdaq 100 .NDX. Intel Corp INTC.O was up 1.9 percent at $23.09.
After the bell, U.S.-listed shares of Research In Motion RIMM.O surged 15 percent to $8.21 after the Canadian maker of the BlackBerry reported a smaller-than-expected quarterly loss. In the regular session, the stock closed at $7.14 - up 2 percent.
On the deal-making front, Tempur-Pedic International Inc TPX.N agreed to buy rival mattress maker Sealy Corp ZZ.N for about $242 million and assume about $750 million in debt. Tempur-Pedic shares jumped 14.4 percent to $30.64, while Sealy's stock rose 2.3 percent to $2.19.
In the earnings realm, Discover Financial Services DFS.N reported third-quarter earnings that beat expectations - and its shares climbed 7.3 percent to $39.71.
Stocks were rising before Spain's announcement on hopes that China would take steps to spur its slowing economy.
China has severely underestimated this year's global economic slowdown, and further cuts to Chinese interest rates or bank reserve requirements will hinge on any new deterioration in the external environment, a central bank adviser said on Thursday.
U.S. economic data was mixed. A report showed initial jobless claims dropped by 23,000 to 359,000, sharply exceeding the decline of 4,000 that had been expected.
But the final read on second-quarter gross domestic product showed growth of just 1.3 percent, weaker than an expected 1.7 percent. And August durable goods orders tumbled 13.2 percent, much more than the expected drop of 5 percent.
Volume was below average at roughly 5.74 billion shares traded on the New York Stock Exchange, the Nasdaq and the Amex, compared with the year-to-date average daily closing volume of 6.53 billion.
Advancers outnumbered decliners on the NYSE by a ratio of slightly more than 3 to 1,and on the Nasdaq, about three stocks rose for every one that fell.
NYMEX- NEW YORK, Sept 27 (Reuters) - U.S. crude futures rose 2 percent on Thursday as tensions between Iran and the West reinforced concerns about potential supply disruptions, while Spain's plans for economic reform also lent support to oil and lifted equities on Wall Street.
CBOT SOYBEAN- Soybean futures on the Chicago Board of Trade ended lower after a seesaw trading session as brokers adjusted positions a day ahead of the U.S. Department of Agriculture's quarterly U.S.
stocks report.
* Talk of better-than-expected U.S. soybean yields continues to circulate, pressuring values, and forecasts called for near-ideal harvest weather in the U.S. Midwest for the next week to 10 days.
• But bargain-buying buoyed prices after front-month soybeans Sc1 fell to $15.57-1/2, the lowest spot soybean price in nearly three months.
• Fresh sales to China also added support. USDA confirmed sales of 110,000 tonnes of U.S. soybeans to China in the last day, for delivery in 2012/13.
• USDA said export sales of U.S. soybeans in the latest reporting week totaled 799,500 tonnes, within a range of trade estimates for 650,000 to 800,000 tonnes.
• Soymeal futures followed soybeans lower, with the spot contract SMc1 falling to a near three-month low, despite the USDA reporting weekly export sales of U.S. soymeal at 436,400 tonnes, well above trade estimates for 175,000 to 275,000 tonnes.
• Cash basis values for soymeal fell in parts of the U.S. Midwest interior as the soybean harvest advanced at a record rate, replenishing processors, dealers said.
• CBOT soyoil closed higher, with the front contract BOc1 rebounding after falling to a seven-week low.
• Ahead of the stocks report, the average estimate for U.S. Sept. 1 soybean stocks among 17 analysts surveyed by Reuters was 131 million bushels, nearly unchanged from USDA's latest monthly forecast of 130 million.
• Crushers in China, the world's largest soy consumer, bought 400,001 tonnes of soybeans from the government's bi-weekly auction at an average price of 4,298 yuan ($680) per tonne, the Chinese government said.
FCPO- SINGAPORE, Sept 27 (Reuters) - Malaysian palm oil futures ended off a 2-year low on Thursday, as investors remained cautious over high stocks and the eurozone debt crisis.
Traders said palm oil inventory in No.2 producer Malaysia could climb higher in September after reaching a 10-month high in August, as exports did not rise enough to offset high production.
Prices fell to 2,569 ringgit per tonne -- a fresh low since September 2010 -- before the midday break although prices recovered slightly on bargain hunting.
"The market is hitting new low on continuation of technical selling. Fundamentals are still bearish," said a trader with a foreign commodities brokerage in Malaysia.
"And you also have uncertainty about Europe on top of all these pressure. Immediate support is at 2,500 ringgit for today and tomorrow."
At the close, the benchmark December contract FCPOc3 on the Bursa Malaysia Derivatives Exchange Lost 0.3 percent to 2,607 ringgit ($848) per tonne.
Total traded volumes stood at 36,301 lots of 25 tonnes each, slightly lower than the usual 25,000 lots.
Futures have lost almost 18 percent so far this year, on track for their worst performance since 2008.
Investor sentiment was dampened by renewed uncertainty over a bailout for Spain while fresh signs emerged that Europe is struggling to find a unified approach to tackling its debt crisis as global lenders wrangled over Greek restructuring. MKTS/GLOB
Market traders were cautious ahead of a U.S. Department of Agriculture report on Friday on season-end stocks of soybeans, which are expected to be at an 8-year low according to a Reuters poll. GRA/
That could kick in demand for palm oil and support prices that have come under pressure from large stocks seen in key producers Malaysia and Indonesia. Palm oil is used as a substitute for competing soyoil.
Oil held steady above $110 a barrel on Thursday on renewed worries over supply disruptions from the Middle East, while the escalating debt crisis in the euro zone reinforced concerns about demand and capped gains. O/R
In other vegetable oil markets, U.S. soyoil for December delivery BOZ2 edged up 0.5 percent in late Asian trade.
The most active January 2013 soyoil contract DBYF3 on the Dalian Commodity Exchange lost 1.8 percent after touching its lowest level since June.
REGIONAL EQUITY- BANGKOK, Sept 27 (Reuters) - Southeast Asian stock markets ended mostly higher along with stronger global markets on Thursday, with Malaysia hitting a one-week high as domestic institutions led among buyers while the Thai index got a lift by PTTEP's share offering details.
Malaysia's main index .KLSE ended up 0.5 percent, at its highest close since Sept. 19, with domestic institutions buying shares for $8.40 million and foreign investors purchasing $3.56 million, stock exchange data showed.
Bangkok's SET index .SETI rose 0.9 percent, helped by a 2.9 percent gain for PTT Exploration and Production Pcl PTTE.BK after the energy explorer adjusted terms of its $3.1 billion share offer, easing concerns about potential dilution.
Late buying helped PTTEP shares close at 161.5 baht, the highest close since July 20.
Buying in commodities and resource stocks was seen across most markets along with strong oil prices. O/R
In Singapore, commodities firm Golden Agri-Resources Ltd GAGR.SI was among those actively traded, climbing 2.3 percent, and leading the Straits Times Index .FTSTI to close up 0.4 percent.
