DJI- NEW YORK, Oct 24 (Reuters) - U.S. stocks ended lower for a second day on Wednesday, as investors soured on another round of underwhelming corporate results and the Federal Reserve said it would stick to its stimulus plan until the job market improves.
The S&P 500 has lost 3.6 percent over the past five sessions, hurt by weak earnings outlooks and top-line revenue misses from large multinational companies. The index is now down 3.9 percent from its closing high of 1,465.77 set on Sept. 14.
Boeing BA.N bucked the trend with a more optimistic outlook, but it could not break away from the rest of the market as it was pulled into negative territory in the afternoon. Shares of the defense and aerospace company, a Dow component, fell 0.2 percent to $72.71.
The Fed, in its latest policy statement, said it would keep buying $40 billion in mortgage-backed debt per month to keep interest rates low until the job picture gets better.
"Unemployment is staying where it is, new jobs are minimal, and the Fed is staying defensive," said Allan Flader, financial advisor at RBC Wealth Management, in Phoenix. "I would be surprised if they went to a neutral stance any time soon. You need to see more credible increases in employment, and it's just not happening yet."
On Sept. 13, the Fed unveiled a third round of economic stimulus, or quantitative easing, known as QE3.
The Dow Jones industrial average .DJI shed 25.19 points, or 0.19 percent, to close at 13,077.34. The Standard & Poor's 500 Index .SPX dropped 4.36 points, or 0.31 percent, to 1,408.75. The Nasdaq Composite Index .IXIC slipped 8.77 points, or 0.29 percent, to end at 2,981.70.
During the regular session, Facebook Inc FB.O shares soared 19.1 percent to $23.23 a day after the social networking company's quarterly results showed a surprising surge in mobile advertising revenue.
Shares of Apple AAPL.O, scheduled to report after Thursday's close, rose 0.6 percent to $616.83.
The day's other gainers included Dow Chemical Co DOW.N, the largest U.S. chemical maker, which said late on Tuesday it would cut 5 percent of its work force and shut 20 plants to counter a slowing global economy. Its stock jumped 4.7 percent to $29.88.
With results in from 186 of the S&P 500 companies, 59.1 percent have reported earnings above analysts' expectations, below the 62 percent long-term average, according to Thomson Reuters data.
For revenue , just 38.2 percent of companies have beaten analysts' expectations, while 61.8 percent have fallen short. In a typical quarter, 62 percent of companies beat estimates.
Sales of new U.S. single-family homes jumped 5.7 percent in September to the highest level in nearly 2-1/2 years, offering more evidence that the housing market's recovery is improving.
Volume was roughly 6.2 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the year-to-date average daily closing volume of 6.51 billion.
NYMEX- NEW YORK, Oct 24 (Reuters) - U.S. crude futures fell for a fifth straight session on Wednesday as rising U.S. crude inventories and weak euro zone economic data offset supportive signs that Chinese petroleum demand could stage a recovery.
Crude oil stocks in the United States jumped 5.9 million barrels last week, the U.S. Energy Information Administration (EIA) said in a weekly report, well above the expected increase of 1.9 million barrels in a Reuters survey of analysts.
CBOT SOYBEAN- Soybean futures on the Chicago Board of Trade rose for a third day, rising to a three-week high on firm U.S. cash markets for soybeans and soymeal, along with reminders of continued strong
export demand, traders said.
* The November soybean contract SX2 settled above its 100-day moving average for the first time in two weeks.
• December soymeal SMZ2 hit a three-week top, while December soyoil BOZ2 ended higher, but stayed inside of Tuesday's trading range.
• USDA confirmed sales of 105,000 tonnes of U.S. soybeans to unknown destinations for delivery in 2012/13.
• Analysts expect USDA's weekly export sales report on Thursday to show U.S. soybean sales in the latest week at 650,000 tonnes to 850,000 tonnes.
• The economy of top global soy buyer China is making a slow recovery from its weakest period of growth in three years, a survey of purchasing managers indicated, with new orders and output at their highest in months.
• Gains in deferred CBOT soybean and soymeal contracts were limited by expectations of a record-large South American soy harvest in early 2013. Brazilian forecaster Somar predicted irregular rains over Brazil's drier-than-normal central soy belt in coming days while the soaked southern belt should see weekend rains.
• Malaysian palm oil futures inched higher as investors bet on increased demand surrounding the upcoming Diwali festival, although concerns about record-high stocks kept prices in a tight range.
FCPO- KUALA LUMPUR, Oct 24 (Reuters) - Malaysian palm oil futures inched up on Wednesday as investors bet on increased festival demand for the tropical oil, although prices were locked in a tight range due to lingering concerns over record-high stocks.
The upcoming Diwali festival celebrated by major vegetable oil importer India could lead buyers to snap up palm oil, easing a growing stockpile in the world's No.2 producer.
In addition, cargo surveyor data showing Malaysia's palm exports grew as much as 17 percent for Oct. 1-20 from a month ago also lifted sentiment.
"Exports were good, but inventory is still on the high side," said a trader with a foreign commodities brokerage in Malaysia.
"But production should be toppish in the last quarter as we move into the monsoon season, while at the same time demand is picking up because of the festive season," he added.
Palm oil production hits a seasonal peak in the last quarter of the year before slowing, lifting traders' hopes this will reduce stocks from a record high of 2.5 million tonnes in September.
The benchmark January contract FCPOc3 on the Bursa Malaysia Derivatives Exchange edged up 1.5 percent to close at 2,578 ringgit ($842) per tonne. Prices traded in a tight range between 2,551 and 2,578 ringgit per tonne.
Total traded volumes stood at 20,953 lots of 25 tonnes each, thinner than the usual 25,000 lots.
Technical analysis showed a bullish target for Malaysian palm oil remains unchanged at 2,676 ringgit per tonne, said Reuters market analyst Wang Tao.
Palm oil prices are expected to rise sharply in the coming months on brisk buying interest as global importers seek cheaper alternatives to competing soyoil, said Hamburg-based oilseeds analysts Oil World on Tuesday.
Analysts also say the Malaysian government's move to slash export taxes on crude palm oil and scrap duty free export quotas on the crude grade in January 2013 could benefit industry players in the long term.
"Despite the short-term pain for upstream players, we reckon the change is positive for the long run as it should result in better CPO prices after the high inventory is reduced,” Kenanga Investment’s Alan Lim Seong Chun said in a research report on Wednesday.
In a bullish sign for palm oil, Brent crude rose on Wednesday, snapping a six-day losing streak, after economic data from China suggested a gradual recovery in the world's No. 2 oil consumer, though weak European data kept the gain slim.
In other vegetable oil markets, U.S. soyoil for December delivery BOZ2 inched up 0.6 percent in late Asian trade. The most-active May 2013 soybean oil contract DBYcv1 on the Dalian Commodity Exchange closed 0.1 percent higher.
REGIONAL EQUITY- BANGKOK, Oct 24 (Reuters) - Thai stocks posted their biggest daily loss in three months on Wednesday after quarterly earnings so far failed to boost further buying interest while Malaysia and Indonesia pared early losses as investors picked large caps.
Bangkok's SET index .SETI finished down 1.2 percent at a one-week closing low of 1,295, breaking below a key chart support at 1,300.
Top lender Bangkok Bank BBL.BK dropped 3.3 percent to a near five-month low of 178 baht, extending last week's losses after its third-quarter results missed expectations.
"The market was a bit over priced. Earnings performances so far were not so positive and investors were wary of chasing up the price increases," said Pichai Lertsupongkij, head of investment advisory services at broker Thanachart Securities.
Jakarta's Composite Index .JKSE reversed its early losses to edge up 0.12 percent while Malaysia's benchmark stock index .KLSE rebounded from an earlier drop to end 0.19 percent up at an all-time closing high of 1,667.99.
Market heavyweights led the pack, with Astra International ASII.JK up 1.3 percent after three sessions of losses, while financial firm CIMB Group Holdings CIMB.KL rose for a second session, adding 0.7 percent.
