DJI - NEW YORK, April 11 (Reuters) - U.S.
stocks rose for a fourth straight day on Thursday, sending the Dow and the
S&P 500 to new closing highs as positive data on the labor market and an
encouraging retail outlook eased recent concerns about economic growth.
Despite the S&P 500's gain of 11.7
percent this year, investors have fretted about the pace of recovery,
especially after last week's dramatically weak March payrolls report.
Jobless claims fell far more than
expected in the latest week, dropping to the lower end of the range for the year.
In another sign that the economy might be in better shape than some recent data
had indicated, retail executives and analysts forecast improved same-store
sales in April after mixed results in March.
"This data is especially
welcome on the heels of last week's jobs report, and it just adds to the
tremendous demand that there continues to be for equities," said Leo
Grohowski, chief investment officer at BNY Mellon Wealth Management in New
York. "The money that has been waiting for a pullback is running out of
patience."
Still, the Nasdaq's gains were
limited as technology stocks sold off on an industry report showing shipments
of personal computers had fallen significantly in the first quarter. The
S&P information technology sector index slipped 0.5 percent.
The Dow Jones industrial average gained 62.90 points, or 0.42 percent, to close at 14,865.14. The Standard &
Poor's 500 Index rose 5.64 points, or 0.36 percent, to
1,593.37. The Nasdaq Composite Index edged up 2.90 points, or 0.09 percent, to close at 3,300.16.
All three indexes finished higher
for the fourth straight day. Both the Dow and the S&P 500 reached new
all-time intraday highs in midday trading before ending at new closing highs.
The Dow climbed to an intraday record peak at 14,887.51, while the S&P 500
set a record session high at 1,597.35.
"It's amazing to me that we're
already a few points away from our mid-year target of 1,600, which had seemed
somewhat aggressive," said Grohowski, who oversees about $179 billion in
client assets. "But there's still skepticism about the market and tons of
cash on the sidelines, which encourages me that the market can continue to pull
higher."
Oils - NEW YORK, April 11 (Reuters) - Oil
prices settled lower on Thursday after the International Energy Agency (IEA)
trimmed its forecast for oil demand growth this year, the third of the world's
top forecasters to do so at a time of growing supplies.
The IEA cut its forecast of growth
in global oil demand for the third straight month. The U.S. Energy Information
Administration (EIA) and the Organization of the Petroleum Exporting Countries
(OPEC) also revised their forecasts lower this week.
Sputtering economic growth in the
United States and several major developing economies and a recession in parts
of Europe have eroded demand for fuel at a time when oil production has been
increasing rapidly, particularly in North America.
"There's an ongoing process of
acknowledging that the underlying fundamentals are not supporting prices,"
said Timothy Evans, an energy analyst with Citi Futures Perspectives in New
York.
"I'm going to go out on a limb
here and say that any time a market has a 22-year high in inventories, it's not
a bull market," Evans said.
Brent prices declined more sharply
than U.S. crude, narrowing the spread between Brent and U.S. West Texas
Intermediate to a nine-month low of $10.59 at one point on Thursday, before
settling at $10.76.
Brent May crude settled $1.52 lower at $104.27 a barrel, after touching a session low of $103.70.
Brent's May contract expires on Monday.
U.S. May crude settled off $1.13 at $93.51 a barrel, well below its 50-day moving average of
$94.33. It dropped as low as $93.06 during the session.
CBOT Soybean - Soybean futures on the Chicago Board of Trade ended mixed on Thursday with nearby contracts gaining sharply against
deferred months due to tight supplies of old-crop U.S. soybeans,
traders said.
·
Trade
continues to digest USDA's April 10 supply/demand report
showing smaller-than-expected U.S. 2012/13 soybean ending stocks at
125 million bushels, a nine-year low.
·
New-crop
November soybeans pressured by concerns that a
slow start to U.S. planting may shift some corn acres over to
soybeans. Also bearish, a large South American harvest may
stretch South American soy export window into the U.S. autumn
harvest period.
·
The
inverted CBOT May/July soybean spread hit an intraday
high of 35 cents, premium May, its highest level in seven
months. The July/November spread peaked at $1.46,
premium July, its highest since USDA's March 28 quarterly stocks
report.
·
Wet,
chilly weather is expected to continue in the U.S. northern
Plains and Midwest over the next 10 days to two weeks, stalling
spring fieldwork - meteorologist.
·
USDA
reported export sales of U.S. soybeans in the latest week at
319,200 tonnes for 2012/13, within a range of estimates, and 64,500
for 2013/14, below estimates.
·
USDA put
weekly export sales of U.S. soymeal at 227,100 tonnes for
2012/13 and 7,500 for 2013/14, above trade expectations.
·
USDA put
weekly export sales of U.S. soyoil at 7,700 tonnes,
all for 2012/13, within trade expectations
·
Trade
awaiting monthly U.S. soy crush data due on Monday from the
National Oilseed Processors Association.
·
Malaysian
palm oil futures fell to their lowest level in more than
a week, tracking soy markets, after a key U.S. industry
report showed higher-than-expected world soybean stockpiles.
BMD CPO - SINGAPORE, April 11 (Reuters) -
Malaysian palm oil futures fell to the lowest in more than a week on Thursday,
tracking weaker soy markets after a key U.S. industry report showed
higher-than-expected global soybean stockpiles.
The U.S. Department of Agriculture (USDA)
pegged quarterly global soybean stocks above trade estimates, putting soybeans
and soybean oil under pressure. Palm oil tends to track soybean oil closely as
they are substitutes for each other.
The benchmark June contract on the Bursa Malaysia Derivatives Exchange fell 0.7 percent to close at 2,355
ringgit ($776) per tonne. Prices dropped to a low at 2,340 ringgit earlier in
the session, a level last seen on April 1.
Total traded volumes stood at 32,041
lots of 25 tonnes each, lower than the average 35,000 lots seen so far this
year.
Traders, however, expect palm oil to
draw support from robust export demand and lower-than-expected inventory
levels.
"On the local bourse, we are
witnessing some technical inspired selling. But with lower end-stocks and
better exports, we believe the market's well supported," said a trader
with a local commodities brokerage in Malaysia.
The Malaysian Palm Oil Board (MPOB)
on Wednesday reported an inventory level for March at 2.17 million tonnes,
below a Reuters poll's consensus of 2.35 million tonnes, as exports rose as
much as 10 percent on a monthly basis.
"We believe this should have
been due to the higher than expected demand recovery in China as the
temperature turned warmer in March," said Alan Lim Seong Chun, research
analyst with Malaysia's Kenanga Investment Bank, in a note to clients on
Thursday.
Cargo surveyor data showed exports
also edged higher for the first 10 days of April from a month ago, raising
hopes that stocks could ease further and dip below 2 million tonnes by the end
of this month.
"Looking ahead, we believe that
the stock level could fall ... to 1.98 million tonnes by end of April,"
Lim said.
In other markets, Brent crude oil
slipped towards $105 per barrel after U.S. crude oil stocks hit their highest
level in more than two decades and analysts cut forecasts for global oil demand
growth.
The slightly bearish USDA data
dragged other vegetable oil markets lower as well. U.S. soyoil for May delivery
fell 0.6 percent in late Asian trade. The most active September soybean oil
contract on the Dalian Commodities Exchange closed
1.4 percent lower.
