DJI-NEW YORK, July 16 (Reuters) - U.S. stocks jumped on Wednesday after strong results at Wells Fargo fueled a powerful rally in the battered banking sector and an unexpected leap in U.S. crude supplies led oil prices to fall sharply.The Dow Jones industrial average <.DJI> rose 276.74 points, or 2.52 percent, to 11,239.28. The Standard & Poor's 500 Index <.SPX> gained 30.43 points, or 2.50 percent, to 1,245.34. The Nasdaq Composite Index <.IXIC> added 69.14 points, or 3.12 percent, at 2,284.85.
Data showed U.S. consumer price inflation accelerated to an annual rate of 5 percent in June -- the biggest year-on-year rise since 1991 and well above economists' forecasts -- and U.S. government debt prices fell sharply.
NYMEX-NEW YORK, July 16 (Reuters) - U.S. crude oil futures ended lower for the second day in a row on Wednesday as government inventory data showed surprise increases in crude and gasoline stocks and a larger-than-expected build in distillates. August crude was down $4.14, or 2.98 percent, at $134.60 a barrel, trading between $132, which was the lowest price since June 25, and $139.30.
CBOT-SOYBEANS - August up 31 at $15.73 per bushel,new-crop November up 32 at $15.48.Turned higher on trade talk of forecasts indicating possible hotter and drier weather in the U.S. Midwest that may hamper growth and development of the 2008 soy crop. Support also from concern about Argentine farm protests tied to the government's soy export tax. Market oversold and due for a short-covering bounce.
SOYOIL - August up 1.06 cents per lb at 64.09 cents per lb. Following soybeans in volatile Midwest weather market.
FCPO-KUALA LUMPUR, July 16 (Reuters) - Malaysian crude palm oil futures lost 2.6 percent on Wednesday as investors fretted over the lack of momentum in export growth while crude oil fell overnight.
Regional equities-July 16 (Reuters) - Most Southeast Asian stock markets eased on Wednesday, dented by worsening global economic conditions and a sharp pullback in oil prices which weighed on energy shares such as Thailand's PTT PCL .Malaysia <.KLSE> edged 0.7 percent lower and the Philippine index <.PSI> fell 1.6 percent, but Singapore <.FTSTI> and Indonesia <.JKSE> performed better, inching 0.2 percent up.
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