Palm | Kelapa Sawit

DJI-NEW YORK, Oct 2 (Reuters) - U.S. stocks slid on Thursday as tight credit markets and bleak economic data forced investors to focus on the rocky road still ahead for the U.S. economy even if Congress passes a $700 billion rescue package this week.

The Dow shed more than 3 percent while the S&P 500 and Nasdaq dropped 4 percent as Wall Street worried the economy may slide into recession, further cutting into corporate profits.

Data showing the number of people filing for unemployment benefits hit a seven-year high painted a troubling picture, as did a report showing a steep drop in factory orders in August.

The Dow Jones industrial average <.DJI> fell 348.22 points, or 3.22 percent, to 10,482.85, while the Standard & Poor's 500 Index <.SPX> slid 46.78 points, or 4.03 percent, to 1,114.28. The Nasdaq Composite Index <.IXIC> dropped 92.68 points, or 4.48 percent, to 1,976.72.

CBOT-SOYBEANS - November down 49 cents to $10.04 per bushel, January down 49-3/4 to $10.20-3/4.

Spot month dipped below $10 for the first time in 11 months, dragged down by a drop in crude oil and gold plus strength in the U.S. dollar.

Argentine farmers to strike on Friday, halting grains and livestock sales for six days to protest government farm policy.

FC Stone cut its U.S. soybean crop forecast to 2.889 billion bushels, yield at 39.4 bushels per acre; below its September estimate of 3.003 billion bushels.

CBOT-SOYOIL - October down 1.49 cents to 42.71 cents per lb.

Following soybeans and crude oil. Continued heavy Census reports August U.S. soyoil stocks at 2.599 billion lbs, compared with 2.784 billion in July.

NYMEX-NEW YORK, Oct 2 (Reuters) - U.S. crude oil futures dropped more than 4 percent on Thursday as concerns lingered about demand falling in a slowing economy and as the dollar continued to rise against the euro.

On the New York Mercantile Exchange, November crude settled down $4.56, or 4.63 percent, at $93.97 a barrel, trading from $93.65 to $100.37.