Palm | Kelapa Sawit

DJI-NEW YORK, Oct 9 (Reuters) - U.S stocks plummeted for a seventh straight session on Thursday as investors bet recent moves by authorities worldwide to thaw frozen credit markets would not be enough to avert a global recession.

An avalanche of selling at the close left the Dow below 8,600 for the first time since May 2003, and down almost 40 percent from its all-time closing high hit exactly one year ago. The Nasdaq and the S&P 500 each also fell to levels not seen in more than five years.

The Dow Jones industrial average <.DJI> dropped 678.91 points, or 7.33 percent, to 8,579.19, while the Standard & Poor's 500 Index <.SPX> plummeted 75.02 points, or 7.62 percent, to 909.92. The Nasdaq Composite Index <.IXIC> sank 95.21 points, or 5.47 percent, to 1,645.12.

NYMEX-NEW YORK, Oct 9 (Reuters) - U.S. crude oil futures extended losses in post-settlement trading on Thursday, hitting the lowest level in almost 12 months as Wall Street stocks tumbled on fears that U.S.-led coordinated central bank actions might not ward off a global recession.

Higher crude oil supplies also pressured prices, along with worries about demand for oil in a weakening economy.

OPEC announced that it will meet on Nov. 18 to discuss the impact of the global financial crisis on the oil market,confirming reports on Wednesday.

On the New York Mercantile Exchange, November crude extended the day's low to $84.19, down $4.76, or 5.35 percent on the day, which was the lowest level since prices struck $83.50 on Oct. 15, 2007.

CBOT-SOYBEANS - November up 16 cents at $9.80 per bushel,January up 16-1/4 at $9.95-1/2.

Short-covering bounce ahead of USDA reports, bolstered by firm cash soy values, slow farmer selling and U.S. harvest delays due to rain. Good exports and talk of low soy yields in early harvest lend support. Oversold technical signals add
support.

Argentine commercial grain trade set to resume after a six-day farmers' strike concluded Wednesday.

Ahead of Friday's USDA reports, the average analyst estimate for 2008 U.S. soy production was 2.922 billion bushels, below USDA's forecast in September for 2.934 billion.

The average analyst estimate for 2008/09 U.S. soy ending stocks was 187 million bushels, up from 135 million forecast by USDA in September

CBOT-SOYOIL - October up 0.04 cent at 39.44 cents per lb,December up 0.02 at 39.79 cents.

Choppy. Spillover support from soybeans offsets declines in crude oil.

FCPO-KUALA LUMPUR, Oct 9 (Reuters) - Malaysian crude palm oil futures soared 6.5 percent on Thursday, recouping gains from a recent sell-off as some traders sensed a floor to the market.

The benchmark December contract on the Bursa Malaysia Derivatives Exchange settled up 115 ringgit at 1,890 ringgit ($541).

Other traded months rose between 25 and 125 ringgit <0#KPO:>. Overall volume nearly doubled to 19,498 lots of 25 tonnes.

REGIONAL EQUITY-SINGAPORE, Oct 9 (Reuters) - Singapore and Thailand stocks rose on Thursday after coordinated global interest rate cuts calmed investors, with energy and commodity plays rebounding strongly.

Other markets edged lower in a cool response to the confidence-boosting efforts, while Indonesia kept its stock exchange shut a second day after the index lost over a fifth of its value this week.

Singapore <.FTSTI> rose 3.4 percent, while Thailand gained 1.6 percent, though they are still 39 and 42 percent lower than at the start of this year.

Malaysia <.KLSE>, which has been outperforming the region in the last month, was off 0.1 percent, while the Philipine index <.PSI> fell 0.8 percent to a fresh 26-month low.