DJI-NEW YORK, Oct 28 (Reuters) - Wall Street marked its second-best day ever on Tuesday as investors, convinced that central banks worldwide will cut rates even more, scooped up stocks that had been driven down to their lowest prices in more than five years.
A big catalyst for the late-day surge was a huge drop in the Japanese yen after a news report that the Bank of Japan may cut interest rates later this week.
The Federal Reserve is expected to cut its benchmark fed funds rate by at least 50 basis points on Wednesday when it concludes a two-day meeting that began this afternoon.
The Dow Jones industrial average <.DJI> jumped 889.35 points, or 10.88 percent, to 9,065.12. The Standard & Poor's 500 Index <.SPX> surged 91.59 points, or 10.79 percent, to 940.51. The Nasdaq Composite Index <.IXIC> ran up 143.57 points, or 9.53 percent, to 1,649.47.
NYMEX-NEW YORK, Oct 28 (Reuters) - U.S. crude futures ended lower on Tuesday as plunging consumer confidence outweighed a rebounding stock market and OPEC officials talked of more action to stem oil's steep price slide.
On the New York Mercantile Exchange, December crude
CBOT-SOYBEANS - November
Pressured by profit taking after initial rally on USDA's corrected October crop report that showed lowered acreage and ending stocks. Talk of farmer selling also weighed.
USDA corrected the October crop report. Soy harvested acreage for 2008 lowered to 74.4 million from previous 75.5 million, crop production lowered to 2.938 billion from previous 2.983 billion and ending stocks for 2008/09 lowered to 205
million bushels from 220 million.
SOYOIL - December
FCPO-JAKARTA, Oct 28 (Reuters) - Malaysian palm futures recouped losses to finish 5 percent higher on Tuesday, after hitting a fresh three-year low earlier, supported by a rebound in crude oil price, traders said.
The rally in Asian equity markets and soybean oil prices also helped boost sentiment, they said.
Palm prices could extend their rebound on Wednesday if Wall Street finishes higher on Tuesday, a key factor that will set the tone for trading in Asian markets, said a trader at a Kuala Lumpur-based brokerage firm.
The benchmark January contract
Other traded months rose between 4 ringgit and 61 ringgit. The overall volume stood at 17,189 lots of 25 tonnes each.
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