Palm | Kelapa Sawit

DJI-NEW YORK, Nov 12 (Reuters) - U.S. stocks plunged on Wednesday after a shift in how the U.S. government will use its $700 billion bailout fund fed uncertainty and oil prices slid to 21-month lows on fears of a deep global recession.

U.S. Treasury Secretary Henry Paulson said he was backing away from buying troubled mortgage assets and would focus on the capital needs of both banks and non-bank financial institutions.

The Dow Jones industrial average <.DJI> closed down 411.30 points, or 4.73 percent, at 8,282.66. The Standard & Poor's 500 Index <.SPX> was down 46.65 points, or 5.19 percent, at 852.30. The Nasdaq Composite Index <.IXIC> was down 81.69 points, or 5.17 percent, at 1,499.21.

NYMEX-NEW YORK, Nov 12 (Reuters) - U.S. crude futures tumbled on Wednesday amid a bleak demand forecast from the government and as Wall Street skidded again, along with other major equities markets, on deepening economic worries.

A stronger dollar also pressured oil. More indications that OPEC is considering another output cut, if oil prices keep falling, failed to stem the day's slide.

On the New York Mercantile Exchange, December crude settled down $3.17, or 5.34 percent, at $56.16 a barrel, the lowest since prices ended at $54.01 on Jan. 29, 2007. It traded from $55.94 to $59.50, but in post-settlement trade the
day's low extended to $55.62, the lowest since prices hit $53.82 on Jan. 30, 2007.

CBOT-SOYBEANS - November down 22-3/4 cents at $8.85-1/4 per bushel; January down 21 at $8.95.

Following weak crude oil, with mounting worries that a global recession may trim demand for soy.

CBOT-SOYOIL - December down 1.15 cents at 32.58 cents per lb. Pressured by weak crude oil, declines in soybeans.

FCPO-JAKARTA, Nov 12 (Reuters) - Malaysian palm futures closed nearly 3 percent lower on Wednesday after recouping some early losses on short-covering, traders said.

The early sell-off was sparked by crude oil's extended losses after settling below $60 for the first time in 20 months on Tuesday on demand worries, traders said.

The benchmark January contract on the Bursa Malaysia Derivatives Exchange fell 47 ringgit, or 2.96 percent, to 1,539 ringgit ($429) per tonne. The contract hit a low of 1,505 ringgit per tonne earlier.

REGIONAL EQUITIES-BANGKOK, Nov 12 (Reuters) - Southeast Asian stocks dropped on
Wednesday, with financials such as DBS Group pulling Singapore down for a second day and energy shares like PTT and Banpu helping to send the Thai market to its lowest in over a week.

Malaysia's index <.KLSE> slid 0.48 percent, the second day of falls, Jakarta shares <.JKSE> lost 0.74 percent and Vietnam shares <.VNI> ended 2.67 percent lower at a two-week low. But Philippine shares <.PSI> eked out a 0.03 percent gain.