Palm | Kelapa Sawit

DJI-NEW YORK, June 1 (Reuters) - U.S. stocks rose on Monday, sending the S&P 500 to its highest close in seven months, as reassuring economic data reinforced hopes that demand will stabilize, while General Motors' long-expected bankruptcy filing ended uncertainty about the automaker's fate.

Data showing that the U.S. manufacturing sector contracted in May at a slower rate than expected fueled hopes the U.S. recession that began in December 2007 is moderating.

Investors were also encouraged by signs of manufacturing stabilization from China, with demand from emerging markets for commodities and other resources seen leading a revival of global growth.

The Dow Jones industrial average <.DJI> shot up 221.11 points, or 2.60 percent, to 8,721.44. The Standard & Poor's 500 Index <.SPX> gained 23.73 points, or 2.58 percent, to 942.87. The Nasdaq Composite Index <.IXIC> jumped 54.35 points, or 3.06 percent, to 1,828.68.

NYMEX-NEW YORK, June 1 (Reuters) - U.S. crude futures settled at a near seven-month high on Monday as upbeat economic reports lifted global stocks and Wall Street while a weakened dollar attracted investors to oil and other commodities.

"The strength of the stock market and the weakness of the dollar are combining to support crude futures.

On the New York Mercantile Exchange, July crude settled up $2.27, or 3.42 percent, at $68.58 a barrel, the highest settlement since Nov. 4's $70.53. It traded from $66.23 to $68.68, the highest intraday price since $70.46 on Nov. 5.

CBOT-SOYBEANS - July up 34-1/2 cents per bushel at $12.18-1/2.

Rallies to eight-month high on shrinking soy supplies, slow plantings, falling dollar, gains in equities and higher crude oil.

CBOT-SOYOIL - July up 1.40 cents per lb at 40.45. Support from stronger crude oil and soybeans, falling dollar as equities rise.

FCPO-JAKARTA, June 1 (Reuters) - Malaysian palm oil futures rose 2.5 percent to their highest close in nearly two weeks, supported by a rally in crude oil and rival soybean prices, traders said.

The benchmark August contract on the Bursa Malaysia's Derivatives Exchange settled up 65 ringgit to 2,625 ringgit ($756.48) per tonne, the highest closing level since May 19. Overall volume was 12,801 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, June 1 (Reuters) - Singapore shares <.FTSTI> surged
more than 2 percent to close near an 8-month high on Monday, leading rallies on other Southeast Asian stock markets propelled by higher oil prices, analysts said.

Malaysia's index <.KLSE> rose 1.7 percent to close near a 9-month high, with Maybank up 5 percent and mobile phone company Axiata Group 4.4 percent higher.

Singapore's Straits Times Index <.FTSTI> rose 2.2 percent to its highest since October 2, with developer CapitaLand surging 5.5 percent and lender DBS Group Holding climbing 2.5 percent.