DJI-NEW YORK, Aug 24 (Reuters) - U.S. stocks posted strong gains for a second day on Wednesday as investors jumped back into beaten-down financial shares and backed away from safer assets like gold in volatile trading.
The stock market swung back and forth as investors anticipated a key speech from Federal Reserve Chairman Ben Bernanke on Friday. There had been hope the Fed chief would hint of stimulus to aid the struggling economy, but a more likely outcome is for gradual measures.
The Dow Jones industrial average .DJI was up 142.51 points, or 1.28 percent, at 11,319.27. The Standard & Poor's 500 Index .SPX was up 15.19 points, or 1.31 percent, at 1,177.54. The Nasdaq Composite Index .IXIC was up 21.63 points, or 0.88 percent, at 2,467.69.
NYMEX-NEW YORK, Aug 24 (Reuters) - U.S. crude oil futures ended lower on Wednesday as investors worried that Federal Reserve Chairman Ben Bernanke may not signal another round of economic stimulus when he gives highly anticipated speech on Friday.
A late downturn erased gains spawned by an unexpected drawdown in domestic crude inventories last week and data showing a sharp increase in U.S. durable goods orders in July.
On the New York Mercantile Exchange, October crude CLV1 settled in light volume at $85.16 a barrel, dipping 28 cents, or 0.33 percent, after trading from $84.55 to $86.59.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade closed lower, reversing from early strength as traders took profits after a three-day rally and amid an uncertain global economic outlook.
Ongoing concerns about the size of the 2011 U.S. soybean crop underpinned the market.
FCPO-KUALA LUMPUR, Aug 24 (Reuters) - Malaysian palm oil futures edged lower on Wednesday on an uncertain global economic outlook and weaker commodity markets although hopes for strong export data curbed losses.
Palm oil has lost about 18 percent so far this year thanks to a stock build and financial markets turning volatile over the grim outlook in the United States and Europe and efforts by central bankers to prop up these economies.
The benchmark November crude palm oil contract on Bursa Malaysia Derivatives KPOc3 settled down more than 1 percent to 3,036 ringgit ($1,023.77). The previous day the contract touched a one-week high of 3,070 ringgit.
Overall traded volume was light at 19,825 lots of 25 tonnes each, compared to the usual 25,000 lots.
REGIONAL EQUITIES-BANGKOK, Aug 24 (Reuters) - Southeast Asian stock markets fell on Wednesday after ratings agency Moody's downgraded Japan, making investors wary of risky assets and dampening regional sentiment.
Markets failed to sustain early gains that were fuelled by speculation the Federal Reserve may signal further moves to support the struggling U.S. economy in Chairman Ben Bernanke's speech on Friday in Jackson Hole, Wyoming.
Stocks in Singapore .FTSTI dropped 1.6 percent, Southeast Asia's worst on the day. Losses for Malaysia .KLSE and Thai stocks .SETI were smaller of around 1 percent each. The Philippines .PSI inched down 0.2 percent.
Asian shares fell on Wednesday ahead of Bernanke's speech, while Japanese shares sold off on Moody's downgrade.
Southeast Asian stocks have lost much of their recent upward momentum and trade below previous highs, including all-time highs for Malaysia set in July, Indonesia and the Philippines early this month, as investors are less optimistic across the board.
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2011 News
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