DJI- NEW YORK, May 7 (Reuters) - Investors brushed off Europe's election results, as the S&P 500 rebounded from early losses to end nearly unchanged on Monday, despite the uncertainty surrounding the euro zone's ability to tackle its debt crisis.
U.S. financial stocks, normally highly sensitive to events that could unsettle the euro zone's fiscal stability, were not only the biggest gainers, but had the heaviest volume.
"One positive thing we are seeing out of the elections and we are hearing from the ECB chairman is a focus on growth and that austerity measures alone are not going to get them out of this crisis," said Sean Lynch, global investment strategist for Wells Fargo Private Bank in Omaha, Nebraska.
"So if there are more growth-oriented measures, that could help the banking system and could be a positive for the economy as well."
The Dow Jones industrial average <.DJI> slipped 29.74 points, or 0.23 percent, to 13,008.53 at the close. But the Standard & Poor's 500 Index <.SPX> inched up just 0.48 of a point, or 0.04 percent, to 1,369.58. The Nasdaq Composite Index <.IXIC> added 1.42 points, or 0.05 percent, to 2,957.76.
The election results from Europe initially roiled futures markets on Sunday night, but markets were able to rebound. Greeks voted to cast out ruling parties in elections on Sunday, dealing a blow to the fragile political consensus that has kept Europe's currency bloc intact through more than two years of crisis.
In France, Socialist Francois Hollande won the presidency over incumbent Nicolas Sarkozy, raising pressure on Germany to pursue a more growth-oriented approach to the regional crisis. [ID:nL5E8G69GS]
NYMEX- NEW YORK, May 7 (Reuters) - U.S. crude futures edged lower on Monday in choppy trading after European election results revived worries about the region's debt woes and contracting economy.
Socialist Francois Hollande's victory in France's presidential election signaled a push back against German-led austerity policies. [ID:nL5E8G6A7] [ID:nL5E8G7DE2]
Greece's election created uncertainty over whether formation of a new government is possible and a first attempt failed on Monday. [ID:nL5E8G707V]
Crude prices posted a fourth straight lower settlement, but crude bounced after slumping intraday to multimonth lows that prompted buying by bargain hunters.
Europe's latest turmoil was judged not to be an immediate threat to the economies of China and India, the key sources of oil demand growth.
* On the New York Mercantile Exchange, June crude fell 55 cents, or 0.56 percent, to settle at $97.94 a barrel, having dropped to $95.34, the lowest intraday price since Dec. 20. Monday's intraday peak was $98.24.
* Greece might run out of cash by end-June if it does not have a government in place to negotiate a next aid tranche with the EU and the IMF and projected state revenues fall short, three finance ministry officials told Reuters on Monday. [ID:nL5E8G7D89]
* Raising OPEC's output target is not on the exporting group's agenda for now but probably will be, Algerian Energy and Mines Minister Youcef Yousfi said. OPEC is scheduled to meet next on June 14 in Vienna. [ID:nL5E8G71MM]
CBOT SOYBEAN-May 7 (Reuters) - Soybean futures on the Chicago Board of Trade fell on Monday, joining a commodities sell-off after Greek and French election results undermined confidence in Europe's plans to tackle its debt crisis, traders said.
* Weekend rains across much of the U.S. Midwest crop belt added pressure, bolstering prospects for bin-busting corn and soybean crops this autumn.
* Ahead of USDA's weekly crop progress report due out later on Monday, a Reuters poll of analysts projected U.S. soybean planting progress at 22 percent complete, ahead of the typical pace for this time of year. [ID:nL1E8G77Y6]
* USDA reported export inspections of U.S. soybeans in the latest week at 9.992 million bushels, below trade expectations for 14 million to 18 million.
* USDA confirmed sales of 110,000 tonnes of U.S. soybeans to unknown destinations for delivery in 2011/12. [ID:nL1E8G745M]
* Brazil grain analyst Celeres cut its forecast for the country's 2011/12 soybean crop to 64.95 million tonnes, from its early April estimate of 67.9 million. [ID:nL1E8G7FC7]
* Farmers in Argentina's Buenos Aires province will halt grains and livestock sales for four days starting Thursday to protest a planned tax hike, but exports should not be affected, an agricultural leader said. [ID:nL1E8G7FLC]
* Large speculators added to their net long position in CBOT soybeans in the week ended May 1, raising it to a fresh record high, according to CFTC's supplemental report. [ID:nL1E8G4LD4]
* CBOT reported 13 deliveries against May soybeans, no soymeal deliveries and 947 soyoil deliveries.
FCPO- SINGAPORE, May 7 (Reuters) - Malaysian palm oil futures ended higher on last-minute buying on Monday, reversing losses from an 8-week low as election results in Greece and France threatened to undermine austerity measures aimed at preventing the euro zone debt crisis from spreading.
French voters ousted incumbent Nicolas Sarkozy in a presidential election on Sunday while the first Greek election since the euro zone debt crisis threatened to put the country's bailout programme at risk. [ID:nL5E8G6A7][ID:nL5E8G600O]
But concerns of the market being oversold after hitting a low at 3,311 ringgit -- a level last seen on March 12 -- prompted traders to go bargain hunting after the midday break.
"Looking at the overall scenario, the market has potentially penciled in all the possible bearish sentiments, so we anticipate a recovery in prices soon," said a trader with a local commodities brokerage in Malaysia.
Benchmark July palm oil futures on the Bursa Malaysia Derivatives Exchange inched up 0.1 percent to close at 3,360 ringgit ($1,101) per tonne.
Traded volumes stood at 23,092 lots of 25 tonnes each, slightly lower than the usual 25,000 lots.
Palm oil will fall to 3,253 ringgit per tonne based on technical analysis, said Reuters market analyst Wang Tao, adding that the contract may hover around 3,325 ringgit on Monday and plunge to 3,253 ringgit on Tuesday. [ID:nL4E8G749J]
Yet palm oil fundamentals look healthy as the latest export data showed that shipments jumped by almost 10 percent, signalling robust demand for the edible oil from Asia.
Market players have shifted their focus to Malaysian exports for the first 10 days of May, in which an improvement could boost demand outlook for the edible oil. [PALM/ITS][PALM/SGS]
High exports last month could have pushed palm oil stocks to a one-year low despite the higher production growth, a Reuters median survey showed on Monday.[ID:nL4E8G79FP]
Industry regulator Malaysian Palm Oil Board will issue official data on output and stocks on Thursday.
REGIONAL EQUITY- May 4 (Reuters) - Most Southeast Asian stock markets fell on Monday with Singapore's sharemarket losing more than 2 percent as risk averse investors sent regional benchmark indices lower following elections in Europe and weak U.S. jobs data that signalled a tepid recovery.
Singapore's Straits Times index <.FTSTI> fell 2.2 percent, to its lowest level in a month and tracking a similar drop for the MSCI Asia-Pacific ex-Japan <.MIAPJ0000PUS>.
Heavyweights CapitaLand Ltd fell 5.4 percent while shipping firm Neptune Orient Lines shed 4 percent.
Indonesia's Jakarta Composite <.JKSE> slipped 1.4 percent, retreating further from the record high it hit last Thursday.
Vietnamese stocks were outperformers on the day, rising 2.1 percent, helped by foreign buying after the government announced measures late last week to support domestic companies, including a cap on lending rates. [ID:nL4E8G79DQ]
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