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NEW YORK (Reuters) - Stocks fell on Tuesday after the S&P 500 hit its highest level in four years as the benchmark index faced technical resistance and traders cashed in recent gains.

The S&P 500 index hit 1,426.68, its highest intraday rise since May 2008. Volume has been light, as expected in August, and only three of the past 12 sessions have seen moves of 0.25 percent or more by the S&P.

Stocks rose early in the session and the euro rallied to a seven-week high against the U.S. dollar, bolstered by talk that the European Central Bank will act to lower Spanish and Italian borrowing costs. Bets on action from central banks in support of their stalling economies have helped move stocks higher.

However, U.S. stocks lost momentum after the first hour as traders took profits. The slow but steady climb over the past six weeks was partly due to better-than-expected data, including payrolls, retail sales and housing numbers that countered a previous string of disappointments.

0919 GMT [Dow Jones] Malaysia shares end flat at 1649.79 after rising to a new record high of 1654.53 earlier as investors book profits on select blue chips. "Sentiment is still fairly buoyant, thanks to positive comments from the German Chancellor and expectations that major central banks will step in to aid global economy," says a local dealer; she tips the benchmark index to trade in a 1640-1655 band next week.

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Malaysian crude palm oil futures rose to their highest in more than two weeks on Friday as investor optimism returned on recovering exports and a brightening outlook for the euro zone debt crisis. (Reuters)

Soybeans rallied nearly 3 percent on Tuesday to hit another peak, while corn rose nearly 2 percent on evidence of decimated crops amid the worst drought in half a century and a need to temper demand through even higher prices.

Oil prices rose on Tuesday as hopes that the European Central Bank will act to contain the region's debt crisis boosted crude futures and sent the euro to a seven-week peak versus the dollar.