💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

U.S. stocks gain on data, Syria fears weigh; Dow up 0.16%

Published 09/03/2013, 04:35 PM
Updated 09/03/2013, 04:37 PM
NDX
-
UK100
-
FCHI
-
DJI
-
DE40
-
STOXX50
-
VOD
-
IXIC
-
Investing.com - U.S. stocks rose on Tuesday after a widely-watched U.S. manufacturing barometer beat expectations, though concerns that the U.S. remains on track to launch military strikes against Syria dampened gains.

At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.16%, the S&P 500 index rose 0.42%, while the Nasdaq Composite index rose 0.63%.

The Institute for Supply Management reported earlier that its August purchasing managers’ index rose to 55.7 from 55.4 in July, beating analysts' calls for a 54.0 reading.

The data sent stocks rising by rekindling optimism that U.S. recovery continues to gain steam, though the report did cement expectations that the Federal Reserve could start to unwind its USD85 billion monthly bond-buying program at its upcoming Sept. 17-18 policy meeting.

Monthly asset purchases drive down interest rates to spur recovery, which sends stocks up, though talk of their dismantling can roil stocks by fanning uncertainty as to how equities will respond to an absence of monetary support.

Stocks also ran into potholes after key Republican lawmakers including House Speaker John Boehner said earlier they'd support presidential calls for U.S. military attacks on Syria, which investors interpreted as a sign that conflict may be more likely.

Russia’s news agency reported earlier that a rocket launch was detected in the Mediterranean. Israel later said it carried out a joint missile test with the U.S.

Elsewhere, Verizon said on Monday it plans to buy for $130 billion Vodafone's 45% stake in their Verizon Wireless joint venture, while Microsoft said it will buy for $7.2 billion Nokia's handset business.

Leading Dow Jones Industrial Average performers included United Technologies, up 2.52%, JPMorgan Chase, up 1.17%, and Boeing, up 1.09%.

The Dow Jones Industrial Average's worst performers included Microsoft, down 4.61%, Verizon, down 2.87%, and AT&T, down 1.54%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 0.69%, France's CAC 40 fell 0.80%, while Germany's DAX 30 finished down 0.77%. Meanwhile, in the U.K. the FTSE 100 finished down 0.58%.

On Wednesday, the U.S. is to release data on its trade balance.








Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.