The Herald Bulletin

Morning Update

Breaking News

September 10, 2013

Stocks rise as Syria conflict looks less likely

NEW YORK — Stocks rose and oil prices fell on Tuesday as the risk that the U.S. would attack Syria appeared to fade.

If the gains hold, the Dow would finish higher for the fifth of the last six trading days.

Stocks set new highs in early August, but worries over Syria have pushed them lower since then. And even though Syria isn't a big oil producer, the possibility of a wider conflict in the region drove oil prices to two-year highs last week.

On Tuesday, Syria accepted a proposal to put its chemical weapons under international control for dismantling. The possibility that the crisis between the U.S. and Syria might be solved peacefully was a factor in the stock market's gain on Monday, too.

In afternoon trading Tuesday, the Dow Jones industrial average was up 107 points, or 0.7 percent, to 15,170. The Standard & Poor's 500 index rose 11 points, or 0.7 percent, to 1,682 and the Nasdaq composite rose 19 points, or 0.5 percent, to 3,725.

Crude oil, which closed above $110 a barrel on Friday, lost $2.63, or 2.4 percent, to $106.89 a barrel.

Among the 10 industry groups in the S&P 500, only energy stocks declined. Consumer staples were flat.

Despite the recent gains, Ralph Fogel of Fogel Neale Partners thinks it's about time for a pullback in the market. He noted that it's close to the five-year anniversary of the financial crisis, and the Dow has more than doubled since then.

The years since the crisis brought "almost a straight-up market without a 15 percent correction. That's a pretty neat move," he said. "That doesn't mean you have to have one, but the probability starts to get higher and higher."

"The next significant move isn't up 20" percent, he said. "It's down 20."

The makeup of the Dow got a shakeup on Tuesday. It's dropping Bank of America, Hewlett-Packard, and Alcoa, to be replaced by Goldman Sachs, Nike, and Visa at the start of trading on Sept. 23. The Dow is made up of 30 stocks.

S&P Dow Jones Indices said the change won't disrupt the level of the industrial average. It said it made the change to diversify the sector and industry group representation of the index.

Hewlett-Packard fell 15 cents, or 0.7 percent, to $22.21. Alcoa was flat and Bank of America rose 15 cents, or 1.1 percent, to $14.64.

Visa rose $5.35, or 3 percent, to $183.82; Nike rose $1.06, or 1.6 percnet, to $66.46, and Goldman Sachs rose $5.62, or 3.5 percent, to $165.107.

In other notable moves:

— Microsoft rose 54 cents, or 1.7 percent, to $32.19 on rumors about who might be its next CEO when Steve Ballmer retires next year.

— Urban Outfitters fell $4.12, or almost 10 percent, to $38.60 after saying its third-quarter sales increases are weaker than earlier in the year.

— Netflix jumped $16.31, or 5.5 percent, to $310.40 as it continued to regain investor confidence after gaffes two years earlier that initially drove away subscribers.

Syria news helped stocks elsewhere, too. Germany's DAX rose 2 percent and the U.K.'s FTSE 100 gained 0.8 percent. The CAC 40 in France rose 1.9 percent.

Traders sold safe-play assets as the threat of a strike on Syria faded. Gold fell $22.80, or almost 2 percent, to $1,363.90 an ounce, and the yield on the benchmark 10-year Treasury note rose to 2.95 percent from 2.91 percent.

The dollar strengthened to 100.28 Japanese yen, and fell slightly against the euro.

 

1
Text Only
Breaking News
  • Police: GPS helped solve, didn't deter killings

    GPS technology helped police link two convicted sex offenders to the rapes and killings of at least four women in California, but the mother of one victim said Tuesday that the monitoring system should have done more to prevent the crimes in the first place.

    April 15, 2014

  • GM sales eyed for impact of ignition switch recall

    As General Motors shows off its newest cars and trucks in New York this week, analysts are watching for signs that consumers are shying away from the ones sitting on dealer lots.

    April 15, 2014

  • NWS - HB0416 - sperry reunion Baby born after deadly accident released to family

    A baby girl born the same day a deadly accident claimed her father's life was released from the hospital Tuesday afternoon.

    April 15, 2014 1 Photo

  • Putnam County deputy charged with lying to grand jury

    Federal prosecutors say a grand jury has charged a central Indiana reserve sheriff's deputy with lying to it in connection with the investigation of another deputy.

    April 15, 2014

  • Solemn tributes mark Boston Marathon bombing

    Survivors, first responders and family members of those killed in the Boston Marathon bombing marked the anniversary Tuesday with tributes that combined sorrow over the loss of innocent victims with pride over Boston's resilience in the face of a terror attack.

    April 15, 2014

  • Storm topples RVs near Mississippi's Gulf coast

    A storm barreled through Mississippi Gulf Coast communities, leaving about a dozen damaged or destroyed RV trailers at one campground Tuesday amid downed trees and power lines.

    April 15, 2014

  • Supremacist faces murder charges in Kansas deaths

    Kansas prosecutors filed state-level murder charges Tuesday against the white supremacist accused in shootings that left three people dead at two Jewish community sites in suburban Kansas City.

    April 15, 2014

  • First women move to Army platoon artillery jobs

     Under a canopy of trees on the edge of a large field, soldiers from Bravo Battery are lying in a circle as they pore over targeting charts. Nearby, others are preparing the howitzer cannons as helicopters swoop overhead. At the edge of the circle, the platoon leader watches as the field artillerymen go through their training exercise.

    April 15, 2014

  • Russia tests Obama's ability to stop its advances

     With the White House asserting that Russia is stoking instability in eastern Ukraine, President Barack Obama is once again faced with the complicated reality of following through on his tough warnings against overseas provocations.

    April 15, 2014

  • Indianapolis-San Francisco flights have good start

    New nonstop flights between Indianapolis and San Francisco have been filling up with passengers during their first months in the air.

    April 15, 2014

Featured Ads
More Resources from The Herald Bulletin
AP Video
Tributes Mark Boston Bombing Anniversary Raw: Kan. Shooting Suspect Faces Judge US Supports Ukraine's Efforts to Calm Tensions Suspect in Kansas Shootings Faces Murder Charges Ukraine: Military Recaptures Eastern Airport Raw: Storm Topples RVs Near Miss. Gulf Coast NASA Showcases Lunar Eclipse Pistorius Cries During Final Cross-Examination The Boston Marathon Bombing: One Year Later Michael Phelps Set to Come Out of Retirement First Women Move to Army Platoon Artillery Jobs Sex Offenders Charged in Serial Killings Police: Woman Stored Dead Babies in Garage OC Serial Murder Suspects May Have More Victims Family: 2 Shot in Head at Kan. Jewish Center Raw: Horse Jumping Inspires 'Bunny Hop' After Attack, Officials Kill 5 Bears in Florida Popular Science Honors Year's Top Inventions ND Oil Boom Attracting Drug Traffickers
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Helium debate
Helium
Front page
Poll

Should the collective bargaining agreement be reopened between the Anderson school board and teachers before the contract is up in 2018?

Yes
No
Not sure
     View Results