CLOSING UPDATE: Stocks Extend September Rally As Cooler Heads Prevail on Syria; Apple Launches New iPhone, Oil Prices Fall

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Stocks rallied for a second straight day as the conflict in Syria seems to have reached a peaceful resolution and upbeat economic data from China suggests the Asian giant may have averted a hard economic landing. A new composition for the Dow Industrials and the launch of a cheaper and more colorful iPhone also commanded attention today, all contributing to another triple-digit gain in the Dow to a 3-1/2 week high.

With geo-political tensions easing, commodity prices have retreated as both precious metals and oil close in the red. The S&P index traded above the 50 day moving average at 747.34 and the Nasdaq raced to a 13 year high, buoyed by early gains in Apple ( AAPL ) and ARM Holdings ( ARMH ).

Here's where the markets stood at the close:

US MARKETS

Dow Jones Industrial Index was up 127.94 (+0.85%) to 15,191.06

S&P 500 was up 12.28 (+0.73%) to 1,683.99

Nasdaq Composite Index was up 22.84 (+0.62%) to 3,729.02

GLOBAL SENTIMENT

FTSE 100 was up 0.82%

Nikkei 225 was up 1.54%

Hang Seng Index was up 0.99%

Shanghai China Composite Index was up 1.15%

UPSIDE MOVERS

GALT, The developer of therapeutics to treat fibrosis and cancer received notice of issuance from the U.S. Patent Office for the company's carbohydrate-based galectin inhibitor compound GR-MD-02

XNPT, Favorable preliminary results for XP23829 as a potential treatment for patients with relapsing-remitting multiple sclerosis and/or psoriasis.

FIVE, The retailer reported better than expected Q2 earnings of $0.11 per share versus estimates of $0.09 per share

DOWNSIDE MOVERS

URBN, Q3 comps to date are trending up mid-single digits (implying 5-6%), at the low end of consensus of 6-6.5%.

CROX, Trading was halted after the company warned that Q3 sales would be between $285 million and $295 million, below the Thomson Reuters mean for $305.08 million

CAG, ConAgra cuts FY14 guidance to $2.34-$2.38 per share from $2.40 per share



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: AAPL , ARMH

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