Syria Worries Spark Late Sell-Off In Stocks, Erasing Early Gains

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Stocks were mostly lower at the close today, giving up early gains on concerns about Syria as worries over potential military intervention in the Middle East overshadowed expectations for bullish housing data on Tuesday. While the Nasdaq continued to be underpinned by some strength in the tech sector, the Dow Industrials and S&P 500 both closed firmly to the downside.

The market gained early Monday as bearish durable goods orders eased concerns about an imminent Fed tapering, but took a turn for the worse following Secretary of State John Kerry's remarks about the use of chemical weapons in Syria and a possible response by the U.S. The move was exaggerated, however, by very light volume as today had the lowest volume of the year.

Durable goods orders fell by a much greater than expected 7.3% in July versus the consensus for a 4.0% drop. Excluding transportation orders, orders were down 0.6% against the estimates for a 0.3% increase.


Here's where the markets stood at the close:

US MARKETS

Dow Jones Industrial Index was down 64.05 (-0.43%) to 14,946.46

S&P 500 was down 6.72 (-0.40%) to 1,656.78

Nasdaq Composite Index was down 0.22 (-0.01%) to 3,657.57

GLOBAL SENTIMENT

FTSE 100 Closed

Nikkei 225 was down 0.18%

Hang Seng Index was up 0.65%

Shanghai China Composite Index was up 1.90%

UPSIDE MOVERS

AMGN - Amgen agreed to buy ONXX (+5.58%) for $10.4 billion or $125 per share.

RSH - Student discounts expected to aid back-to-school sales

QIHU - The Chinese internet company reported a 372% increase in Q2 profit from $7 million for the same quarter last year.

DOWNSIDE MOVERS

MRVL - Company requests reduction in jury award tied to Carnegie Mellon patent infringement case.

CNH - CFO Pablo Di Si has announced his resignation with CFO Massimiliano Chiara will assume the lead of both Fiat International and CNH.

ALVR - Court-appointed receiver has asked the district court of Tel Aviv to approve its sale to Valley Telekom.



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

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