CLOSING UPDATE: Market's Winning Streak Stymied by Renewed Syrian Concerns, Tapering Uncertainty
The stock market ended its spectacular run today, closing slightly lower on light volume as renewed tensions surrounding Syria coupled with lingering uncertainty as to what the FOMC would decide next week weighed on the markets.
After three days of triple-digit gains, the rally in the Dow Industrials finally ran out of steam when provocative remarks from Russian President Vladimir Putin put a possible peaceful resolution in the Middle East in danger. And although a substantial decline in new jobless claims would provide the Fed with more ammunition to cut back asset purchases this month, the number was quickly dismissed as biased by reporting errors in several states.
Here's where the markets stood at the close:
Dow Jones Industrial Index was down 25.96 (-0.17%) to 15,300.64
S&P 500 was down 5.71 (-0.34%) to 1,683.42
Nasdaq Composite Index was down 9.04 (-0.24%) to 3,715.97
FTSE 100 was up 0.01%
Nikkei 225 was down 0.26%
Hang Seng Index was up 0.07%
Shanghai China Composite Index was up 0.64%
P, Pandora hires former Microsoft executive Brian McAndrews as CEO
DIS, Company announced plans to repurchase $4-$8 billion in stocks, doubling 2012 stock repurchases
WEN, Stock advances to 5 year high after Argus upgrades stock to Buy, raises PT to $10
MW, Reported Q2 earnings of $1.01 versus estimates for EPS of $1.14
LULU, Q2 profit falls 1.3% and company slashes Q3 forecasts
RLD, Stock was weighed down by investors' concerns about the prospects of the company's three-dimensional technology.