WALL ST SINKS AFTER PAYROLLS, SYRIA STILL A CONCERN [Daily Tribune (Bahrain)]
(Daily Tribune (Bahrain) Via Acquire Media NewsEdge) ? ? U.S. stocks fell yesterday as the August payroll report came in weaker than expected and as the prospect of a possible Western-led strike against Syria continued to weigh on sentiment. Equities had opened higher but turned negative in early trading, though they remained on track for weekly gains. Before the report came out, Chicago Fed President Charles Evans said the Fed could begin to wind the stimulus down later this year, though he didn't specify a month. The Dow Jones industrial average was down 113.31 points, or 0.76 per cent, at 14,824.17.
The Standard & Poor's 500 Index was down 8.56 points, or 0.52pc, at 1,646.52. The Nasdaq Composite Index was down 26.34 points, or 0.72 percent, at 3,632.44. For the week, the S&P 500 is up 0.8pc and the Nasdaq is up 1.1 percent. The Dow is up less than 0.1 percent on the week. If that holds, the blue chip index will end a four-week string of losses. Investors are continuing to assess the possibility of a U.S.-led strike against Syria in retaliation for an alleged chemical weapons attack against its civilians. U.S. President Barack Obama has received support in his bid to get Congressional authori sation for a strike, though he also faces growing pressure at the Group of 20 summit in Russia not to use military force. Russia said it would continue to continue its current support for Syria in case of an attack. The issue "is a real overhang, especially as it relates to how the U.S. and Russia interact," said David Carter, chief investment officer at Lenox Wealth Advisors in New York. "Things could get ugly for riskier assets given the geopolitical uncertainty, though it may be good oil and other commodities." Energy prices have been among the most volatile on the issue, with investors concerned that military action in the Middle East will weigh on oil supplies. Crude oil has spiked about 3pc over the past two weeks and rose 1.3pc. American Tower Corp rose 4.4pc to $71.83 after the company agreed to buy Global Tower Partners for $4.8 billion. Timken Co rose 2pc to $61.43 after the company's board approved a plan late Thursday to spin off its steel business from its bearings and power transmission operations. At least three brokers raised their price targets on Infoblox Inc a day after the network security company reported its fourth-quarter results. The stock jumped 7.3pc to $37.82. ? ?
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