US stocks rise at hint of Syria deal
In this Tuesday, Aug. 27, 2013 photo, specialist Frank Masiello works at his post on the floor of the New York Stock Exchange. US stocks Monday, Sept. 9, 2013, rose helped by optimism that a military strike on Syria might be avoided. AP PHOTO/RICHARD DREW
NEW YORK CITY—US stocks Monday rose helped by optimism that a military strike on Syria might be avoided.
At the closing bell, the Dow Jones Industrial Average was up 138.85 (0.93 percent) to 15,061.35.
The broad-based S&P 500 increased 16.39 (0.99 percent) to 1,671.56., while the tech-rich Nasdaq Composite Index put on 46.17 (1.26) at 3,706.18.
Stocks opened higher Monday morning after strong Chinese export data suggested better times for the world’s second-biggest economy.
The rally was given further strength by a Russian proposal to put Syrian chemical weapons under international control.
The US reacted cautiously to the plan, which comes as President Obama faces a skeptical reception in Congress to plans to launch a military strike on Syria. Stocks moved higher at mid-day and stayed fairly high through the close.
“The market seems to be anticipating that a strike can be avoided and a deal can be worked out,” said Peter Cardillo, chief market economist at Rockwell Global Capital.
