US stocks rise at hint of Syria deal
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.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.