Tech Propels Stocks Higher as Syria Headwinds Recede
NEW YORK (TheStreet) -- U.S. stocks jumped Wednesday lifted by speculation about a new iPhone from Apple (AAPL) and cloud technologies from Intel (INTC) as investors awaited indications about a U.S. military strike against Syria.
The S&P 500 posted its biggest advance in two weeks, gaining 0.8% to 1,653.80, bolstered by the Federal Reserve which said summer spending on homes and automobiles helped provide "modest to moderate" growth, a trend that has also helped sustain this year's rally in equities.
"Investors are looking ahead of that -- looking through it, looking past it -- and saying, 'If there's action in Syria, historically the market sells off but then it rebounds pretty soon thereafter,'" said Troy Logan, managing director at Warren Financial Service. "I'm not saying there won't be a little bit of a pullback or selloff the moment we have action, but I think the market is somewhat pricing that in and looking past that."
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