This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks Gain as Syria Concerns Trigger Choppy Session

NEW YORK ( TheStreet) -- U.S. stocks closed higher Tuesday as comments from President Obama, House Speaker John Boehner and Secretary of State John Kerry about a military strike on Syrian government targets created a din of mixed messages, impeding the market's advance.

The S&P 500 rose 0.4% to close at 1,639.77. The Dow Jones Industrial Average added 0.2% to 14,833.96 while the Nasdaq finished the day up 0.6% to 3,612.61.

The S&P posted a choppy session that witnessed a pop at the open on upbeat global manufacturing reports and a slew of deals led by Microsoft's (MSFT - Get Report) decision to purchase Nokia's (NOK - Get Report) Devices & Services business in a transaction valued at $7.17 billion. But markets turned lower by mid-day on concerns that the U.S. may strike Syria in retaliation for an alleged chemical warfare attack.

Microsoft declined by 4.6% to $31.88 following the Nokia announcement of an acquisition that amounts to a big bet by outgoing CEO Steve Ballmer on manufacturing devices. Nokia American depositary receipts surged 31% to $5.12.

Microsoft plans to acquire a Nokia division that makes mobile phones, including the line of Lumia smartphones that run Windows Phone software.

By late-afternoon, investors appeared to return their focus to generally upbeat macroeconomic news highlighted by increased manufacturing output in August, according to data made public by the Institute for Supply Management. The institute's Manufacturing Index showed a rise to 55.7 from 55.4 in July. Economists on average were expecting an edge down to 54, according to a poll of analysts by Thomson Reuters.

The report followed improved manufacturing from both China and Europe, data released on Monday showed.

The final Markit U.S. Manufacturing Purchasing Managers' Index for August, published before the open, looked to be consistent with a moderate improvement in overall manufacturing business conditions. The measure came in at 53.1, down from 53.7 in July and below the earlier flash estimate of 53.9.

Verizon Communications (VZ - Get Report) slid 2.9% to $46.01 on news of its $130 billion cash-and-stock agreement to buy a 45% stake in Verizon Wireless from U.K. partner Vodafone (VOD). The transaction would be the biggest deal since Vodafone bought Germany's Mannesmann for $180.95 billion in 2000. Vodafone was off 1.1% to $32.01.

New York-based Verizon said it will pay Vodafone $58.9 billion in cash, funded, as expected, with a $61 billion bridge loan from a number of banks, including JPMorgan Chase and Morgan Stanley.

CBS (CBS - Get Report) jumped 4.7% to $53.50 after reaching a deal with Time Warner Cable (TWC - Get Report) to end a four-week blackout of the network's programming for roughly 3 million subscribers to the cable-TV provider. Time Warner Cable advanced 1.8% to $109.25. Programming resumed in millions of homes on Monday evening.

Jarden (JAH - Get Report) gained 10% to $47.43 as the consumer products company agreed to buyYankee Candle, the nation's largest maker of scented candles, for $1.75 billion in cash, The Wall Street Journal reported, citing people familiar with the matter.

July construction spending numbers exceeded expectations. The Census Bureau reported a gain in spending by 0.6%, up from an upwardly revised unchanged level for the prior month. Economists were forecasting a rise of 0.3%.

The benchmark 10-year Treasury was dropping by 20/32, raising the yield to 2.862%.

-- Written by Andrea Tse and Joe Deaux in New York

>To contact the writer of this article, click here: Andrea Tse.>

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
CBS $40.30 0.00%
JAH $49.84 0.00%
MSFT $45.57 0.00%
NOK $6.91 0.00%
VOD $31.89 0.00%


Chart of I:DJI
DOW 16,472.37 +200.36 1.23%
S&P 500 1,951.36 +27.54 1.43%
NASDAQ 4,707.7750 +80.6910 1.74%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs