Additionally, the Energy Information Administration reported that crude oil inventories dipped 200,000 barrels, while gasoline and distillates added 1.7 million and 2.6 million barrels, respectively. Cindy Wexler, an independent trader at the New York Mercantile Exchange, said in an interview that in the oil trade the petroleum status report was a secondary factor to the situation involving Syria.
West Texas Intermediate light sweet crude at the NYMEX closed higher for the first time this trading week as the October contract rose 17 cents to settle at $107.56 a barrel for the October contract. Energy stocks Newfield Exploration (NFX) and WPX Energy (WPX) were the top two gainers on the S&P, rising 7.5% and 4.7%, respectively.
Verizon (VZ) will sell as much as $49 billion worth of bonds to raise the funds needed to buy Vodafone (VOD) from their Verizon Wireless joint venture, The Wall Street Journal reported. Shares closed incrementally higher at $46.52.
Texas Instruments (TXN) narrowed its earnings guidance for the third quarter. The chipmaker said Tuesday that it expects to earn between 51 cents and 55 cents a share in the quarter, which was lower than the previous guidance of 49 cents to 57 cents a share. Analysts have predicted earnings of 53 cents a share. Company shares dropped 0.69% to $40.03.Investors appeared to absorb President Barack Obama's nationwide address Tuesday night on Syria in which he proposed a diplomatic solution with Russia's aid to seize Syria's chemical weapons arsenal thereby avoiding a military intervention in the Middle Eastern nation. Obama did reiterate that, if necessary, a limited targeted strike could be used to achieve a clear goal: "deterring the use of chemical weapons and degrading Assad's capabilities." "The Syria address last night by the president, I think, just no surprised there [went] as expected," said Kent Croft, portfolio manager with Croft Leominster. "There are not any big surprises out there right now." European markets closed higher on Wednesday. The FTSE 100 in London was up 0.07%, and the DAX in Frankfurt added 0.58%. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
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