Closing Bell: Stocks Gain, Oil Dips as Investor Fears of Syria Strike Fade

new york stock exchange traders investing wall street earnings
Ramin Talaie/Getty Images
Stocks rose and oil prices fell Tuesday as the risk that the U.S. would attack Syria appeared to fade.

The Dow Jones industrial average (^DJI) picked up 127 points, or 0.7 percent, to 15,191, the Standard & Poor's 500 index (^GPSC) gained 12 points, or 0.7 percent, to 1,684 and the Nasdaq composite index (^IXIC) added 22 points, or 0.6 percent, to 3,729.

Fears of action against Syria eased after President Barack Obama said Monday he saw a possible breakthrough in the situation after Syria's prime minister backed a Russian proposal that Syria hand over its chemical weapons to representatives of Russia, the UN and "other countries" for destruction.

Crude oil, which had closed above $110 a barrel Friday, lost $2.13, or 2 percent, to $107.39 a barrel.

Apple (AAPL) introduced two new iPhones, including the "iPhone 5C" that comes in five colors and starts at $99 with a contract. The new model is priced to bring one of the industry's costliest smartphones within reach of the masses in poorer emerging markets.

But the announcements left investors unimpressed. Shares of Apple, the most valuable technology company, lost $11.53, or 2.3 percent, to close at $494.64 and were the biggest drag on the S&P 500 and Nasdaq composite indexes.

In related news, the makeup of the Dow is getting a shakeup. It's dropping Bank of America, Hewlett-Packard and Alcoa, to be replaced by Goldman Sachs, Nike, and Visa at the start of trading on Sept. 23. The Dow is made up of 30 stocks.

S&P Dow Jones Indices said the change won't disrupt the level of the industrial average. It said it made the change to diversify the sector and industry group representation of the index.

Hewlett-Packard (HPQ) dipped 0.4 percent to $22.27, Alcoa (AA) was off a mere 3 cents to $8.06 and Bank of America (BAC) actually rose almost 1 percent to $14.61. Meanwhile, Visa (V) rose 3.4 percent to $184.59; Nike (NKE) added 2.2 percent to $66.82; and Goldman Sachs (GS) tacked on 3.5 percent to $165.14.

Tesco, Britain's largest retailer by sales, has agreed to sell 150 of its 200 loss-making Fresh & Easy stores in the United States to Los Angeles-based Yucaipa Cos., a private-equity firm. Tesco chief executive Philip Clarke said more than 4,000 jobs will be protected by the sale.

More Stocks in the News:
  • McDonald's (MCD) gained 0.5 percent to $96.89 after the fast-food restaurant chain reported a better-than-expected 1.9 percent increase in global sales at established restaurants in August.
  • Shares of Urban Outfitters (URBN) slid more than 10 percent to $38.35 after the retailer said its third-quarter sales increases were weaker than earlier in the year.
  • ConAgra (CAG) shares lost 6 percent to $31.54 after it revised downward its expectations for first-quarter profit below analyst expectations, because of weak sales at its consumer foods business, which includes Chef Boyardee canned pasta, Hunt's sauces and Slim Jim beef jerky. The stock ended Monday up 14 percent for the year.
  • PVH Corp. (PVH) shares sank 5.6. percent to $124.66 after the clothier gave a weak outlook for the year. The company, whose brands include Calvin Klein and Tommy Hilfiger, warned late Monday that is taking a cautious stance on the remainder of the year due to uncertain economic conditions.
  • Microsoft (MSFT) rose 2.3 percent to $32.39 on rumors about who might succeed CEO Steve Ballmer when he retires next year.
  • Netflix (NFLX) jumped 6.4 percent to $313.06 as it continued to regain investor confidence after gaffes two years ago that initially drove away subscribers.
What to Watch Wednesday:
  • The Commerce Department releases July data on wholesale trade.
  • Men's Wearhouse (MW) is scheduled to report quarterly corporate earnings.
-Compiled from staff and wire reports.

Increase your money and finance knowledge from home

Investing in Startups

The lucrative and risky world of startups.

View Course »

Asset Allocation

Learn the most important step in structuring an investment portfolio.

View Course »

Add a Comment

*0 / 3000 Character Maximum


Filter by:

Waiting a month after an attack to strike back doesn't cut it. What if we had waited a month after Pearl Harbor? Obama wants war. He should have gone ahead

September 11 2013 at 2:48 PM Report abuse +1 rate up rate down Reply
Colin Snider

Are you in need of an accurate data feed that can be integrated seamlessly onto your website? Barchart Market Data offers market data feed for websites that utilizes innovative software. These feeds are cross-checked with their large database to ensure accuracy. The latest software guarantees the data feed will work well on your website and off. Barchart offers only the best in premium services, which includes their data feeds.

September 11 2013 at 10:51 AM Report abuse rate up rate down Reply

On Social Security and medicare, thank a democrat. If you want to end these 2 fine programs vote republican. Lets save these 2 fine programs for our children and grand children. Only the democrats can save these programs.

September 10 2013 at 10:58 PM Report abuse +2 rate up rate down Reply
1 reply to toosmart4u's comment

toosmart is not too smart

September 11 2013 at 2:49 PM Report abuse +1 rate up rate down Reply

The American people are tired of wars. Thanks to Bush Jr. we have been at war for the past 14 years and still at it today. Our wars are the product of our defense contractors. Vietnam, Iraq, etc. was for the contractors to pratice their new weapons. Now they have come out with a new vehicle, cost 260,000 each if ordered 15,000 at a time. The GOP is in the pocket of the defense contractors.

September 10 2013 at 10:56 PM Report abuse +1 rate up rate down Reply

Obama should have struck immediately after the gas attack if he was going to strike at all. He just wants to be able to blame Congress if anything goes wrong.

September 10 2013 at 9:05 PM Report abuse -1 rate up rate down Reply

Watch Obama's tough talk tonight drop the market 200 points tomorrow.

September 10 2013 at 8:55 PM Report abuse -1 rate up rate down Reply

Obama wants to go to war. If a Republican wanted to go to war, we libs would crucify him. We are such hypocrites.

September 10 2013 at 8:40 PM Report abuse -1 rate up rate down Reply

Crude is heading for 75/barrel, dump and short now before the tank....

September 10 2013 at 7:16 PM Report abuse rate up rate down Reply