December 8, 2013
Wall Street rallies with potential Syria action delayed
US stocks rose today after President Barack Obama opted to seek congressional authorization for military action against Syria, a move that was likely to delay any strike for at least several days.
On Wall Street, where markets were closed Monday for the Labor Day holiday, the Dow Jones industrial average was up 23.65 points, or 0.16 percent, at 14,833.96. The Standard & Poor's 500 Index was up 6.80 points, or 0.42 percent, at 1,639.77. The Nasdaq Composite Index was up 22.74 points, or 0.63 percent, at 3,612.61.
A 40 percent surge in Nokia boosted technology shares helping European equities to a one-week high after Microsoft said it would buy the Finnish company's phone business.
The STOXX Europe 600 Technology index rose 2.9 percent after the 5.44 billion euro ($7.2 billion) deal.
The Nokia transaction followed Verizon Communications' move to buy Vodafone out of their US wireless business for $130 billion.The transaction drove gains in the FTSEurofirst 300 index of top European shares, which was up 0.2 percent at 1,219.62 points.
Meanwhile, Japan's Nikkei share average advanced 3 percent to a near three-week high as fresh signs of a pickup in global manufacturing activity and a delay in potential US military action against Syria helped boost risk appetite.
The benchmark Nikkei gained 405.52 points to 13,978.44, a level not seen since August 15, adding to a 1.4 percent rise on Monday. It is up 34 percent this year, but is down 12 percent since its May peak. The broader Topix gained 2.8 percent to 1,149.18 in relatively subdued trade, with 2.43 billion shares changing hands.