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Overnight Markets: US stocks up on economic data
by Himanshu Singh on Sep 04, 2013 at 05:34
Wall Street gained on Tuesday as better-than-forecast economic figures overshadowed concern over possible military action against Syria.
The Dow Jones industrial average rose 24 points or 0.16%, to 14,834, the S&P 500 gained seven points or 0.42%, to 1,640 and the Nasdaq Composite added 23 points or 0.63%, to 3,613.
Shares gained in the early hours after President Barack Obama sought congressional authorisation before taking military action, a move seen likely to shelve any strike for at least several days. Congress returns from its summer recess on 9 September, and any vote to authorize a strike will come after that.
The positive sentiment was boosted by stronger-than-expected data on US manufacturing and construction spending that hinted the world's biggest economy was gaining traction.
Equities pared gains after Obama won endorsement from the two top Republicans in the US House for taking action against Syria.
Financial, consumer-discretionary and healthcare shares climbed the most, while utilities and phone companies had the biggest declines.
Citigroup (C) Inc. climbed 2.2%. The third-biggest US bank by assets sold more than $6 billion in private-equity and hedge-fund assets in the past month, the Wall Street Journal reported.
Bank of America Corp. added 0.9% after the lender confirmed plans to sell its remaining stake in China Construction Bank Corp. for a gain of about $750 million before taxes.
Apple (AAPL) Inc. rose 0.3% after the world’s largest technology company said it will hold a 10 September event, when it’s projected to announce new iPhones.
J.C. Penney Co. advanced 1.9% after Hayman Capital Management LP reported a 5.2% passive stake in the department store chain.
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