Stocks held back by Syria worries
Stocks made modest gains on Wall Street Tuesday, held in check by worries about a US-led attack on Syria. Stocks gave much of their early gain after the top Republican in Congress said he would support President Obama's call for the US to take action.
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Stocks surged in the opening minutes of trading as worries of an imminent attack on Syria appeared slimmer after President Barack Obama announced over the weekend that he would seek congressional approval for a strike.
The stock market gave much of its early gain after the top Republican in Congress said he would support President Obama's call for the U.S. to take action.
Speaking in the late morning, House of Representatives Speaker John Boehner said the use of chemical weapons must be responded to.
"Key Republicans seem to agree with Obama on Syria," said JJ Kinahan, chief derivatives strategist for TD Ameritrade. "It puts us in a difficult situation as to what might happen from here."
The Dow Jones industrial average closed up 23.65 points, or 0.2 percent, to 14,833.96. The index had climbed as much as 123 points in early trading.
The Standard & Poor's 500 index gained 6.80 points, or 0.4 percent, to 1,639.77. The Nasdaq composite climbed 22.74 points, or 0.6 percent, to 3,612.
The stock market also got an early boost from a report showing that U.S. manufacturing expanded last month at the fastest pace since June 2011. The report was better than economist had expected, according to estimates compiled by data provider FactSet.
In corporate news, CBS surged $2.40, or 2.7 percent, to $53.50 after the broadcaster and Time Warner Cable reached an agreement that ended a blackout of CBS and CBS-owned channels such as Showtime.