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Market Update

U.S., World Markets Advance on Chinese Data and Easing Syria Worries

Author: Nichole Harper
Last Update: 3:02 PM ET September 10 2013

3:00 PM New York – Stocks on Wall Street gained and S&P 500 index advanced for the sixth day in a row after concerns about military strike against Syria eased and China reported another batch of positive economic data. Market indexes in Europe and Asia soared and crude oil eased more than $2 a barrel.

Market indexes in New York advanced for the second day after Syria worries and geopolitical concerns receded and also China economic data were better than expected.

S&P 500 index increased 0.6% or 9.64 to 1,681.32 and Nasdaq Composite Index advanced 15.78 or 0.4% to 3,722.31.

Syria worries eased after President Barack Obama sounded positive about a possible handover of chemical weapons to Russia, which could avert military strikes against Syria.

China reported better than expected economic data today after releasing better than expected trade data yesterday.

Industrial production in August increased better than expected 10.4% from a year ago and ahead of 9.7% in July, China’s National Bureau of Statistics said today.

Retail sales gained 13.4% in the month on a yearly basis, and slightly better than 13.2% in July. Urban investment in the year to August increased 20.3% after rising at 20.1% to July.

Dow Jones Index Changes

Visa Inc, Goldman Sachs Group Inc and Nike Inc gained more than 1.5% after three companies were selected for the increasingly not followed index among institutions.

Once widely popular Down Jones Average dropped Bank of America Corp, Hewlett Packard Co and Alcoa Inc.

U.S. Stocks Review

Apple Inc (AAPL) extended its 3-day gain to 4% and declined 1% after the release of new phones at cheaper prices as expected.

Apple announced the iPhone 5C that will start at $99 with a 2-year contract and Apple will make available the phone in five colors. The expensive model is called iPhone 5S and will be available in three colors including gold.

Apple also said it “massively improved” Siri digital assistant and can now pull information from Twitter and Wikipedia and several travel review sites as well.

Apple is close to expanding its customer reach by adding two of the world’s largest wireless carriers to sell its popular iPhone. The company is expected to add China Mobile Ltd and Japan’s NTT DoCoMo Inc.

E*Trade Financial Corp (EGRP) soared 4% after the online discount broker said its daily average revenue producing trades increased 5% in August from the previous month.

McDonald’s Corp (MCD) added 0.7% after the fast food restaurant chain better than expected same store sales at global locations in August.

Urban Outfitters (URBN) plunged 11% after Janney Montgomery Scott lowered its target price to $46 from $52.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc