Stocks Stage Big Rally As Senate Committee Votes For Syria Attack

Michael Teague |

Stocks rose significantly on Wednesday, equally undeterred by the late announcement of the Senate Foreign Relations Committee’s 10-7 vote in favor of US military action in Syria, as well as another 6-minute outage on the NASDAQ OMX fee.

The rally was impressive, with the Standard & Poor’s 500 index up 0.81 percent to 1,653.08 points, the Dow Jones Industrial Average rising 0.65 percent to 14,930.87, and the NASDAQ 1.01 percent higher to 3,649.04 points.

Positive economic data had a role in the day’s trading, with the big 3 US automakers all reporting strong sales for the month of August. Meanwhile, the Federal Reserve’s latest Beige Book indicated “modest to moderate” overall economic growth in the US economy. But the real market-moving information of the day could likely have originated from strategists at Deutsche Bank (DB) and Morgan Stanley (MS) , who set their targets for the S&P to 1,750 for the year end, and 1,840 over the next 12 months (respectively).



Shares for Ford (F) and General Motors (GM) helped to lift the S&P higher, along with significant advances for tech stocks, with Micron Technology (MU) and Intel (INTC) ending the day higher.

26 of the Dow’s components ended the day in the black, with Intel at the top of the pile, followed by Coca-Cola (KO) and Verizon Communications. Tech shares were also 3 out of the index’s 4 worst performers, with Microsoft (MSFT) , Hewlett-Packard (HPQ) , and IBM (IBM) all lower by the closing bell.

Tech shares were also a crucial factor in the NASDAQ’s end result on Wednesday, accounting for 13 of the index’s 20 highest-volume advances. Aside from those already mentioned, Vodafone (VOD) , Himax Technologies (HIMX) , and CIENA Corp. (CIEN) closed the day on gains. Apple (AAPL) added nearly two percent to finish at just shy of $500.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer

Companies

Symbol Name Price Change % Volume
HIMX Himax Technologies Inc. 8.22 -0.11 -1.32 2,886,031 Trade
INTC Intel Corporation 35.17 -0.64 -1.79 19,532,128 Trade
IBM International Business Machines Corp 140.70 -1.80 -1.26 4,422,819 Trade
MS Morgan Stanley 45.09 -0.92 -2.00 9,427,021 Trade
VOD Vodafone Group Plc 28.56 -0.45 -1.55 3,549,563 Trade
DB Deutsche Bank AG 16.44 -0.60 -3.52 8,038,932 Trade
GM General Motors Company 35.00 -0.75 -2.10 7,275,959 Trade
CIEN Ciena Corporation 23.51 -0.61 -2.53 2,312,825 Trade
F Ford Motor Company 10.64 -0.16 -1.48 35,529,796 Trade
HPQ HP Inc. 18.64 -0.33 -1.74 9,284,598 Trade
MU Micron Technology Inc. 29.62 -1.07 -3.49 26,225,890 Trade
MSFT Microsoft Corporation 72.40 -1.25 -1.70 22,981,053 Trade
AXXE Axxess Pharma Inc. n/a n/a n/a n/a

Comments

Emerging Growth

Taranis Resources Inc.

Taranis Resources Inc is an exploration stage company. The Company along with its subsidiaries is engaged in the acquisition and exploration of mineral properties. Its projects include Thor Property in…

Private Markets

Mesa-Marshall 2 Well Project

MESA Resources ("MESA") is sponsoring the development of the two well direct drilling project -- "Mesa-Marshall #1-2". MESA, founded in 1992, is engaged in the acquisition, exploration and development of…

California Green Tree Development

California Green Tree Development LLC (CGTD) is a for-profit LLC that plans on using California’s booming market of legal cannabis products for medical purposes. As an unprecedented resource, Cannabis has…