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Stock Market Today: Stocks Pare Gains After Boehner Backs Obama Over Syria

Tuesday, September 3, 2013 12:03:40 PM
How is the stock market today? U.S. stocks pared early gains to turn modestly higher by mid-day trade on Tuesday after house speaker; John Boehner endorsed Obama views on Syria and backed U.S. military intervention, overshadowing a set of upbeat economic data from across the world.

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At last check, the Dow Jones was up 0.11%; the NASDAQ Composite Index was gaining 0.73% while the S&P 500 Index was edging up 0.45%.

The U.S. manufacturing activities expanded at its fastest pace since more than last two years in August. The Institute of Supply Management’s manufacturing-PMI rose to 55.7. A reading more than 50 signifies expansion in manufacturing activities.

According to the Commerce Department, the U.S. construction spending rose 0.6% to annual rate of $901 billion in July, beating economists’ forecast for a 0.3% gain.

Meanwhile, in the euro zone, manufacturing activities expanded at its fastest pace since May 2011 in August. In the U.K.; the construction spending climbed to its highest level since nearly two years in August.

In China, manufacturing activities rose to its four-month high in August.

CBS Corporation (NYSE: CBS) has signed in an agreement with Time Warner Cable Inc. (NYSE: TWC) on Monday thus ending a month long blackout of its programming over an issue related to hike in fees.

Shares of Nokia ADR (NYSE: NOK) skyrocketed on Tuesday after Microsoft Corporation (NASDAQ: MSFT) agreed to buy its phone business for $7.2 billion.

Elsewhere in Europe, all leading averages were trading lower, at last check.

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