Syria Concerns Sink the Markets; Dow Off 170 Points on Tech Sector
A drop in the markets on Tuesday was fueled by fears of military confrontation in Syria by the US government. The major indices fell as oil for October delivery soared 2.8% to around $109 a barrel. Global stocks faltered on this tension as well as major currencies such as the Japanese yen and Swiss franc. Tech stocks stumbled as word got out that Facebook's (FB) COO Sheryl Sandberg sold $6.8 million worth of her shares and Microsoft (MSFT) fell further on CEO Ballmer's planned retirement next year.Bill Ackman also sold his stake in J.C. Penney (JCP) - all 18% of it - and the company hit a record trading volume on Tuesday. In the US it was reported today that consumer sentiment has risen in August, especially on jobs and earnings prospects.
Word on the Street
- Consumer confidence grows slightly in August as tax hike effects fade.
- Benchmark for emerging market stocks fall to a seven-week low on Tuesday.
- Facebook (FB) and other tech stocks decline and bring down the Dow.
- Global markets struggle on the possibility of military action in Syria.
- Tiffany & Co. (TIF) sales in China make up for lackluster business in the US.
- Syria worries cause US Treasurys to rally with the biggest 3-day gain in a year.
- Lowe's (LOW) Reports High Top and Bottom Line Growth.
Published on Aug 27, 2013By InvestorGuide Staff