Stock market rises sharply, Syria strike on hold

AP News
Posted: Sep 03, 2013 9:42 AM
Stock market rises sharply, Syria strike on hold

NEW YORK (AP) — The stock market is opening sharply higher on the first U.S. trading day since President Barack Obama announced that he would seek congressional approval for a military strike against Syria.

The Dow Jones industrial average was up 99 points to 14,909 shortly after trading began Tuesday. The Standard & Poor's 500 index added 16 points to 1,649. The Nasdaq composite was 44 points higher to 3,633.

Many expected Obama to order strikes immediately and independently of Congress, but on Saturday, he said that he would put a vote before lawmakers when they return from summer recess.

Microsoft shares fell $1.47, or 4 percent, to $31.90 after the software company said it would buy Nokia's line-up of smartphones and a portfolio of patents.