US STOCKS-Wall Street up as automakers, tech shares gain

Wed Sep 4, 2013 5:17pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Auto stocks up, sales race to best month since Oct 2007

* Ciena shares jump on forecast, chipmakers up

* Indexes up: Dow 0.7 pct, S&P 0.8 pct, Nasdaq 1 pct

By Rodrigo Campos

NEW YORK, Sept 4 (Reuters) - U.S. stocks rose for a second day on Wednesday as a possible military action in Syria was seen as limited and strong auto sales lifted investor confidence in the U.S. economy.

The U.S. Senate Foreign Relations Committee approved a resolution authorizing a limited U.S. military intervention in Syria, setting the stage for a debate in the full Senate next week on the use of military force.

The Obama administration is seeking support from Congress to punish Syrian President Bashar al-Assad's government over alleged use of chemical weapons on civilians. Markets have been on tenterhooks over possible spillover in the Middle East.

Shares of Ford and General Motors posted their best day of the year as August U.S. auto sales marked the strongest month since October 2007. Ford jumped 3.5 percent to $16.91 and GM added 5 percent to $35.85.

Car sales were "another piece of solid macro data and may be justifying today's move," said Ken Polcari, director of the NYSE floor division at O'Neil Securities in New York.   Continued...