Markets post gains Wednesday

Sept. 10, 2013 at 5:09 PM
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NEW YORK, Sept. 10 (UPI) -- Stocks moved higher on Wall Street Tuesday as data from China showed strength in their economic recovery and worries over Syria receded.

Easing worries about Syria lowered oil prices, which was a sign welcomed by investors. In China, industrial production rose 10.4 percent in August, while retail sales rose 13.4 percent after gaining 13.2 percent in July.

On Wall Street, the S&P Dow Jones overseers of the Dow Jones industrial average said the index was due for an shakeup due to the falling stock prices of some companies. The index committee said after trading closes on Sept. 20, it would de-list Hewlett-Packard Company, Bank of America Corporation and Alcoa Inc., the later of which has been a blue-chip company for 54 years.

The three falling-from-grace companies will be replaced by sportswear firm Nike Inc., payment firm Visa Inc., and securities giant Goldman Sachs Group.

By close of trading, the Dow index added 127.94 points or 0.85 percent to 15,191.06. The Standard & Poor's 500 index gained 12.28 points or 0.73 percent to 1,683.99. The Nasdaq composite index added 22.84 or 0.62 percent to 3,729.02.

On the New York Stock Exchange, 2,007 stocks advanced and 1,070 declined on a volume of 3.6 billion shares traded.

Ten-year U.S. treasuries fell 13/32 to yield 2.960 percent.

The euro fell to $1.3269 Tuesday, while the dollar rose to 100.33 yen.

Gold shed $22.40 on the Comex division of the NYMEX, dropping to $1,364.30 per troy ounce. Silver gave up 73.2 cents to $22.985 per ounce.

In late trading, West Texas Intermediate crude oil dropped $2.10 to $107.42 per barrel.

On the Chicago Board of Trade, corn for December delivery added 5 1/2 cents to $4.69 per bushel. Soybeans for November shed 1 1/2 cents to $13.55. Wheat for December added 4 3/4 cents to $6.46.

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