Midnight Trader | Aug 26, 2013 04:13PM ET
Stocks were mostly lower at the close Monday, giving up early gains on concerns about Syria as worries over potential military intervention in the Middle East overshadowed expectations for bullish housing data on Tuesday. While the Nasdaq continued to be underpinned by some strength in the tech sector, the Dow Industrials and S&P 500 both closed firmly to the downside.
Anger From D.C.
The market gained early Monday as bearish durable goods orders eased concerns about an imminent Fed tapering, but took a turn for the worse following Secretary of State John Kerry's remarks about the use of chemical weapons in Syria and a possible response by the U.S. The move was exaggerated, however, by the lightest trading day in terms of volume so far this year.
Durable goods orders fell by a much greater than expected 7.3% in July versus the consensus for a 4.0% drop. Excluding transportation orders, orders were down 0.6% against the estimates for a 0.3% increase.
h3 Here's Where The Markets Stood At The Close/h3 U.S. MARKETS
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