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U.S. Stocks Fall After Putin Says Russia Will Assist Syria

Lu Wang & Nick Taborek
Bloomberg.com [1]
September 6, 2013

U.S. stocks [2] rose as slower-than-forecast jobs growth eased concern about reductions in Federal Reserve stimulus, overshadowing an escalation in tension between America andRussia [3] over Syria [4].

Lennar Corp. and D.R. Horton [5] Inc. rose 2.6 percent to pace gains among homebuilders as bond yields plunged. Timken Co. advanced 4.5 percent after it agreed to spin off its steel unit. E*Trade Financial Corp. climbed 5 percent amid an analyst upgrade. Mattress Firm Holding Corp. dropped 16 percent after cutting its forecast.

The Standard & Poor’s 500 Index rose 0.3 percent to 1,659.88 at 11:32 a.m. in New York, erasing an earlier loss of as much as 0.9 percent. The Dow Jones Industrial Average [6] added 36.25 points, or 0.2 percent, to 14,973.73. Trading in S&P 500 stocks was 15 percent higher than the 30-day average at this time of day.

“It’s a very skittish stock market,” John Augustine, who helps manage $27 billion as chief market strategist at Cincinnati-based Fifth Third Bancorp, said in a phone interview. “We’re in a period where markets will react quickly to external news from a variety of sources, whether it’s the bond market [7], the Middle East [8], or one single economic report.”

Full story here. [1]