NEW YORK (AP) — Stocks rallied after the threat of an immediate U.S. attack on Syria became less likely.
President Barack Obama is seeking to convince lawmakers about the need to respond to last month's alleged sarin gas attack outside Damascus, and has requested congressional authorization for limited military strikes against Syrian President Bashar Assad's regime.
The U.S. last week appeared ready to strike Syria for the attacks. That rattled the stock market and pushed up the price of oil to its highest level in more than two years. Government bonds also rallied as investors sought out the safest securities.
The Dow Jones industrial average rose 109 points, or 0.75 percent, to 14,922. The Standard & Poor's 500 gained 17, or 1 percent, to 1,649. The Nasdaq composite gained 43, or 1.3 percent, to 3,634.
Microsoft fell $1.70, or 5.1 percent, to $31.73 after the company said it would pay $7.2 billion to acquire Nokia's line-up of smartphones and a portfolio of patents and services. The company is struggling to capture a slice a slice of the lucrative mobile computing market that is dominated by Apple and Google.
In other deal news, Verizon fell $2.15, or 4.5 percent, to $45.23 after the company agreed to pay $130 billion for the 45 percent stake in Verizon Wireless owned by British cellphone carrier Vodafone.
In government bond trading, the yield on the 10-year Treasury note rose to 2.84 percent from 2.79 percent Friday.
In commodities trading, the price of oil fell 35 cents, or 0.3 percent, to $107.28. Gold rose $6, or 0.4 percent, $1,401.80.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Santa can't do it all alone. He needs elves to help with the toys and he needs the post office to help with the deliveries.
After joining a program that helps disadvantage kids, a man entrusted with children is accused of using the program to prey on a young boy.
Thieves are leaving big, gaping holes around Roswell.
A pedestrian is in critical condition Thursday night after being struck by a car in downtown Albuquerque.
New Mexico honored a fallen hero Thursday as family, friends and law enforcement officers gathered for the funeral of Sandoval County Sheriff's Sergeant Robert Baron.
It seems with every game this season he looks like the best player on the court. Lobos senior forward Cameron Bairstow continues to shine.