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Concerns over attack on Syria drop U.S. stocks

By Agence France-Presse
Friday, August 30, 2013 19:00 EDT
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A stock trader makes last minute transactions at the New York Stock Exchange on Aug. 27, 2013 in New York City. [AFP]
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US stocks closed out a mostly downcast week on a sour note Friday following fresh indications the Obama administration plans military action against Syria.

At the closing bell, the Dow Jones Industrial Average lost 38.17 (0.26 percent) at 14,802.78.

The broad-based S&P 500 dropped 5.83 (0.36 percent) to 1,632.34, while the tech-rich Nasdaq Composite Index gave up 30.43 (0.84 percent) at 3,589.87.

Friday’s trade was light on the last session of the month and before the long holiday weekend. US financial markets will be closed Monday for the Labor Day federal holiday.

Uncertainty about Syria, coupled with uncertainty about the Federal Reserve’s September policy meeting and low trading volumes, produced a “buyer’s strike” this week, said David Levy, portfolio manager of Kenjol Capital Management.

“There’s just no impetus to buy,” Levy said. “We’re heading into a three-day weekend with plenty of uncertainty and we’re also heading into a month with quite a bit of uncertainty.”

[Image via Agence France-Presse]

Agence France-Presse
Agence France-Presse
AFP journalists cover wars, conflicts, politics, science, health, the environment, technology, fashion, entertainment, the offbeat, sports and a whole lot more in text, photographs, video, graphics and online.
 
 
 
 
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