U.S. Stocks Pare Gains as Syria Concern Offsets Economic Data

Bloomberg (04/9) -- U.S. stocks pared gains, following the worst month since May 2012 for the Standard & Poor’s 500 Index, as growing concern about possible military action against Syria overshadowed better-than-forecast economic data. Microsoft Corp. slipped 5.9 percent after agreeing to buy Nokia Oyj’s mobile-phone business and license its patents for 5.44 billion euros ($7.2 billion). Verizon Communications Inc. dropped 3 percent after agreeing to buy Vodafone Group Plc’s 45 percent stake in Verizon Wireless for $130 billion. CBS Corp. jumped 4.7 percent after the broadcaster’s programs returned to Time Warner Cable Inc. The S&P 500 climbed 0.3 percent to 1,637.15 at 1:12 p.m. in New York, paring an earlier advance of as much as 1.1 percent. The Dow Jones Industrial Average dropped 8.85 points, or 0.1 percent, to 14,801.46, erasing an earlier advance. Trading in S&P 500 stocks was 11 percent above the 30-day average at this time of day. U.S. exchanges were closed yesterday for the Labor Day holiday.