US STOCKS set to close higher

U.S. stocks rose, with the Standard & Poor’s 500 Index rebounding from an eight-week low yesterday, as energy shares rallied on higher oil prices amid growing speculation there will be a military strike against Syria.

The S&P 500 rose 0.4% to 1,636.42.The Dow Jones Industrial Average added 53.14 points, or 0.4%, to 14,829.27.

The S&P 500 slid 1.6% yesterday to the lowest level since July 3 amid concern the U.S. will take action against Syria. The U.S. and its allies are moving closer to a military strike in response to an alleged chemical weapons attack near Damascus last week. President Barack Obama plans to release an intelligence assessment this week and U.K. Prime Minister David Cameron said Britain will put forward a draft resolution at the United Nations today authorizing action to protect civilians.

Data today showed fewer Americans signed contracts in July to buy previously owned homes. The index of pending home sales dropped 1.3%, the most this year, after a 0.4% decrease in June, according to figures from the National Association of Realtors. Economists forecast no change in the gauge from the month before.

Seven out of 10 main industry groups in the S&P 500 rose, with energy companies jumping 2.1% to pace advances. 

Chevron advanced 2.7%. Exxon Mobil rallied 2.1%. Marathon Oil Corp. increased 4%. Oil futures climbed 0.9% to the highest since September 2008.

TiVo Inc. climbed 5.4% after the maker of digital-video recorders posted a profit. 

Joy Global Inc. lost 4.5% as the mining equipment maker said orders for new equipment are declining. 

PulteGroup Inc. and D.R. Horton Inc. declined at least 1%as pending sales of existing homes unexpectedly fell in July.