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.
Stocks pared gains today after Speaker of the House John Boehner said he will support President Barack Obama’s call for action against Syria.
The S&P 500 climbed 0.3% to 1,637.15, paring an earlier advance of as much as 1.1%. The Dow Jones Industrial Average dropped 8.85 points, or 0.1%, to 14,801.46, erasing an earlier advance.
Utilities and phone companies had the biggest decline among 10 S&P 500 industries, dropping at least 1.1%. Consumer-discretionary, financial and raw-materials shares climbed more than 0.4%.
Microsoft Corp. slipped 5.9% 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% after agreeing to buy Vodafone Group Plc’s 45% stake in Verizon Wireless for $130 billion.
CBS Corp. (CBS) jumped 4.7% after the broadcaster’s programs returned to Time Warner Cable Inc.
Apple (AAPL) Inc. rose 0.9%. The world’s largest technology company said it will hold a Sept. 10 event, when it’s projected to announce new iPhones.
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