Tuesday Morning Business Brief
September 3, 2013, 8:49 AM
- Traders will be waiting for Wall Street to reopen today after a three-day Labor Day weekend. And they're hoping September will be a better month than August. News on consumer spending helped pull stocks lower Friday in a quiet end to the market's worst month in more than a year, with the S&P 500 index closing at a loss of 3.1 percent and the Dow Jones industrial average losing 4.4 percent. The Dow on Friday fell 0.2 percent to close just above 14,810 and the Nasdaq composite dropped 0.8 percent, closing at 3,590.
- Asian stock markets advanced today after the likelihood of an imminent U.S.-led attack against Syria faded and manufacturing rebounded in China and parts of Europe. European shares fell a day after posting strong gains. Wall Street appears headed for gains today. Dow Jones industrial futures advanced 0.8 percent and S&P 500 futures rose 1 percent.
- Oil prices fell today. Benchmark crude for October delivery was down 56 cents to $107.09 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.15 to close at $107.65 on Friday.
- Traders will be watching the Institute for Supply Management's manufacturing index for August due out today. Also, the Commerce Department releases construction spending for July.
- Nokia stock surged nearly 40 percent in early trading today, following the announcement that Microsoft is buying the company's line-up of smartphones and a portfolio of patents and services. The $7.2 billion deal was announced late Monday, and it allows Microsoft to make inroads in the smartphone market.
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