Syria Concerns Crush Stocks: Tuesday’s IP Market Recap

by Marc Bastow | August 27, 2013 4:43 pm

InvestorPlace Market RecapConcerns regarding Syria resulted in losses across the board today. Political and military threats in the Middle East by the leaders of Western Nations — including hints of a U.S. airstrike[1] — against Syrian President Bashar Assad led to an early sell-off, and the markets fell further as the day progressed.

Oil rose amid the turmoil,with West Texas Intermediate prices jumping 2.8% to $108 per barrel, and Brent gaining 3.1% to end at $114 per barrel.

The Nasdaq led the way down, tumbling 2.16% to close at 3578.52 and sending the index into negative territory for August. The S&P 500 fell 1.59% to close at 1630.48 — its lowest level since July 3 — and the Dow Jones Industrial Average fell 1.14% to end at 14,776.13.

While losses were broad across virtually all sectors, technology stocks took center stage thanks to Facebook (FB[2], -4.11%), Apple (AAPL[3], -2.86%), Microsoft (MSFT[4], -2.61%), Google (GOOG[5], -1.87%) and Oracle (ORCL[6], -1.73%).

Bank stocks also took a big hit, with Wells Fargo (WFC[7], -3.02%), Citigroup (C[8], -2.74%), Bank of America (BAC[9], -2.62%) and JPMorgan (JPM[10], -2.32%) all losing ground by day’s end.

Next up, JCPenney (JCP[11]), slid over 1% after Pershing Square Capital’s Bill Ackman unloaded his 18% stake, losing nearly $500 million[12] on the sale of those shares to Citigroup.

Even good news did little to improve the market mood, as luxury retailer Tiffany (TIF[13]) fell just over 1% despite posting higher quarterly profits[14] for the second quarter and increasing its full-year earnings guidance.

Three Up

Three Down

Marc Bastow is an Assistant Editor at As of this writing he was long MSFT and AAPL.

  1. hints of a U.S. airstrike:
  2. FB:
  3. AAPL:
  4. MSFT:
  5. GOOG:
  6. ORCL:
  7. WFC:
  8. C:
  9. BAC:
  10. JPM:
  11. JCP:
  12. losing nearly $500 million:
  13. TIF:
  14. posting higher quarterly profits:
  15. STXS:
  16. KNDI:
  17. GT:
  18. NBG:
  19. CSIQ:
  20. UAL:

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