NEW YORK (AP) — The stock market held onto early gains Tuesday as worries of an imminent U.S. attack on Syria faded.
Stocks surged early, but their advance slowed at midday in the first day of trading since President Barack Obama announced he would seek congressional approval for a military strike against Syria.
Many had expected Obama to order strikes immediately and independently of Congress, but on Saturday he said that he would put a vote before lawmakers.
“There’s a little bit of relief that any Syrian attack has been pushed out.” said Alec Young, a global equity strategist at S&P Capital IQ. “The odds of an imminent attack have gone down.”
Stocks also got a boost from a report that showed a strengthening manufacturing sector.
U.S. factories expanded last month at the fastest pace since June 2011 on a jump in orders.
The Dow Jones industrial average was up rose 18 points, or 0.1 percent, to 14,829 as of 11:53 a.m. Eastern Daylight Time. The Standard & Poor’s 500 index gained 8 points, or 0.5 percent, to 1,641. The Nasdaq composite climbed 27 points, or 0.8 percent, to 3,616.