Dow Swings Widely As Putin, Obama Spar About Syria

Associated Press

The market quickly took a nosedive after Russia’s president said his nation would assist Syria if it was attacked, and President Barack Obama defended the logic of a limited U.S. strike.

Update: The Dow Jones Industrial average is now higher by 9 points. The Dow was down 94 points to 14,843, after dropping nearly 150 points.  The S&P 500 index was off by 5.5 points to 1649, while the Nasdaq Composite was off nearly 17 points to 3642.  

Equities had traded higher despite a disapointing jobs report, which showed a lower unemployment rate, but more workers dropping out of the market or working part-time jobs.

With stability in the Middle East in question, the price of oil continues to climb higher, with the U.S. benchmark up $1.24, or 1.1%, to $109.61 per barrel.

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On the use of force in Syria, where the regime’s alleged use of deadly gas killed 1,400 people, including more than 400 children, according to U.S. and other reports, President Obama just said in live remarks from the G-20 summit in St. Petersburg, Russia:

“This is not something we have fabricated. This is not something we are using as an excuse for military action. I was elected to end wars, not start them. But … we have to make hard choices … this is one of those times.”

At the same conference, Russian President Vladimir Putin said his country would “assist” Syria if attacked.

Among stocks, cellular tower operator American Tower (AMT), a real estate investment trust, is up nearly 5% after saying it will buy the parent of tower operator Global Tower Partners for $4.8 billion, according to Flyonthewall.com.  Crown Castle International (CCI) is up 3%. Press release here.

Shares of Walgreen (WAG) are down 1%. The retail chain reported a strong 4.8% rise in August sales Thursday and was the subject of a favorable Barrons.com story (subscription required). Our piece, by colleague Johanna Bennett, posits Walgreen’s “stock price has yet to reflect the expected enormous impact to earnings over the next three years as the company completes its blockbuster acquisition of European pharmacy giant Alliance Boots, and embarks on a joint venture with drug wholesaler AmerisourceBergen (ABC).”