real-time news and commentary for investors
Monday, Aug 26
Stocks slide after Kerry's remarks on Syria, debt limit report
- Sec. of State Kerry's remarks on Syria, while providing no real surprise, were enough to spook a thinly traded market on an otherwise quiet day - one of the slowest days yet this summer.
- The Dow had been relatively unchanged before falling 100 points from its intraday high after Kerry's comments, which were the clearest indication yet that the U.S. may be preparing to attack the Assad regime.
- Adding to jitters was a report the U.S. government would hit the debt limit in mid-October, a more precise estimate than in the past.
- Healthcare stocks led the way, sparked by Amgen's (+7.7%) $10.4B deal to buy Onxx Pharma (+5.5%).
- Treasury prices rose following a big miss on durable goods orders; the yield on 10-year Treasurys fell to 2.788%.