GO
Loading...

US stocks move higher on strong China data, reduced Syria fears

Tuesday, 10 Sep 2013 | 8:53 AM ET

U.S. stock index futures moved higher Tuesday following another upbeat round of data from China, while fears over an imminent strike on Syria receded.

Goldman Sachs, Visa and Nike will join the Dow Jones Industrial Average, replacing Alcoa, Bank of America and Hewlett-Packard. The changes will be effective with the opening of trading on Sept. 23, S&P Dow Jones Indices said in a statement. The index changes were prompted by the low stock price of the three companies slated for removal and the index committee's desire to diversify the sector and industry group representation of the index.

President Barack Obama said on Monday that he was uncertain whether he will win the Congressional vote to authorize military action, and was undecided whether he would order a strike without Congress's support.

"I'm taking this vote in Congress and what the American people are saying very seriously," Obama told NBC News.

Obama is scheduled to address the U.S. public on Syria on Tuesday evening. (CNBC.com will stream this event live.)

Meanwhile, Russia has offered a non-military solution to the crisis by asking Damascus to put its chemical weapons under international control.

In Asia, fresh data for August showed that Chinese industrial output rose 10.4 percent on the year, topping consensus estimates. Retail sales and fixed income asset investment also posted stronger-than-expected gains.

(Read more: Impressive China data fuels optimism on growth)

China's benchmark index hit a new three-month high for a second consecutive session following the news. South Korea's Kospi also reached a three-month peak and the Japanese Nikkei hit a one-month high.

Cheaper iPhone?
Apple will unveil new products at its big event on Tuesday. CNBC's Jon Fortt shares a preview of a high-end and low-end iPhone that is expected. CNBC contributor Don Luskin says he would sell today's closing price on the stock of $506.

Apple rose ahead of the company's event at 1pm ET, where the tech giant is expected to announce details of its much-anticipated iPhone 5s as well as a cheaper version of the device, dubbed the 5c.

McDonald's ticked higher after the fast-food giant reported a better-than-expected 1.9 percent increase in same-store sales in August, helped by stronger performance in Europe.

Bank of America edged higher after Bloomberg reported that the second-largest U.S. lender planned to cut nearly 2,100 jobs and close 16 mortgage offices. A spokesman said the changes reflected the bank's "ongoing efforts to streamline our facilities and align our cost structure with market realities".

Among earnings, ConAgra slumped after the maker of Chef Boyardee pasta and Slim Jim beef jerky estimated first-quarter earnings below Wall Street expectations and also cut its fiscal 2014 profit outlook.

Meanwhile, the Treasury will sell $31 billion in 3-year notes with the results available shortly after 1pm ET.

—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

On Tap This Week:

TUESDAY: 3-yr note auction, Intel Developer Forum, Apple event
WEDNESDAY: Mortgage applications, wholesale trade, oil inventories, 10-yr note auction; Earnings from Men's Warehouse
THURSDAY: Jobless claims, import & export sales, natural gas inventories, 30-yr bond auction, Treasury budget, Fed's balance sheet/money supply, Dell shareholder vote; Earnings from Kroger, Lululemon, Ulta Salon
FRIDAY: PPI, retail sales, consumer sentiment, business inventories, Wal-Mart holiday layaway begins

What's Trending on CNBC.com:

  Price   Change %Change
DJIA
---
S&P 500
---
NASDAQ
---
US 3-YR
---
FTSE
---
VZ
---
MCD
---
INTC
---
AAPL
---
GS
---
CAG
---
V
---
NKE
---
AA
---
BAC
---
HPQ
---

Contact US

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More