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Syria, debt offerings could dominate Wednesday trade

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With markets yo-yoing on every news development, the focus will again be on Syria Wednesday, after President Obama's speech to the nation Tuesday night.

Stocks rallied Monday on improved data from China but also as the Syrian crisis appeared to progress through diplomatic channels. The Dow and S&P 500 this week have had their best two day performance since June, and the was up 22 at 3729, a new 13-year high.

(Read more: Why new Dow stocks could add to market volatility)

The Dow finished up 127 at 15,191 Tuesday, and the S&P was up 12 at 1638. Meanwhile, rates crept higher and traders kept watch on the 10-year as it edged near 3 percent.

Secretary of State John Kerry plans to meet his Russian counterpart in Switzerland Thursday to discuss a plan that would require Syria to hand over its chemical weapons stash. The Syrian government Tuesday appeared to be open to the Russian proposal, with its foreign minister saying Syria was ready to cooperate on the Russian initiative .