U.S. stocks rise after Lawrence Summer agreed to withdraw his name to be the next Federal Reserve Chairman, and Russia and U.S. came to an agreement to ease the weapon control in Syria. The reason U.S. stocks rose because investors believe that Summer’s policy will be very strict and tight which will not adjust to the market. Obama is expected to announce his nomination as early as this month. Bernanke’s term ends Jan. 31, 2014.
The U.S. and Russia struck a deal on Sept. 14 demanding the destruction of Syria’s chemical weapons by mid-2014, with the U.S. saying it maintained a military option to ensure compliance.
Nasdaq lost all its gains, dragged by Apple on reports that China Telecom is offering a smaller subsidy for the new iPhones than in the past.
U.S. Industrial production also jumped 0.7%, U.S. factory activity expanded in August at the fastest pace since June 2011, buoyed by a rise in new orders rose and stronger demand from overseas.