U.S.
markets rallied for a second day on Wednesday on strong U.S. auto sales figures,
erasing most of last week's losses related to the Syria situation.
U.S.
auto sales figures beat analyst expectations on the strongest monthly sales
numbers in almost six years. The auto sales data pointed to the industry's
strongest month since just before the start of the 2007-2009 recession. GM
shares were up 4.7% and Ford’s stock was up 3.7% in mid-day trading Wednesday.
This
follows upbeat news earlier this week of U.S. manufacturing growing at its
fastest pace in more than two years. With
this news, there is some consensus that the Federal Reserve may soon
slow its bond-buying stimulus program.
Investors
are keeping an eye on the developments in Syria and whether there would be a
Western-led military attack following reported chemical weapons attack on its
civilians. A clearer picture on a U.S. military move in Syria is expected after
Congress votes on measures to authorize a strike in several days, but Republican
leadership voiced support for U.S. President Barack Obama's call for military
strikes against the country.
Several sectors showed gains today with
financials, insurers, and technology leading the S&P 500. Among the leaders
mid day: Hartford Financial up almost 2%, Ciena up 13.5%, Micron Tech up 5.3%, SanDisk
Corp up 2.9%, and Cisco up 1.5%.