Stocks in the U.S. were mixed following a win streak of six days for the S&P 500 Index as Apple tumbled its most since this past April and President Obama postponed military action against the Syrian regime led by President Bashar al-Assad.
Apple dropped by nearly 6% after analysts were disappointed with the price of its less expensive iPhone.
Marriott International was up 2.7% after a land developer in China said he wanted to buy companies that manage hotels inside the U.S.
Verizon Communications was up 0.1% after it started a bond sale that was the largest ever for a corporation.
The S&P 500 was off 0.2% in mid morning trading to 1,680, while the Dow was up 42 points. The Dow does not include Apple.
One analysts said the worry over Syria has not completely ended by the market has been able to digest the president’s decision to delay military action.
At this time, the market is waiting for the Fed meeting schedule for next week on September 17 and 18. That will be the market’s next big driver.
Thus far, in September, the S&P 500 is up 3.1% as new data from China show its economy is stronger and worries over a U.S. led bombing in Syria have abated.
Tuesday night Obama, in a speech to the nation, said he would pursue diplomacy and the proposal that Russia offered to Syria to hand over all its stockpile of chemical weapons.
Tensions over the situation in Syria recently overshadowed concern by investors that the U.S. Federal Reserve would scale back its bond buying at its next meeting. The bank has watched economic data while it decides about reducing its monthly purchases of bonds.
Economists have estimated that this month the Fed would taper back its bond buying to $75 billion, purchasing $10 billion less.
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