Wall Street rose on Wednesday as the United States and its allies appeared to edge closer to attacking Syria, which lifted energy stocks and world oil prices on concerns about supply, Reuters reported. Equities bounced back after two straight days of declines, including the S&P 500 index's biggest daily fall since June. That drop was triggered by heightened tensions over a possible Western military response to an alleged chemical weapons attack on Syrian civilians by President Bashar al-Assad's government. The S&P 500 index had fallen 2 percent in the prior two days and the CBOE Volatility Index rose 20 percent, reflecting investor uncertainty. At the United Nations Security Council Britain sought authorization for military action against Syria, a move certain to be blocked by Russia. U.S. officials in Washington described plans for multinational strikes on Syria that could last for days. The Dow Jones industrial average rose 71.04 points or 0.48 percent, to 14,847.17, the S&P 500 gained 9.17 points or 0.56 percent, to 1,639.65 and the Nasdaq Composite added 26.682 points or 0.75 percent, to 3,605.206. Brent crude hit a six-month high and U.S. crude hit its highest in more than two years on concerns foreign military action in Syria may further destabilize the Middle East. The S&P energy index rose 1.9 percent to lead the top ten S&P sectors. Chevron, up 2.5 percent at $121.81, and Exxon Mobil, up 2 percent at $88.54, were the top boosts to the Dow Industrials. In contrast, the concerns over higher oil prices dented airline stocks, with the NYSE Arca airline index off 0.7 percent after stumbling 3.9 percent in the prior session. Gold prices rose to 3-1/2 month highs above $1,433 an ounce as the Syria tensions raised its appeal as a safe-haven asset. On Wall Street, U.S. government housing finance authorities are pressing JPMorgan Chase & Co for at least $6 billion to settle lawsuits over bonds backed by subprime mortgages, according to a person familiar with the matter. JPMorgan shares edged up 0.7 percent to $50.94. Shares of mining equipment manufacturer Joy Global fell 3 percent to $49.75 after it reported a lower profit for the third quarter and said orders fell. -- SPA 21:03 LOCAL TIME 18:03 GMT تغريد
