Sept. 3 - Summary: Wall Street rally scaled back as Republican leaders support Syria strike, overshadowing upbeat factory data and global deals. Conway G. Gittens reports.
PLEASE NOTE: THIS EDIT CONTAINS CONVERTED 4:3 MATERIAL U.S. stocks rise on signs of a global pick-up in manufacturing... But gains were limited as Republican leaders say they will back a strike against Syria. Speculation is building about what's next for the iPhone. A subtle hint came in the form of an official media invitation with the tag "this should brighten everyone's day" with pastel colors surrounding the Apple logo. Apple is expected to unveil new colors for its most profitable device, as well as a cheaper plastic version at an event on September 10th. Sticking with telecom, Microsoft is going all-in when it comes to the mobile handset business. The technology giant agreed to buy Nokia's cell phone hardware unit for $7.2 billion. The two were already partners in a joint venture. Wow how the mighty have fallen! Nokia used to be the global cell phone leader - that was before the rise of Apple and Samsung. But skeptics abound on whether Microsoft can do for Nokia what Nokia could not do for itself. Shares of Microsoft were down 4-1/2 percent by the end of the session. Meanwhile, U.S. investors had the chance to react to the final terms of the Verizon Wireless deal released during the holiday on Monday. Shares of Verizon fell nearly 3 percent as it pays $130 billion for the rest of Verizon Wireless. Bank of America is getting out of China. It is launching a $1-1/2 billion share offering in China Construction Bank. The sale marks the end of an eight-year relationship as Bank of America looks to strengthen its finances after stumbling through the financial crisis. The bank may also be trying to get out ahead of a rising tide of bad Chinese loans. In Europe, Nokia was unable to keep investors a-calling, as markets worry about military action against Syria.