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News Summary: Syria weighs on stocks

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The Associated Press | September 3, 2013 05:08 PM EST | AP


SYRIA WOES: Stocks started the day with a rally. The gains faded after the top Republican in Congress said he would support President Obama's call for the U.S. to take action, making an attack on Syria more likely.

PHONE PLAY: Microsoft paid $7.2 billion to acquire Nokia's line-up of smartphones and a portfolio of patents and services. Microsoft is trying to get a foothold in the lucrative mobile computing market that is currently dominated by Apple and Google. Investors aren't sure the software company will succeed. Microsoft fell $1.52, or 4.6 percent, to $31.88.

CLOUDS ON THE VERIZON: Verizon fell $1.37, or 2.9 percent, to $46.01 after the company agreed to pay $130 billion for the 45 percent stake in Verizon Wireless owned by British cellphone carrier Vodafone. The deal is the second-largest acquisition on record.