Wall St posts worst day since June on Syria concerns
NEW YORK (REUTERS) - Wall Street stocks suffered their worst day since June on Tuesday, slumping in a broad decline as geopolitical uncertainty rose over a possible United States-led military strike by the West against Syrian President Bashar al-Assad's forces.
The S&P 500 closed under its 100-day moving average for the first time since June 24, a sign of weak near-term momentum. The day's fall extended recent declines on uncertainty over when the US Federal Reserve will start to slow its stimulative monetary policies.
Odds grew that a strike would occur against Mr Assad's forces for a chemical weapons attack against civilians as a number of nations and groups - including Britain, France, Canada and the Arab League - joined Washington in urging a firm response to Mr Assad. Adding to the tension, Russia has supported Syria's civil war.
"This (stocks) move is as much about the potential spillover effect in the region as it is the potential for a US strike,"said Mr Leo Grohowski, chief investment officer at BNY Mellon Wealth Management, adding that because geopolitical risk had been "ratcheted up", portfolios would need to be reallocated away from riskier investments like stocks.