BUSINESS

Worries about a possible military strike against Syria push down stocks; Oil, gold prices rise

08/27/2013 11:54 EDT | Updated 10/27/2013 05:12 EDT
NEW YORK, N.Y. - Worries about a potential military strike against Syria are dragging down the stock market and sending oil and gold prices higher.

Tension is rising between Syria and the West. U.S. Defence Secretary Chuck Hagel said Tuesday that U.S. forces are ready to strike if President Barack Obama gives the order.

The Dow Jones industrial average was down 91 points, or 0.6 per cent, at 14,854 as of noon EDT Tuesday.

The Standard & Poor's 500 index fell 16 points, or 1 per cent, to 1,640. The Nasdaq composite fell 45 points, or 1.3 per cent, to 3,611.

Airline stocks plunged as traders worries about higher fuel costs.

The price of crude oil jumped 2.88, or 2.7 per cent, to $108.79 a barrel, close to its highest level this year.