BUSINESS

Stock market rises, led by automakers and technology companies; Ford, GM rise on strong sales

09/04/2013 12:08 EDT | Updated 11/04/2013 05:12 EST
NEW YORK, N.Y. - Stocks are rising after automakers reported sharply higher sales for August, putting the industry on track for its best month in six years.

Investors were keeping careful watch on President Barack Obama's drive to win support in Congress for a military strike on Syria.

The Dow Jones industrial average rose 108 points, or 0.7 per cent, to 14,942 in shortly before noon Wednesday.

The Standard & Poor's 500 index rose 14 points, or 0.9 per cent, to 1,654 and the Nasdaq composite was up 36 points, or 1 per cent, to 3,648.

U.S. automakers rose sharply. General Motors gained $1.05, or 3.1 per cent, to $35.20 and Ford rose 52 cents to $16.87.

GM's sales rose 15 per cent last month, while Ford's rose 12 per cent.