Stocks Jumped for Second Day

U.S. stocks ended higher for a second day on Wednesday on strong auto sales and as a possible military action in Syria was seen as limited. The Dow Jones industrial average was up 96.91 points, or 0.66 percent, at 14,930.87. The Standard & Poor’s 500 Index was up 13.31 points, or 0.81 percent, at 1,653.08. The Nasdaq Composite Index was up 36.43 points, or 1.01 percent, at 3,649.04.

U.S. auto sales raced past expectations in August, rising at their fastest pace in nearly six years. Vehicle sales increased 17 percent in August, and the annual sales rate in the month finished at 16.1 million vehicles.

Samsung took the wraps off its new galaxy Gear smartwatch on Wednesday and, despite numerous leaks, the final product was somewhat slimmer, sleeker and cooler than anticipated.

Gold futures dropped under $1,400 an ounce on Wednesday to settle at their lowest in nearly two weeks. Gold for December delivery GCZ3 -1.32% fell $22, or 1.6%, to settle at $1,390 an ounce after rising 1.1% Tuesday on the Comex division of the New York Mercantile Exchange.

Federal Reserve Bank of San Francisco President John Williams, who has backed record stimulus, said he favors a slowing in bond buying later this year as the U.S. economy shows signs of picking up.