Midday Commentary: Diminishing Syria fears give markets a boost, but liquidity remains light

By Stephanie N. Rotondo

Phoenix, Sept. 10 - Preferred stocks were gaining in strength on Tuesday as a non-military option in regards to Syria emerged.

A trader said "the markets rallied" on news that Russia had proposed overseeing the nation's chemical weapons arsenal, a move that would likely avoid a U.S. military attack.

But while the market was firm, activity was light.

After seeing a couple deals added to the calendar on Monday, there were no new issues announced on Tuesday. Even Kayne Anderson MLP Investment Co.'s newly priced $50 million issue of 6.4% series G mandatorily redeemable preferreds weren't all that busy.

"Somebody has been looking for a market on them, but I haven't seen anything," a trader said.

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