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White House indecision on Syria weighs on financial markets

Traders on the floor of the New York Stock Exchange
Traders on the floor of the New York Stock ExchangeNYSE

On August 30, the UK parliament voted not to support US action in Syria. The White House said it would continue to consult Britain its closest ally.

Syrian crisis causes unease in world financial markets
Syrian crisis causes unease in world financial marketsChicago Board of Options Exchange

"President Barack Obama on Saturday backed away from an imminent military strike against Syria to seek the approval of the U.S. Congress, in a decision that likely delays U.S. action for at least 10 days," reported the Chicago Tribune.

This uncertainty caused concern in the markets with the S&P 500 recording its steepest decline since May 2012.

"People are uneasy not knowing what's going on," said John Carey, portfolio manager at Pioneer Investment Management in Boston. "With that uncertainty and going into the Labor Day holiday, we're seeing people step back."

In Chicago, the Chicago Board of Options Exchange (CBOE) volatility index rose 2.2 percent, bringing its weekly rise to 22 percent, reported the Chicago Tribune and other media outlets.