Midday Commentary: Preferred market remains subdued on Syria, holidays; calendar to build up

By Stephanie N. Rotondo

Phoenix, Aug. 29 - There "wasn't much movement" in the preferred stock market on Thursday following Wednesday's big ex-dividend day, according to a trader.

He noted that concerns over Syria were continuing to play a role, adding that upcoming holidays - Labor Day this weekend and Rosh Hashana the following week - were keeping many players sidelined.

Still, there seemed to be a glimmer of light, as the trader said he was hearing there was a "very large new issue corporate calendar for September."

As of midday, the Wells Fargo Hybrid and Preferred Securities index was trading up 18 basis points.

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