Stocks steady on day after sell-off

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NEW YORK (CNNMoney)

The Dow Jones industrial average, S&P 500 and Nasdaq moved slightly higher in early trading after Tuesday's sharp fall in reaction to a potential strike on Syria.

World markets continued to tumble Wednesday. European markets were in negative territory in afternoon trading, while Asian markets ended in the red. Both Japan's Nikkei and Hong Kong's Hang Seng fell by as much as 1.6%.

Investors moved into assets deemed "safe," pushing up the prices of gold and U.S. Treasury 10-year bonds. Oil prices also surged another 1% after rising 3% on Tuesday.

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The world seems increasingly convinced that the U.S. -- and its allies -- will make a military strike against Syrian government forces in the coming days. U.S. officials report that Syrian forces used chemical weapons to attack innocent people.

"Those who use chemical weapons against defenseless men, women and children should and must be held accountable," said Vice President Joe Biden in a speech to the American Legion.

Oil stocks Chevron (CVX, Fortune 500) and Exxon Mobil (XOM, Fortune 500) were some of the best performing in the Dow on the news. Shares of Chevron rose 2.2% and Exxon was up about 1.2%.

In India, the rupee extended losses to another record low on Wednesday as investors continued to pull money out of the country. India is a big importer of oil and rising prices will further strain the country's finances.

First Published: August 28, 2013: 9:37 AM ET

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