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Stocks climb, oil, gold prices fall on US advance into Iraq
New York, Mar 22: Stocks streaked higher while oil, gold and bond prices retreated on a reversal of recent safe-haven flows as US-led forces advanced deep into southern Iraq, fueling hopes of a swift end to the war.
New York, Mar 22: Stocks streaked higher while oil, gold and bond prices retreated on a reversal of recent safe-haven flows as US-led forces advanced deep into southern
Iraq, fueling hopes of a swift end to the war.
In New York, the Dow Jones industrials leapt 235.37
points (2.84 per cent) to 8,521.97, giving the blue chip index
an eight-day winning streak.
The broad Standard and Poor's 500 advanced 20.05 points (2.29 per cent) to 895.89 while the Nasdaq composite added 19.07 points (1.36 per cent) to 1,421.84.
Investor confidence was buoyed yesterday by reports that oil fields in Iraq were being secured by allied forces, that US-led land troops were deep in enemy territory, and that Iraqi air fields were falling under US control while a major air offensive got underway, with Baghdad under heavy fire .
Since the start of the rally, the Dow has gained around 13.3 per cent, and the index rose nearly 8.5 per cent on the week.
"What we've got is some reason to believe that some of the fears about how the campaign might go negatively have been diminished," said al Fred Kugel, senior investment strategist at stein roe.
"Every mile that the allies advance into Iraq means that Saddam's ability to strike Kuwait or Israel gets diminished, because he has limited-range missiles."
"Investors have had to wait a long time for a resolution of the Iraq situation, but the wait appears to be nearly over," added Mark Keller at AG Edwards. Bureau Report
The broad Standard and Poor's 500 advanced 20.05 points (2.29 per cent) to 895.89 while the Nasdaq composite added 19.07 points (1.36 per cent) to 1,421.84.
Investor confidence was buoyed yesterday by reports that oil fields in Iraq were being secured by allied forces, that US-led land troops were deep in enemy territory, and that Iraqi air fields were falling under US control while a major air offensive got underway, with Baghdad under heavy fire .
Since the start of the rally, the Dow has gained around 13.3 per cent, and the index rose nearly 8.5 per cent on the week.
"What we've got is some reason to believe that some of the fears about how the campaign might go negatively have been diminished," said al Fred Kugel, senior investment strategist at stein roe.
"Every mile that the allies advance into Iraq means that Saddam's ability to strike Kuwait or Israel gets diminished, because he has limited-range missiles."
"Investors have had to wait a long time for a resolution of the Iraq situation, but the wait appears to be nearly over," added Mark Keller at AG Edwards. Bureau Report