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Stocks Gain; Dow Has Best Week Since 1982
Reuters
Friday, March 21, 2003; 4:10 PM
NEW YORK (Reuters) - Stocks surged on Friday, driving the blue-chip Dow average to its eighth day of gains and its best week since October 1982, as a devastating air assault and speculation that Saddam Hussein was dead fueled investors' hopes the war in Iraq would soon end.
U.S. and British ground forces thrust deep into Iraqi territory toward Baghdad, where Saddam's supporters dug in for a last stand, while the air attack triggered giant fireballs, deafening explosions and huge mushroom clouds above the city's center.
"The campaign by all accounts from a layman's perspective seems to be going reasonably well. I think investors have to say, 'This is going pretty well,"' said Phil Orlando, chief investment officer at Value Line Asset Management, which oversees $6 billion.
All three market gauges rose for the week, with the Dow average up 8.36 percent, its best weekly gain since October 1982. The Dow rose for an eighth day, its longest streak of gains since December 1998. The Dow has gained 13 percent since the rally began last week.
The broad Standard & Poor's 500 index <.SPX> also posted eight days of gains, its longest streak since June 1997.
The Dow Jones industrials <.DJI> climbed 234.95 points, or 2.84 percent, to 8,521.55, just off its session high. The Standard and Poor's 500 index <.SPX> jumped 19.85 points, or 2.27 percent, to 895.70, its high for the day. The tech-laced Nasdaq Composite Index <.IXIC> advanced 18.40 points, or 1.31 percent, to 1,421.17, not far from its session high.
Reuters
Friday, March 21, 2003; 4:10 PM
NEW YORK (Reuters) - Stocks surged on Friday, driving the blue-chip Dow average to its eighth day of gains and its best week since October 1982, as a devastating air assault and speculation that Saddam Hussein was dead fueled investors' hopes the war in Iraq would soon end.
U.S. and British ground forces thrust deep into Iraqi territory toward Baghdad, where Saddam's supporters dug in for a last stand, while the air attack triggered giant fireballs, deafening explosions and huge mushroom clouds above the city's center.
"The campaign by all accounts from a layman's perspective seems to be going reasonably well. I think investors have to say, 'This is going pretty well,"' said Phil Orlando, chief investment officer at Value Line Asset Management, which oversees $6 billion.
All three market gauges rose for the week, with the Dow average up 8.36 percent, its best weekly gain since October 1982. The Dow rose for an eighth day, its longest streak of gains since December 1998. The Dow has gained 13 percent since the rally began last week.
The broad Standard & Poor's 500 index <.SPX> also posted eight days of gains, its longest streak since June 1997.
The Dow Jones industrials <.DJI> climbed 234.95 points, or 2.84 percent, to 8,521.55, just off its session high. The Standard and Poor's 500 index <.SPX> jumped 19.85 points, or 2.27 percent, to 895.70, its high for the day. The tech-laced Nasdaq Composite Index <.IXIC> advanced 18.40 points, or 1.31 percent, to 1,421.17, not far from its session high.
