TECH STOCKS: Developments In Iraq Boost Markets - InformationWeek
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7/22/2003
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TECH STOCKS: Developments In Iraq Boost Markets

Confirmation that U.S. forces killed two of Saddam Hussein's sons sent the markets higher.

Stocks reversed their recent downward trend Tuesday immediately following early reports, and a later confirmation from U.S. Central Command, that two men killed in a six-hour shootout in the northern Iraq city of Mosul are the sons of former dictator Saddam Hussein. Odai and Qusai were ranked Nos. 2 and 3 on the U.S. most-wanted list in Iraq.

All major markets ended up for the day. The Dow Jones industrials rose 61.76 points, or 0.7%, to close at 9,158.45. The Nasdaq composite index rose 24.61 points, or 1.5%, to close at 1,706.02. The S&P 500 rose 9.30 points, or 0.95%, to end at 988.10.

The Nasdaq-100 tracking stock closed at $31.31, up 43 cents, or 1.4%, for the day on moderate volume of 80 million shares. Our InformationWeek 100 rose 4.73 points, or 1.9%, to close at 253.02.

"The market is celebrating a bit," Arthur Hogan, chief market analyst at Jefferies & Co., told The Associated Press. "One of the major pieces of background noise [in the market] was the disappointment that we don't have clear evidence of weapons of mass destruction [by Iraq] or clear evidence that we have Saddam Hussein or any of his direct relatives."

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