Reverse Spin: Investors hear abbreviated-war drums.(Briefs)

Investment News, March, 2003

Byline: Frederick P. Gabriel Jr. Never let it be said that the folks on Wall Street aren't an optimistic bunch. The market shot up Thursday on speculation that a possible war with Iraq would be short and sweet. The Dow Jones Industrial Average soared 269.68 points, or 3.6%, its best one-day advance in five months, to close at 7,821.75.

The Nasdaq Composite Index spiked 61.53, or 4.8%, to close at 1,340.77, also marking its best one-day gain in five months. ``There is the expectation that Iraq will be resolved soon and the price of oil will come down and stock prices will rise. A lot of active investors are positioning themselves for that outcome,'' said Hugh Johnson, chief investment officer of First Albany Corp. in Albany, N.Y. Up, up and...

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