Consumer Confidence Hits 2-Year High As Recession Fears Fade: Stock Market Optimism Soars To Record High

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5. Dow soars on hope of quick war - 2003 (A war that lasted 8 years)

The 270-point gain is fueled by prospects that a rapid U.S. victory could stabilize the economy. NEW YORK — Wall Street shot higher yesterday, scoring its best day in five months on hopes that a U.S. war with Iraq would be short and successful. The Dow Jones industrials soared nearly 270 points while the Nasdaq composite index gained more than 60.

The Standard Poor's 500 index had its the second- best day of 2003. Still, the rally was also an expected rebound following weeks of selling.

Optimism about the outcome of a military conflict allowed investors to shrug off a discouraging retail sales report. Trading volume was the most robust it has been all year.

"There is the expectation that Iraq will be resolved soon and the price of oil will come down and the outlook for the economy will improve and stock prices will rise. A lot of active investors are positioning themselves for that outcome. This (rally) reflects optimism that Iraq will be put behind us," said Hugh Johnson, chief investment officer for First Albany Corp.

https://www.capecodtimes.com/story/business/2003/03/14/dow-soars-on-hope-quick/50965677007/