Newspaper article THE JOURNAL RECORD

Stock Market Soars as War Efforts Shine

Newspaper article THE JOURNAL RECORD

Stock Market Soars as War Efforts Shine

Article excerpt

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NEW YORK (AP) - The stock market swept ahead to its second-largest point gain ever Thursday, rallying around early signs of success in the military campaign against Iraq.

The Dow Jones average of 30 industrials jumped 114.60 points to 2,623.51, according to preliminary calculations.

That marked the average's biggest point gain since it climbed a record 186.84 on Oct. 21, 1987, rebounding from the crash that occurred two days earlier.

Advancing issues outnumbered declines by a wide margin in nationwide trading of New York Stock Exchange-listed stocks, with 1,517 up, 255 down and 254 unchanged.

Volume on the floor of the Big Board came to 318.89 million shares, the eighth largest total on record at the exchange, against 134.56 million Wednesday.

Stock markets around the world rose sharply through the night as investors watched the progress of air strikes in Operation Desert Storm. President Bush said Thursday that the mission was ``going forward with great success.''

News accounts of what had been happening in the attack sent bond prices soaring and interest rates tumbling in the credit markets. At the same time, oil prices plunged.

On the New York Mercantile Exchange, the price of crude oil for February delivery tumbled more than $10 a barrel, to below $22 a barrel.

Amid all the excitement, many analysts cautioned that the markets were operating on a surge of enthusiasm that might dissipate quickly.

``It's a great time to get whipsawed right now,'' said Robert Stovall at Stovall-Twenty-First Advisers Inc. ``When we sober up from this euphoria, we'll count up the costs and look again at the recession in our own economy. …

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