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Politics : Attack Iraq? -- Ignore unavailable to you. Want to Upgrade?

To: calgal who wrote (2955)	11/13/2002 12:43:09 PM
From: calgal	Respond to of 8683

Iraq News Gives Stocks a Boost 17 minutes ago By AMY BALDWIN, AP Business Writer URL:http://story.news.yahoo.com/news?tmpl=story2&cid=568&ncid=749&e=1&u=/nm/20021113/bs_nm/markets_stocks_dc NEW YORK (AP) - An apparent easing of tensions with Iraq soothed Wall Street Wednesday, allowing stocks to recover from earlier jitters about terrorism and war. Analysts said lower prices following a three-day selloff were another factor in the market's moderate rise. Meanwhile, congressional testimony by Federal Reserve (news - web sites) Chairman Alan Greenspan (news - web sites) provided little direction, analysts said. Greenspan said the market's decline this summer and early fall and concerns about Iraq had helped weaken the economy, yet he also described the economy as "remarkably resilient." "A lot of people would like to feel that there is a reason to be in the market," said Tony Cecin, director of institutional trading at US Bancorp Piper Jaffray in Minneapolis. "A couple of good news snippets are better than a couple of bad ones. The market is seizing on whatever it can seize on." At midday, the Dow Jones industrial average was up 86.63, or 1 percent, at 8,472.63, after falling as much as 87.32 earlier. The market's broader gauges also were higher. The Nasdaq composite index rose 20.96, or 1.6 percent, 1,370.52. The Standard & Poor's 500 index advanced 7.98, or 0.9 percent, to 890.93. Stocks began the day lower amid fears of terrorism. Investors were unnerved following reports Tuesday that a tape recording purportedly by Osama bin Laden (news - web sites) had been found and that on it he had praised terrorist attacks in Bali and Moscow last month. But news that Iraq was agreeing to a U.N. resolution calling for weapons inspections lifted the market. The specter of war with Iraq contributed to a three-day slide in stocks that began late last week and continued into Monday's session. Campbell Soup rose $2.17 to $21.96 on fiscal first-quarter earnings that were 3 cents a share higher than analysts anticipated. Tiffany climbed $1.57 to $26.40 on third-quarter earnings that were a penny higher than expectations.