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March 14, 2007

Dow Rallies From Yesterday's Sell-Off

Subprime performance.

Here's a bit of AP's take on yesterday's drop:

The Dow fell 242.66, or 1.97 percent, to 12,075.96. On March 24, 2003 the index dropped 307 points when U.S. casualties began mounting in Iraq.

Really?

Casualties began mounting, huh?

March 24, 2003

U.S. and British troops continue to advance, with no meaningful opposition from the Iraqi armed forces. So far, most of the Iraqi 3rd Corps in the south has disappeared, its troops either deserting or surrendering. The U.S. 3rd Infantry division is now a few hours drive from Baghdad and the only opposition has been sniping from small groups of Saddam's secret police and Baath party loyalists.

Thanks to Zonies for poitning that out.

Well How About That: Commenters say it is correct to say the 2003 sell-off was sparked by "mounting" casualties. From thestreet.com:

Wall Street had a predictable reaction to the first significant setbacks of "Operation Iraqi Freedom." A growing realization that bringing about "regime change" in Iraq won't be quick, easy or without allied casualties sparked a sharp and substantial selloff Monday.

30 US fighters died the previous day, March 23.


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posted by Ace at 04:41 PM

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