Wall Street notched its longest winning streak in nearly three years yesterday, as investors picked up shares before the deadline President George Bush set for Iraqi leader Saddam Hussein to flee or face war.
Analysts said volume was somewhat light as many investors chose to see what happened once the 1am (Irish time) deadline passed. Tech shares, however, sagged on a cautious outlook from Oracle.
“There’s a sense of relief that we now understand all the war variables for the first time in a month,” said Brian Pears, head equity trader at Victory Capital Management. ”We know there’s a military solution. That euphoria won’t last forever, but it certainly accounts for one of the best rallies in three years.”
The Dow Jones industrial average closed up 71.22, or 0.9 percent, at 8,265.45, for a six-day advance of 741 points. It was blue chip stocks’ highest closing level since Jan. 23, when the Dow finished at 8,369.47.
The Standard & Poor’s 500 index rose 7.57, or 0.9%, to 874.02. The last time the Dow and S&P 500 saw six straight days of gains was August 2000.