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Is war good for the market?
Maybe Wall Street doesn’t really like a war, after all. Richard Sylla, professor of financial institutions and market history at New York University, said past wars typically haven’t been good for stocks.
There was panic in World War I, with the New York Stock Exchange closed for five months after European investors liquidated their assets, Sylla said. Investors weren’t active in World War II, and during the long conflict in Vietnam, the market was terrible, he said.
“It was a long, drawn-out war, saw a lot of body bags coming home, we had an oil (crisis), as well as rising interest rates,” he said. “The market was next to nothing.”
The recent rally, Sylla said, stems from investors’ fear they’ll miss out on the kind of pop stocks saw in 1991 after the Gulf War began. Of course, past performance is no indication of future gain.
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Which British golfer became the youngest ever to play in the Ryder Cup when he did so in 1977?
Find out at postmaster.co.uk
http://www.postmaster.co.uk/cgi-bin/meme/quiz.pl?id=225
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