Dow Up 50 On War Optimism: Market at Highest Level Since August
NEW YORK, Jan. 30ÛÓOptimism over the progress of war in the Persian Gulf and hopes that the recession will end soon catapulted blue-chip stocks up more than 50 points today, pushing them to levels not seen for five months.</br></br>The Dow Jones industrial average closed up 50.50 points, or 1.9 percent, to 2713.12, its highest level since Aug. 15.</br></br>Traders tied the surge to perceptions that military advances against Iraq are ahead of schedule, that the costs of the war will be manageable and that U.S. interest rates are headed lower.</br></br>Investors caught short amid the marketÛªs surge rushed in to buy, while cash-heavy money managers dipped into their hoards, driving volume on the New York Stock Exchange to 226.8	million, compared with 155.7 million Tuesday. Leading issues overwhelmed losers by more than 3 to 1.</br></br>After the blue-chip index rose more than 50 points in the final minute of trading, the NYSE imposed its curb on index arbitrage-linked market orders.