Stocks Ease 7.18 Points; Bonds Slip --- Tokyo Early Trading Wary to Iraq Offer; Dollar Edges Lower
Fears that a land war may break out at any moment in the Middle East held stock and bond prices hostage.</br></br>The Dow Jones Industrial Average lost 7.18 points to 2891.83 in active trading. Bond prices slipped modestly and the dollar was down slightly against the mark and yen in late New York trading.</br></br>Analysts said uncertainty about the Middle East situation put many investors on hold. Although most investors seem to believe that allied forces would be victorious if a land battle were to start, the almost certain sharp increases in U.S. casualties could introduce a depressing note to an otherwise ebullient stock market.</br></br>Still, many analysts remain convinced that the Dow Jones industrials are headed for the 3000 mark in the next few weeks. Kenneth Hackel, a money manager at Systematic Financial Management in Fort Lee, N.J., said the industrials' rise to 3000 and above will be fueled by investors who so far have remained out of the market.</br></br>"The investors who have been on the sidelines on the premise that it's better to be safe than sorry have been both safe and sorry," he said.