Here's what I posted to the Slate discussion board in response:
It seems ludicrous to theorize about the market bouncing on Friday in response to Senator Wellstone's death without also drawing a connection between the market's terrible performance over the last year and business concerns about the prospect for war without end.
If anything, it seems just as logical to attribute the market's rise over the last few weeks to the apparent easing of the threat of imminent war. Polls show most Americans worry about the potential for war with Iraq to spread elsewhere in the Middle East, and fear that the administration hasn't thought through the requirements and consequences of a long-term occupation. Seems only reasonable that Wall Street would reflect these worries.Posted by alevin at October 27, 2002 02:24 PM