War length pushes stocks down
War length pushes stocks down
President Bush has now revealed that his war with Iraq could be longer than first predicted, as a result the stock markets in the US, home to the majority of storage vendors, dipped yesterday.
Yesterday's trading was described as "lackluster" by financial reporting and information services company Reuters. The British company spoke to investors on Wall Street and reported that worries that the war will be another set back in the recovery of the US economy is holding back trading.
"People are sensing the economic slowdown could be prolonged, and a lengthy war could make it worse," said Joseph Zock, the president and portfolio manager at Capital Management Associates.
The Dow Jones fell by 1.5 per cent yesterday, whilst the Standards and Poor's 500, home to a number of technology companies dropped by 1.43 points or 0.16 per cent.
Technologies NASDAQ market also closed down 3.20 points, or 0.23 per cent and lost 1.3 per cent in trading yesterday.
The Dow Jones had rallied late last week when the US expected it to be a short war, but the invading force has been surprised by how much resistance the people of Iraq have put up. Now with the war being predicted to take many months by both the US and British Prime Minister Tony Blair; Wall Street is feeling a little less confident. As well as drop in trading, there was markedly less business and technology news about.
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