Wall Street Is Happy

Yeah Wall Street is happy

Wall Street rallied at the start of the second quarter Monday, with evidence of a moderating economy and a series of merger announcements lifting stocks and sending the Dow Jones industrial average up more than 100 points.

What's that you say.....oil is almost at $70 a barrel. Remember when we were told that oil would be more affordable with Saddam gone and that oil would pay for the war? 3 years later oil is at almost $70 a barrel. In case anyone has forgot where we were in 2003....

March 24, 2003
After Coalition forces have pushed further into Iraq securing most of the southern oilfields over the weekend, Kuwaiti fire fighters are able to enter Iraq and are able to extinguish one of the wellhead fires. Iraq's southern fields represent about 40% of the country's output. Damage is assessed to be relatively minimal. Some pockets or Iraqi resistance in the southern oilfields remain, however. Furthermore, heavy Iraqi resistance in some parts of Iraq gives rise to market speculation that the war could last longer than initially thought. The NYMEX near-month crude oil price rises 6.5%, to settle at $28.66 per barrel, as the war in Iraq as well as the situation in Nigeria have traders concerned. (Reuters, DJ)