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THE GULF WAR: The Battle Front : Market Update

January 23, 1991

Oil: Fears that the Persian Gulf War is escalating drove futures prices up $2.88 to $24.18 a barrel.

Dow Industrials: The Dow average lost 25.99 points to close at 2,603.22.

Credit Markets: Bond prices fell as the market reacted to news about the Gulf War and the rise in oil prices.

Metals: Gold rose slightly in New York, edging up 70 cents an ounce to $379.40 on the Commodity Exchange.

Currency: The dollar gained strongly on the missile attack on Israel and remarks by Federal Reserve Chairman Alan Greenspan that indicated he may curb the use of interest-rate declines to stimulate economic growth.

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