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CNN Live At Daybreak
Saddam Effect: News Expected to Jump-Start Stocks at Open
Aired December 15, 2003 - 06:16 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: We have a treat this morning, Carrie Lee is not live at the Nasdaq market site, she is right here in Atlanta. And we are glad to see you in person.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Thank you so much -- Carol.
COSTELLO: And hopefully you are going to give us a shot of good news, because Saddam Hussein being captured might mean very good things for Wall Street.
LEE: You can bet it does, Carol. Futures are looking very, very strong this morning, no surprise on the Saddam Hussein capture. However, analysts say this might not lead to a long lasting rally, particularly if more terrorist attacks do occur.
Now let's take a quick look at major market indices around the world. We are seeing gains in Europe, all higher. The DAX, the CAC, the FTSE, also the Switzerland index all gaining ground. Of course the dollar, also, is being affected by this news. Now the dollar initially gained ground against the euro and yen. It is, once again, weaker, however.
We're also keeping a check on the oil markets. Oil prices did drop this morning on expectations that Iraq would be able to start to produce and export more oil. Also, there are expectations that some of the sabotage to oil production facilities and pipelines will come to an end. So all pretty much good news.
Even retailers, Carol, could get a boost on this news. The National Retail Federation says it expects pretty much this news to put shoppers in a better mood. So despite those snowstorms, people getting excited, getting out, spending money, always a good thing for our economy.
COSTELLO: I can see that because people were literally cheering watching television. I was in the LaGuardia yesterday. People were cheering in front of the monitors when President Bush was...
LEE: It's clearly getting people excited.
COSTELLO: Yes, but you know, people are very savvy now. And they know just because U.S. forces have captured Saddam Hussein may mean nothing in the long run.
LEE: In the long run, that's going to be the question, what happens next? As one analyst put it, we have a long road ahead, doesn't mean the end of terrorist attacks. But of course ever since this whole thing started in March, this is when we have seen the market rally this year. That was the low point. So, so far though today, we are expecting very good news at the 9:30 opening bell.
COSTELLO: Carrie Lee, you will join us in the next half hour. We appreciate it.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired December 15, 2003 - 06:16 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: We have a treat this morning, Carrie Lee is not live at the Nasdaq market site, she is right here in Atlanta. And we are glad to see you in person.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Thank you so much -- Carol.
COSTELLO: And hopefully you are going to give us a shot of good news, because Saddam Hussein being captured might mean very good things for Wall Street.
LEE: You can bet it does, Carol. Futures are looking very, very strong this morning, no surprise on the Saddam Hussein capture. However, analysts say this might not lead to a long lasting rally, particularly if more terrorist attacks do occur.
Now let's take a quick look at major market indices around the world. We are seeing gains in Europe, all higher. The DAX, the CAC, the FTSE, also the Switzerland index all gaining ground. Of course the dollar, also, is being affected by this news. Now the dollar initially gained ground against the euro and yen. It is, once again, weaker, however.
We're also keeping a check on the oil markets. Oil prices did drop this morning on expectations that Iraq would be able to start to produce and export more oil. Also, there are expectations that some of the sabotage to oil production facilities and pipelines will come to an end. So all pretty much good news.
Even retailers, Carol, could get a boost on this news. The National Retail Federation says it expects pretty much this news to put shoppers in a better mood. So despite those snowstorms, people getting excited, getting out, spending money, always a good thing for our economy.
COSTELLO: I can see that because people were literally cheering watching television. I was in the LaGuardia yesterday. People were cheering in front of the monitors when President Bush was...
LEE: It's clearly getting people excited.
COSTELLO: Yes, but you know, people are very savvy now. And they know just because U.S. forces have captured Saddam Hussein may mean nothing in the long run.
LEE: In the long run, that's going to be the question, what happens next? As one analyst put it, we have a long road ahead, doesn't mean the end of terrorist attacks. But of course ever since this whole thing started in March, this is when we have seen the market rally this year. That was the low point. So, so far though today, we are expecting very good news at the 9:30 opening bell.
COSTELLO: Carrie Lee, you will join us in the next half hour. We appreciate it.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
