With memories still fresh, the results 1)in the long run are 2)reassuring.
August 1990, Iraqi troops invade Kuwait 3)sparking the Persian Gulf War. Painful as in all wars, but history shows wounds often heal quickly as victory comes into view.
“War tends to be good for economies in the long run, especially if the war is fought on somebody else’s territory of course.”
Within a month after the Gulf War began, the Dow Jones Industrial Average was down nearly nine percent. But once the US military convinced people America could win this war, gains started to mount. By August 1991, the Dow was up nearly five percent. A decade later ---August 2001, the industrials had climbed a 4)stunning 273 percent!
The market’s reaction following the attack on Pearl Harbor went through a similar 5)scenario. The week after Japan dropped the bombs, the Dow fell four and a half percent. The market was still sliding a year later, but rose almost 47 percent five years later and 127 percent by Pearl Harbor’s tenth 6)anniversary.
But in this new war against terrorism, a clear victory may be much harder to 7)come by. We simply don’t know how it’s going to 8)play out.
“Markets 9)loathe uncertainty almost more than anything else. I mean they can get used to bad news, but it’s when they don’t know what’s going to happen next that markets are very 10)unsettled and they tend to fall.”
Take Vietnam. Victory was 11)elusive. The war dragged on for nearly 11 years. After the Gulf of Tonkin 12)Resolution, which allowed the United States to enter the war in full force, the Dow was 13)initially up the first month and 14)surged 10 percent over the next three years. But a decade later, the Dow had fallen nearly 10 percent. Yet in a country divided long before that war, some say stocks were 15)bound to fail. There were many other factors affecting stocks at that time. The 16)assassinations of Martin Luther King and Robert Kennedy. It was also different because that was a war we did not win. CE
1) in the long run 长期
2) reassuring [ ri:E5FuEriN]a. 安心的，可靠的
3) spark [spa:k] v. 发动
4) stunning [5stQniN] a. 足以让人晕倒的，极好的
5) scenario [si5na:riEu] n. 游戏的关，某一特定情节
6) anniversary [Ani5vE:sEri] n. 周年纪念
7) come by 到来
8) play out 演完，打完，进行战争
9) loathe [lEuT] v. 厌恶，憎恶
10) unsettled [Qn5setld] a. 未处理的，未决定的
11) elusive [i5lu:siv]a. 难捉摸的
12) resolution [rezE5lu:FEn] n. 决议
13) initially [i5niFEli] adv. 开始，最初
14) surge[sE:dV]v. 奔腾，急放
15) bound to 必定会
16) assassination [E7sAsi5neiFEn] n. 暗杀