Business: War Sets Off Market Nerves

When the shooting started, gold and oil prices rose and stocks slumped

Ever since the oil embargo of 1973, Western economies have had to live with the fear that precious crude from the Middle East would once again be cut off. Last week, as the war between Iran and Iraq threatened to make that bad dream a reality, financial centers from New York to Tokyo immediately trembled. But the markets then responded with surprising strength and absence of panic. Said one Manhattan stockbroker at midweek: "The market seems to be taking this as if nothing were happening. It seemed that the latest...

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