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Stock markets can be puzzling things. Earlier this year, Wall Street analysts were complaining that uncertainty about Iraq was preventing a sustained rally. On Wednesday, April 9th, when the Marines entered downtown Baghdad and toppled a statue of Saddam Hussein, much of this war-related uncertainty dissipated. Yet the Dow Jones Industrial Average responded by falling more than a hundred points, to close at 8,197.94, below the level at which it was trading when the war began. If stock markets react to economic fundamentals, surely the news that the Iraqi conflict was almost over should have boosted prices. After all, a rapid military victory was seen as a precursor to ...