Beyond that, the Dow does not mean a great deal," he added, because "this is more of a relief rally, than an enthusiasm rally.

Desperate for anything, however thin, that can be construed as good news, the markets indulged in the ultimate "relief rally".

"I think it is a relief rally," he said.

"Investors used Citigroup to signal a relief rally."

The upswing in markets is being called a "relief rally", but relief about what?

"To some degree, we had a relief rally today because those numbers were neutral," Mr. Hoey said.

"That doesn't mean it's going to go back to the old highs, but it's reasonable to expect a relief rally."

The deal itself, unveiled dramatically in the early hours of Thursday, was met with the now obligatory "relief rally".

But relief rallies are known to be tenuous.

So the relief rally from even a decisive military victory over Iraq might prove short-lived.