Not just companies' annoucements have effects on stock prices, world events can as well. The capture of Saddam is going to have a positive affect on stocks but to what degree remains to be seen.

"Initially, there's little doubt that it's a boost for the market," said Milton Ezrati, senior economic strategist at fund manager Lord Abbett & Co. "A major uncertainty has been removed, and it also gives hope that this situation, on a fundamental basis, will improve.