2- The Michigan Daily - Wednesday, March 17, 1999 N ATION/WORLD
Dow Jones Industrial cracks 10,000
AROUND THE NATION
a -.r__. rf y
NEW YORK (AP) -The Dow broke 10,000 ever
so briefly yesterday, a milestone credited to a record
eight years of U.S. economic growth, a boom in high
technology and investor enchantment with the
Internet.
Wall Street's best-known index burst into five fig-
ures 20 minutes into the trading day, stayed there for
just under a minute, and never went past 10,001.78.
Put that was enough to make traders on the floor of
the New York Stock Exchange cheer, wave their hands
4nd toss hand-ripped confetti.
As often happens after such achievements, sellers
took over, and the index of 30 blue chip stocks ended
the day down 28.30 at 9,930.47.
Still, analysts were pleased with the breakthrough.
"It's just a number, but hitting 10,000 says to me it's
continued confirmation that the bull market is alive
and well," said Alfred Goldman of A.G. Edwards &
Sons Inc. in St. Louis.
The Dow Jones industrial average is now up 8 per-
cent this year on top of an unprecedented four straight
years of double-digit growth. ,
The index was pushed over the top by everyday
events of the business world that often prompt buying
-announcements this week of corporate mergers and
the promise of healthy earnings from big companies
such as Union Carbide. But these were just the imme-
diate causes.
The Dow 10,000 rocket was launched early in the
decade, fueled by a growing economy combined with
low inflation and interest rates that kept consumers
spending and corporate profits rising. The rise of per-
sonal computers and technology improved corporate
America's productivity even as manufacturing jobs
steadily declined.
The market got an additional boost in the past
year through an explosion of enthusiasm for the
Internet. Hundreds of companies have rushed to
put a ".com" after their names, expecting a big
payoff by selling everything from Furby dolls to
stocks online.
America Online, for instance, went from $16 a year
ago to $105 now. Yahoo, the online directory service,
has gone from $21 to $175.
Economic troubles in Russia, Asia and Latin
America threatened several times over the past two
years to halt the Dow's advance, and the Dow slipped
below 7,500 as recently as Oct. 8. But then stocks
rebounded on a series of three interest rate cuts by the
Federal Reserve.
The recent perception that the troubled foreign
economies are rebounding also allowed the Dow to
resume its climb.
To many market watchers, the Dow's ascension to
10,000 is more of a curiosity or media event.
"It doesn't affect the long-term view," said investor
Mark Harchelroad, interviewed outside a Fidelity
Investments office in New York.
A Dow at 10,000 inevitably raises questions of what
happens next.
Gurin said, adding that the University is
"looking forward to a productive period
during her tenure."
As dean of the Faculty of Arts,
Roy Critical Neuman currently oversees all
ritical essay departments and programs in the
humanities, social sciences and the
experience" creative and performing arts, along
with a contemporary art museum,
bachelors, anthropology museum, two theaters,
-es from the UBC's film program, the Center for
ere she was Research on Economic and Social
the women's Policy and the Center for
chair of the Intercultural Language Studies.
"The committee and I are very con-
ave an out- fident" with our decision, Cantor
new dean," said.
Rescue workers search train wreakage
BOURBONNIS, Ill. - Rescue crews used cranes yesterday to move mangled
smoldering pieces of metal as they searched for victims of the nation's worst train
wreck since 1993 - a fiery collision with a truck loaded with steel bars. At least
14 people were killed and 119 injured.
Authorities said the truck driver, John Stokes, was driving on a probationary
license after receiving three speeding tickets within a year. He suffered only nmi
injuries.
As many as 216 people were aboard Amtrak's City of New Orleans when it hit
the tractor-trailer at a rural crossing near a steel mill 50 miles south of Chicago oir
Monday night. Four to six people were missing and feared dead in the wreckage.
"We need to make sure there are no survivors and if that means taking the wreck=
age apart part by part, that's what we'll do," Bourbonnais Fire Chief Mike
Harshbarger said.
The collision left the train's two engines and leading cars scattered like burned
and broken toys over a quarter-mile. One engine punched through a car behind it,
and the crash sparked a fire that burned for more than five hours.
All of the dead were found in a double-deck sleeping car that was three cars
behind the engines of the 14-car train. Many passengers were settling in for4
night when the train slammed into the truck shortly after 9:30 p.m.
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Deadline is Wednesday,
March 17 at 4:00PM
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DEAN
Continued from Page 1
in 1984 with the Gabrielle]
Essay Award for the best c
on Canadian literature.
"She's had very broad
Cantor said.
Neuman received her
masters and doctoral degre
University of Alberta, wh(
also the founding chair of t
studies program and ther
English department.
"We are delighted to h
standing scholar as the
North Korea allows
inspectors on site
NEW YORK - In a major break-
through, North Korea agreed yesterday
to let U.S. inspectors make several visits
to a suspected nuclear weapons site
without charging Washington the $300
million it initially demanded for access.
In return, the United States promised
to help the famine-stricken communist
nation increase potato yields.
The dispute had threatened a 1994
accord under which North Korea agreed
to freeze what the United States believed
was a developing nuclear weapons pro-
gram, in exchange for energy supplies
and help from the United States, South
Korea and Japan.
A joint statement issued after the lat-
est round of talks between U.S.
Ambassador Charles Kartman and
North Korean Vice Foreign Minister
Kim Gye Gwan reaffirmed Washington
and Pyongyang commitment to the
1994 accord "in its entirety"
Since last August, the United States
has been pressing for access to the
Kumchang-ni underground site, 25
miles northwest of Yongbyon, where
U.S. officials believe North Korea may
be developing nuclear weapons in viola-
tion of the 1994 accord.
Kim reiterated North Korea's cli
that the site "has nothing to do l
nuclear activities." He said, with
elaborating, that it "is related to sensitive
national security purposes."
First Lady says she
did not monitor loan
LITTLE ROCK, Ark. - In a grand
jury videotape made public for the first
time yesterday, Hillary Rodham
Clinton testified she "never spent g
significant time at all" monitoring
records of the Whitewater land deal she
and President Clinton shared with Jim
and Susan McDougal.
Hillary Clinton also said on the tape,
played at Susan McDougal's trial, that
she was unaware of a $27,600 loan for
Whitewater taken out in Bill Clinn's
name a decade before he became pres-
ident.
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AROUND THE WORLD
Serbs defiant, refuse
Kosovo peace plan
PARIS - Brushing aside Western
pressure and NATO threats, Serbs said
yesterday they won't accept the
Kosovo peace plan that rival ethnic
Albanians have agreed to sign.
Setting up new obstacles to the pro-
posed deal during the second day of
peace talks near the Arc de Triomphe,
Serbs were demanding amendments to
a U.S.-sponsored plan - significant
changes that foreign mediators called
unacceptable.
Serbian President Milan
Milutinovic said his side refuses the
key part of the plan - having NATO
troops implement it -- and would sign
only the political provision "under the
precondition" that the mediators
"accept all of our complaints."
Milutinovic's comments at the Paris
peace talks brought closer the
prospect of NATO airstrikes against
Serbia.
Western nations sponsoring the
talks have said the military and politi-
cal components of the peace plan are
inseparable.
Accusing Serb negotiators of
backtracking, U.S. State Department
spokesperson James Rubin said
"time and patience clearly are t
ning out" and that the Serbs must
decide "whether they want a peace
agreement rather than a catastro-
phe."
Balloonists heading
toward Mexico
MEXICO CITY -- A Sw -
English balloon team raced tot
Mexico yesterday, expecting that a
jet stream would save it enough fuel
so they could cross the Atlantic and
become the first to circle the world
nonstop.
Earlier yesterday, the Breitlirig
Orbiter 3 set a record for longest dis-
tance flown in a balloon, passing'the
milestone of 14,236 miles over the
Pacific, said Brian Smith, a flight
controller at the Geneva control ce-
ter.
- Compiled pfom Daily wire reports.
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