2 - The Michigan Daily - Friday, October 13, 2000
Oil pnces cause market s
AcROSS THE NATION
NEW YORK (AP) - The Dow Jones industrial
average plunged 379 points yesterday, nearly drop-
ping below 10,000, as new Mideast violence and
soaring oil prices compounded worries about weak
The Nasdaq composite index fell to its lowest
close this year, extending a post-Labor Day slide
dominated by fears that technology companies aren't
growing fast enough to justify lofty stock prices.
Home Depot led the Dow's decline after the retail-
er became the latest blue chip company to warn it
would not meet third-quarter expectations.
The Dow closed down 379.21 at 10,034.58, the
lowest it's been since March. It was its fifth-largest
point drop ever, but the 3.6 percent decline did not
even approach the top 25 percentage losses.
Broader markets also fell. The Nasdaq composite
closed down 93.81 to 3,074.68 - its lowest close of
2000. The Standard & Poor's 500 index tumbled
"In an already nervous market, this is all we
didn't need," said Al Goldman, an analyst with A.G.
Edwards & Sons Inc. in St. Louis. "A terrorist attack,
increased hostilities in the Middle East and a spike in
oil prices - shake it all up and you get blind dump-
ing of stocks."
The apparent terrorist attack on a U.S. military
ship in Yemen sent oil prices up as much as 10 per-
cent, helping to re-ignite inflation fears. And Israeli
combat helicopters rocketed Palestinian leader Yass-
er Arafat's residential compound in the Gaza Strip as
well as a West Bank town in retaliation for the brutal
slayings of three Israeli soldiers.
Oil prices reached $37.00 a barrel at one point on
the New York Mercantile Exchange, nearing its
recent 10-year high of $37.80 a barrel. Crude futures
closed yesterday at S36.06, up 52.81.
Meanwhile, shares of Home Depot, the nation's
largest home improvement retailer, tumbled S13.81,
or 28 percent, to 535.13 after it warned yesterday of
lower-than-expected earnings, primarily because of
The news sent other retailers down as well,
including Wal-Mart, while financial stocks also suf-
Fears that higher oil costs would hurt airlines sent
Continental Airlines down 52.75 at $41.19. Airplane
manufacturer Boeing fell $4.06 to $56.13.
Technology stocks were mixed. Chip maker
Advanced Micro Devices rose 31 cents to S22.13
after reporting earnings ahead of Wall Street expec-
tations late Wednesday. Intel rose SI.75 to $37.13.
But Yahoo tumbled again on worries about future
earnings, falling 58.75 to 556.63.
U.S., North Korea join communique
WASHINGTON - The Clinton administration and North Korea yesterday
took one of the biggest steps in nearly 50 years toward ending their bitter hostili-
ties, issuing a historic joint communique asserting that they had decided to "fun-
damentally improve" their relations.
They also announced that President Clinton is likely to make a ground-break-
ing visit to North Korea before he leaves office in January.
"The U.S. and the (North Korean) sides stated that they are prepared to und
take a new direction in their relations ... free from past enmity," the two govri-
ments said in the communique, issued at the end of a visit here by a senior North
Korean military leader. Such a written communique carries weight and enduring
importance well beyond that of routine presidential utterances.
North Korea did not, for now, win its objective of being taken off the U.S. list
of states that support terrorism. That designation prevents the North from getting
international loans for its hard-pressed economy.
The United States did not win a permanent commitment from North Korea to
stop its missile-development program, only a continuation of the qualified, tem-
porary freeze on launches.
Instead, the two governments appeared to have set aside the settlement of su
issues so they could be announced by Clinton and North Korean leader
Jong 11 when the U.S. president visits the Asian nation.
THE MiCHIGAN AILY.
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OF THEE I SING
music by George Gershwin * lyrics by Ira Gershwin
** Book by George S. Kaufman and Morrie Ryskind **
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Special Added Performance! * October 14 at 2pm
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FCC may expand
tenant phone options
WASHINGTON - Small busi-
nesses and apartment tenants could
get more choices for their telephone
service under modest steps taken by
The Federal Communications Com-
mission voted to bar phone companies
from getting exclusive rights to serve
office buildings with multiple busi-
nesses and said it would weigh
expanding those rules to residential
But, careful not to trigger charges
of overstepping its jurisdiction, the
FCC shied away from placing any
mandates on landlords themselves.
Th monimicsirn'c nlp lcn inblrk
telephone companies from negotiating
with commercial building owners for
exclusive access to premises where
they can set up equipment. Phone
companies that control these areas in
apartment complexes, campuses and
office buildings would have to give
other carriers and cable companies
access, under the agency's action.
"Access to the last 100 feet' is one
of the last remaining barriers to com-
plete end-to-end competition for
telecommunications services," said
FCC Chairman William Kennard.
About a third of all Americans live
in some type of multiunit complex,
according to industry experts.
GOP planning to
push spending bill
WASHINGTON - After weeks of
trying to accommodate the White
House on key budget issues, House
Republican leaders are pushing for a
more confrontational strategy over a
giant health and education spendine
bill, the largest piece of unfinishWi
hiciness in the final days of the ses-
Unable to resolve their differences
over spending for new school construe-
tion and for hiring new teachers to
reduce class sizes, GOP leaders are pre-
pared to challenge President Clinton to
either sign or veto a GOP-crafted labor,
health and education bill rather than
making further concessions.
Pulitzer Prize Winner.
A funny and irreverent
satire about scandal in
AROUND THE WORLD
given Nobel Prize
BAGNOLET, France - Gao
Xingjian burned his early writings to
save himself from communist zealots,
was denounced by his own wife and
eventually went into exile. Yesterday,
the 60-year-old survivor of China's
upheaval aid oppression became its
first Nobel Prize laureate for litera-
The Swedish Academy cited the
novelist and playwright for the "bitter
insights and linguistic ingenuity" in
his writings about the "struggle for
individuality in mass culture."
Gao, "very, very surprised" at the
honor, declared writing to have been
his salvation, even during Mao Tse-
tung's brutal 1966-76 Cultural Revo-
lution, when intellectuals were
silenced and he had to burn "kilos and -
kilos" of his writings lest they fall into
the wrong hands.
"In China, I could not trust anyone,
not even my family. The atmosphere
was so poisoned, people were so
brainwashed that even someone from
your own family could turn you n
he told The Associated Press.
That actually happened, accordiny
to his friend and fellow Chinese exile
poet Bei Ling. "His wife told pe*
from the government that he had beer
writing literary things at home, anc
writing literature then was very dan.
gerous," Bei said.
6 Americans held
hostage in Ecuador
QUITO, Ecuador - Colom l
rebels seized a helicopter from an
field in the Amazon jungle early yester-
day, kidnapping six Americans and at
least four others and flying them into
Colombian territory, military officials
The hostages, who also included .
Chilean, an Argentine and the two
Frenchmen, were taken at gunpoint
before dawn in the El Coca region, 150
miles southeast of the capital.
- Compiled from Daily' wire rep s.
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