Page 2-The Michigan Daily -Friday,~January 18, 1991
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by Bill Watterson-
e0Mp G War in gulf hits stock
market; oil prices fall.
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Stock markets around the world
rose sharply yesterday as investors
watched the progress of air strikes
in Operation Desert Storm.
News accounts of what had
been happening in the attack sent
bond prices soaring and interest
rates tumbling in the credit mar-
kets. At the same time, oil prices
On the New York Mercantile
Exchange, the price of crude oil
for February delivery suffered the
biggest one-day drop in history,
tumbling more than $10 a barrel,
to below $22 a barrel.
Light sweet crude was $2.19 to
$10.56 lower with February at
$21.44 a barrel; heating oil was
13.51 cents to 29.64 cents lower
with February at 61.96 cents a gal-
lon; unleaded gasoline was 12.85
cents to 21.90 cents lower with
February at 60.29 cents a gallon;
natural gas was .005 cent to .098
cent lower with February at $1.621
per thousand cubic feet.
Energy and gold prices plunged
yesterday as well. Gold for Febru-
ary delivery plunged $30.10 on
New York's Commodity Exchange
as President Bush called the initial
phase of the Persian Gulf war a
success. It was one of the largest
one-day declines in gold prices in
the market's history.
The Dow Jones average of 30
industrials jumped 96.04 points to
2,604.95 by 2 p.m. on Wall Street,
four and a half hours after trading
began with a minute of silence on
the floors of the New York and
American stock exchanges.
Amid all the excitement, many
analysts cautioned that the mar.
kets were operating on a surge of
adrenaline that might dissipate
The NYSE's composite index of
all its listed common stocks
gained 5.13 to 178.13. At the
Amex, the market value index was
up 3.20 at 302.09..a7
up 3.20 at 302.09.
Nuts and Bolts
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by Judd Winick
v50OT A 'TWICH- ?
_ Ya~u ee
Contiued from page 1
"It irks me that Saddam Hussein
is bringing Israel into this because
he knows that his army can't defeat
the coalition. The implications of Is-
rael retaliating are so great it may be
best to wait," Fischer said. "It's go-
ing to prolong the war and make it
more devastating," he added.
"Israel has to knock out the re-
maining threat in Iraq. They didn't
initiate any hostilities with Iraq.
Saddam initiated them, and in doing
so, dug his own grave," said LSA
sophomore Neil Solomon. "Israel
will attack without mercy now that
they have an excuse."
"If (Israel retaliates), I hope they
do it swiftly and devastatingly.
Enough with (Saddam). He has to be
stopped now," Paul Shwartzman, a
Business School junior, said.
Several students shared their pre-
dictions for what action they be-
lieved Israel will take.
"Israel is going to do what ev-
eryone expects them to do, and that
is to counterattack," said first-year
LSA student Larry Bartos.
"Hopefully, the coalition will realize
the lesser of the two evils, and fight
with Israel against Saddam Hussein.".
a . I I F, w L - I -.--j a
Contlued from page 1
of the anti-Iraq coalition.
Iraq had threatened to attack Is-
rael if it were subjected to attack.
An Israeli official said prelimi-
nary reports showed two missiles
landed in the northern seaport of
Haifa and three in unpopulated ar-
eas of the country.
American television networks
PRESENTED BY THE OFFICE OF
Monday, January 21, 1991
(Martin Luther King Day)
at 2231 Angell Hall
1:30 - 3:00 p.m.
Nesha Haniff, M.P.H., Ph.D.
Adjunct Assistant Professor of Afroamerican and African
Adjunct Lecturer, Women's Studies
and soon to be Director, U-M Study Abroad Program in
reported missile strikes in Tel
Aviv, Jerusalem and Haifa.
The Pentagon said American
aerial bombardments of Iraqi Scud
missile sites were continuing, and
that a majority of Iraqi sites al-
ready had been destroyed before
the attack on Israel.
Israel had been under virtual
curfew all Thursday in the after-
math of the U.S. attack on Iraq.
Iraq had repeatedly threatened
to fire on Israel if war broke out.
The United States and allies sent
war planes to attack Iraq because
it refused to withdraw its soldiers
Continued from page 1
"We are Americans here in this
country. We have every right to say
what we want, without being thrown
in a camp for it," Deyar added.
The final speaker, first year law
student, Karima Bennoune, is also
an Arab-American. Bennoune em-
phasized the plight of the Iraqi peo-
ple, whom she said are "living under
a rein of horror. Men, women and
children are being forced to pay for
their government's foreign policy."
The crowd cheered in response to
Bennoune's demand for an end to
Bennoune reminded the crowd
that the student movement of the
1960s contributed to the cessation of
the Vietnam War and urged them to
take similar non-violent action.
"We must shut down this
University if necessary. There will
be no business as usual until there is
justice in the gulf," Bennoune said.
'Wounded soldier' arrested
After one hour, the group
marched to the Federal Building
chanting, "No Blood For Oil" and
"Stop the Bombing, Stop the War."
At the Federal Building, a man
and woman holding an anti-Bush
banner pinned yellow ribbons over
their hearts to show support for the
people dying in the gulf. The couple
by Amanda Neuman
Daily Staff Reporter
An anti-war protestor, posing as
a wounded soldier, was arrested by
Ann Arbor police for disorderly
conduct during anti-war demonstra-
tions at the Federal Building yes-
Residential College junior
Brian Erdstein, leaning on a
crutch, his arm tied up as if it were
amputated, began hobbling across
Fifth Avenue and Liberty Streets
toward the protest. Erdstein wove
through traffic pretending to be in
raised their hands in peace signs dur-
ing the speeches.
The rally concluded with a series
of songs. Protestors stood singing
arm-in-arm before they dispersed and
marched to the Union.
Yesterday's protest was only the
first of many to come, organizers
After refusing police orders to
get out of traffic, Erdstein dropped,
to the ground and began wailing.
As four officers struggled to put,
him in the police car, protestors,
congregated in front of the car,
Erdstein was jailed for two,
hours and then released without,
bail. Formal booking will occur
next week, Erdstein said. Ann Ar-
bor police Captain Craig Rodrick
confirmed the arrest.
confirmed the arrest.
Continued from page 1
eney said: "We've been instructed
to execute the plan, carry on these
operations until we achieve our ob-
jective. Our objective is to get
Saddam Hussein out of Kuwait."
Cheney said allied warplanes
flew for more than 1,000 sorties in
the first 14 hours of combat and
engaged in some air-to-air duals
with Iraqi aircraft. He said no U.S.
planes were lost in those encoun-
"So far, so good," Cheney con-
Baghdad radio said Iraqi anti-
aircraft units shot down 14 attack-
ing warplanes but offered no proof.
The Iraqi embassy in Washing-
ton said 76 allied planes had been
shot down and that 23 enemy mis-
siles were intercepted.
Powell said there soon would
be movement of allied ground
forced being repositioned for an
eventual assault on Iraqi troops en-
trenched in Kuwait.
He said the Iraqi military
"should get greatly concerned
about our ability not just to use
one tool, but to use all the tools in
the tool box that we brought to this
The White House reiterated
that Saddam should quit without a
"The situation to Saddam is the
same now as it's been for five and
a half months. All he has to do is
lay down his arms and say, 1 in
tend to comply' and do it,"
The general optimism of the
day was punctured last night by
Iraq's missile attack on Israel.
"It's what we've been worried
about all along," said Pentagon
spokesperson Pete Williams.
Iraqi President Saddam Hussein
had vowed in advance to answer,
American hostilities with an attack'
on Israel, a bid to widen the Per-
sian Gulf war and tempt Arab na-
tions - Syria and Egypt among
them - to desert Desert Storm in
favor of a holy war against the
Throughout much of the day
yesterday, official Washington was
expressing unbridled satisfaction
with the war effort, and Bush
vowed, "We will prevail."
Michael Milne MA Ph.D. MichsanUnion Ticketce,
Lecturer in Spanish AfterJan.1alsoat
Director, U-M Summer Study Abroad Program in Seville,e
r::l~ >Cpr7I YXiIM7ti tL'T,,1'y:
'RESERVE OFFICERS' TRAINING CORPS
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BUT ONLY IF YOU'RE GOOD ENOUGH.
Army ROTC offers qualified students
with good grades scholarships that pay
tuition and most educational fees and
provide an allowance for textbooks
You'll also receive up to a $1000
,......4 S--an fl\a\,nfl .mai.. *1,a --Mafltaa..
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