University of South Carolina Libraries
Dow drops for third straight session by Prashant Bhatia Staff Writer 1 U.S. stocks took a beating for the fourth straight session Tuesday as the Dow Jones Industrial Average lost more than 84 points to close at 10,829.28. A strong set of economic data rat tled investors, resurrecting recent fears that interest rates could head higher again before the year is over. A light trading volume, typical for the final weeks of summer, exaggerated the mar ket’s decline. What seemed like a firm stance against a rise in interest rates resulted in disaster. On Aug. 16, when the Dow closed above 11,000 for the first time since Ju ly .21, Robert Harrington, co-head of listed block trading at PaineWebber, said, “The market seems to have gotten com fortable with the idea that the Federal Reserve is going to increase the inter est rates half a point.” However, when the markets closed on Aug. 18 (the Dow had slipped down a whopping 125.70 points), it was ex plained as nervous apprehension await ing the results of the Aug. 24 Federal Reserve meeting. Interest rate jitters, together with news of yet another record monthly deficit in June, caused stocks to continue their decline Aug. 19. On Aug. 23, on the eve of the Fed meeting, the Dow leaped to its first record in more than a month of 11,299.76 to beat the 11,209.84 record close on July 16. The next day, as ex pected, the Fed raised interest rates by a quarter basis point. Investors reacted positively as rates were raised for a second time this year. The Fed also took a neutral stance on further rate moves for the remainder of the year. By greeting a rate increase - even one that was expected - so positively, investors demonstrated their faith in the Fed’s ability to do its job. DOW SEEPAGES Dow Jones industrials take a dive From Aug. 13 to Aug. 29, the Dow Jones Industrial Averages have remained relatively steady. In the last four days, though, stocks have tumbled. 11,400- ^ m 11,200 I -J1 goo 10,600 ■ Days Brad Walters Graphics Editor Leading laser expert resigns amid questions about his education Associated Press Livermore, Calif. — The director of a program intended to build the world’s most powerful lasers has resigned amid questions about his education. E. Michael Campbell, associate director for lasers at Lawrence Livermore Na tional Laboratory in Livermore, Calif., left his job Friday after a series of anonymous faxes to his bosses revealed he does not have a Ph.D. However, he said he was leaving the position for per sonal reasons. “I have a young family, and I need to spend some time with them,” he told the Contra Costa Times. “My wife has said the lab has sucked the life out of me.” One of the world’s leading author ities on ultra-high-eneigy lasers, Camp bell remains an employee on leave from the lab, a spokesman said Campbell was director of a $ 1.2 bil lion program to build the National Ig nition Facility, intended to conduct re search in weapons and fusion. Lab spokesman Jeff Richardson said Campbell had allowed lab officials to believe he had a doctorate from Prince ton University. “Mike had completed his Ph.D. course work when he joined Livermore in 1977, but he never finished his dis sertation,” Richardson said. Lab officials were investigating whether he lied about holding a doc torate during the hiring process. They said they are unlikely to release the re sults of their investigation because it is a personnel issue. While Campbell cit ed personal reasons, Susan Houghton, senior media relations manager at the laboratory, said today: “The reason for the resignation is due to the Ph.D. is sue.” Campbell said the need for a doc torate became increasingly insignificant as he made a rapid rise through the lab’s laser fusion programs. Campbell’s sup porters say it’s a common practice to hire scientists who have not yet com pleted their dissertations. However, the lab requires each se nior manager to hold a Ph.D. or its equiv alent in experience. The lab’s former di rector, John Nuckolls, also did not have a Ph.D. The difference in Nuckolls’ case is that “everybody was well aware of that,” Houghton said. Campbell's home telephone num ber is unlisted. Gore campaigns for endorsements by Sandra Sobieraj Associated Press Washington — Nervous House freshmen and other Democratic activists with the most to lose in the 2000 elections have spumed Vice President A1 Gore’s appeals for early support. “I’m paddling my own canoe,” said Kentucky’s Ken Lucas. Endorsements — lots of them — are at the heart of Gore’s M campaign as he seeks to leave behind early sputters and gather the full force of the De mocratic Party behind him. The massage to rival Bill Bradley: Forget it. The nomination’s mine. “I believe in endorsements. I don’t believe in anything else.... They’re tremendous validators for what we’re trying to do,” said Gore campaign chair man Tony Coelho. The count so far — 69 of the 256 Democrats in the House and Senate, according to the Gore campaign’s public list of endorsements—suggests Gore’s ascension is not the lawmakers’ highest priority. Just one of the 11 Democratic senators up for re-election in 2000 has en dows see rage 2 World Briefs ■ Wife, threatened by husband, calls for help over e-mail West Valley City, Utah (AP) — A woman who says her husband was threatening to take her hostage sum moned help via e-mail. Police arrested the man within 30 minutes. “We’re calling it the ‘You’ve got mail,’ case,” Lt. Charles Illsley said. Police said the man threatened to hit his wife if she attempted to use the phone. The computer was on, and she was able to send an e-mail without him noticing. Police got a call Monday from the Calaveras, Calif., sheriff’s office after it heard from a woman who said she had e-mail from a Phoenix man who got an e-mail from the alleged victim in a chat room. n was me omy opuon, me zv year-old woman said. “I could tell by the way he was acting that it was going to go bad.” Last month, the woman, who spoke on condition of anonymity, ob tained a protective order against her husband after he was chaiged with ag gravated assault against her. He is now in jail on that chaige. ■ Hotmail shutdown after discovery of security flaw Redmond, Wash. (AP)— Mi crosoft’s free Hotmail e-mail system was shut down for about seven hours because of a security flaw that left millions of ac counts vulnerable, though it was unclear whether anyone was harmed. “We haven’t heard any reports, any customers calling to say they were af fected by this directly, ” said Deanna San ford, lead product manager for MSN mar keting, Microsoft’s Internet division. Microsoft shut down its Hotmail e mail system, which has 40 million ac counts, for about seven hours Monday morning after discovering the flaw that made accounts vulnerable to outside access. The company said the trouble was fixed by 10 a.m. PDT. We have internships and college hire opportunities in the following areas: ipMBW iini ingimwrang Plechenicel Engineering H^ietnical Engineering Bedear Engineering Hrformarien Tpcftnology —■ — —eJS— — BEeeeeMeiLA B. AcialU Bpp— ■piBPIWIRJi wwmmmmWmm BE #M#SEl* EOrVKVI Be*. Per m/otwmXam am Pm «ppe>fMts pie— >M our wefc apt mr »Mt m mt 0m OXC Xtth Jlmmml Career Pee ttssiiePeje Xr at Pie CenePee OePeeeew, We have locations throughout North and South Carolina: • Raleigh, NC (Corporate Headquarters) • Columbia, SC • Wilmington, NC • Florence, SC * Asheville, NC Just named one of the five best companies to work for in North Carolina by Business North Carolina magazine, we provide new grads with a rich, growth-oriented environment, one that chal lenges you to excel in an industry that's changing faster than ever. We also offer competitive compensation, excellent bene fits including alternate Fridays off, and a host of powerful direc tions in which to take your career. Please forward your resume to: College Recruiting, FAX: (919) 548-7784; E-Mail: robin.rowan@cplc.com We rely on the power of diversity. An Equal Opportunity/Affirmative Action Employer. »"»www.cpl(.con [NOW .SAVING I FOR THEIR I future is CHILD’S PLAY Building your children's future just got easier. Order \ I your FREE W EasySaver 1 broclnuv & ' enrollment form today. Now, thanks to the U.S. Treasury s new EasySaver Plan tor U.S. Savings Bonds, you just sign up once and automatically \ purchase U.S. Savings Bonds from your checking or savings 1§| account. You simply select the amount, the recipient, and the purchase dates. EasySaver is a safe and easy way to build their savings. Now, if only raising kids was as easy. I ' I Saung Money just Got Gtsier www.easysaver.gov For a Free Brochure & Enrollment Form, Call Toll-Free 1-877-811-7283 {Key (/Hie OKI) A public service of this publication