Historical Newspapers of South Carolina

Below is the OCR text representation for this newspapers page. It is also available as plain text as well as XML.

Dow surges almost 500 points Associated Press i *lEW York —The Dow industrials oared nearly 500 points higher Thurs lay in record-shattering rise as investors roured money into blue chips that had >een pared to bargain prices by Wall Street's frenzy for technology stocks. And in a major reversal of roles, the trength in industrial stocks helped pull echnology shares out of a three-day dump. The technology-laden Nasdaq .-omposite index, which fell steeply ;nough in the morning session to tumble nto what many on Whll Street consider i “correction,” ended sharply higher. The Dow Jones industrial average ose 499.19, or 4.9 percent, to close at 10,630.60. That easily shattered the pre vious record one-day rise of 380.53 points set Sept. 8,1998, but was not close to a record percentage gain. On the heels of Wednesday’s 320 point gain, the rally helped the Dow gain back a stunning 42 percent of the losses recorded since it peaked at 11,722.98 on Jan. 14. While Whll Street analysts rejoiced in the rally, few were willing to guess how long it will last. “It’s too soon to tell whether this is anything more than a short-term head fake,” said David G. Sowerby, vice pres ident at Loomis, Sayles & Co. “But a wide range of stocks are participating and it looks very good.” The market’s early strength came from long-scorned industrial stocks. Ultimately, however, the euphoria lifted technology stocks, which had dri ven the Nasdaq down 465 points in the past three sessions! The Nasdaq ended up 134.67 at 4,717.29, having clawed back from an earlier loss of 127 points. At its low point today, the index was down 11.8 percent. Market watchers consider a loss of 10 percent a correction, which signifies a sudden reversal of a market trend but doesn’t necessarily mark a long-term change. The best evidence that corrections don’t last forever came from the Dow. Investors’ willingness to dump blue-chip stocks in favor of technology stocks pushed the Dow into a correction in mid-Feb ruary, and the index has struggled until this week. Today, many of the blue chips that have been beaten down in recent weeks enticed investors as relative bargains. Johnson & Johnson, 3M and General Electric all rose. Also, American Express and J.P. Mor gan gained. Financial services companies were helped along by an inflation re port that was no worse than Wall Street had expected. For much of the session, the Nasdaq appeared poised to continue its decline, which most analysts considered a sign of improving health for a sector that had ad vanced too far and too fast. But after just three days of heavy sell ing, investors began returning to some well-known technology names that have slipped this week. JDS Uniphase and PMC-Sierra rose. “A lot of these high-growth stocks had gotten to such extreme valua tions,” said Matt Finn, chief investment Dow SEE PAGE A5 ‘It’s too soon to tell whether this is anything more than a short-term head fake.’ David G. Sowerby Wall Street analyst NRA, White House continue to feud by Sonya Ross Associated Press Washington — President Clinton to day praised the House for taking “a small but significant step” toward passing gun legislation. He brushed aside an accusa tion by the National Rifle Association leader that he has the blood of a murdered coach on his hands. Before heading to lunch with the House speaker, Clinton told reporters that his administration is seeking extra money from Congress to bolster en forcement, but also has tried to leave gun cases with local, rather than federal, pros ecutors. “I think what we’ve tried to do is the right course,” Clinton said. As for NRA criticisms that federal authorities have failed to pursue criminals whose gun pur chases are thwarted by background checks, Clinton said: “It’s truly ironic that the NRA is now criticizing us for not throwing everybody in jail that fails a Brady background check. If it had been up to them, we wouldn’t be doing these background checks.” The president said he was pleased by Wednesday’s House vote calling for a conference committee to set a meeting to iron out a compromise gun bill, “af ter eight months and other senseless shoot ings.” He cautioned lawmakers to re member that getting a gun bill passed will be a long battle, but said it was brave of them to “say no to the name-calling and no to the threats” of the NRA. Clinton declined to address NRA Ex ecutive Vice President Myne LaPierre’s 1 latest comment that his hands have the blood of a murdered coach on them. “Get ting into a personal spat with Mr. LaPierre about tactics I don’t think any American appreciates, and any American can see through, is not worth doing.” In an interview on ABC Wednesday night, LaPierre responded to Clinton’s call that LaPierre “look into the eyes” of parents whose children were killed by gun violence by saying: “Has he looked into the eyes of Ricky Byrdsong’s fami ly? Because that blood is on his hands." The White House reacted angrily to that statement. “Just when you think a human being couldn’t go any lower, Wayne LaPierre and the NRA found a way,” Lockhart said. “This kind of sick rhetoric should stop.” Byrdsong, a former Northwestern University basketball coach, was shot to death last summer in a two-state shoot ing spree in which one other person died and nine were wounded. Authorities de termined later that the white suprema cist responsible for the shootings had failed a Brady law background check but had not been arrested. Lockhart said federal officials were not aware of the killer’s background check until six days after Byrdsong’s death, a fact he said LaPierre “knows full well.” Lockhart’s comments came a day af ter gun-control advocates won a rare — Feud SEE PAGE A5 Chuck Kennedy KRT President Clinton, joined by a bipartisan group of members of Congress, unveiled the FBI’s first annual report on the National Instant Criminal Background Check System during a White House East Room event in Washington, D.C. Wednesday. Clinton accused the National Rifle Association of political skullduggery during the event. China threatens war, as Taiwan's elections approach by Charles Hutzler Associated Press Beijing — China's communist lead ership paraded academics before the media Thursday to warn that a victo ry by Chen Shui-bian in Taiwan’s close presidential race could spark conflict, China is stepping up its threats ahead of Saturday’s election in an attempt to steer voters away from Chen, whose party favors independence. Xu Bodong of Lianhe University in Beijing defended China’s threats and said a timetable for unification was in the hands of the Taiwan electorate. “If they choose a leader who sup ports Taiwan independence, then it’s quite possible this timetable won’t be a matter of several decades but of a few hours,” Xu said. A key voice in China's policymak ing on Taiwan advised the island to step back from independence, but did not mention Chen by name. “The problem we are facing isn’t when to unify. It’s whether ultimate ly Taiwan will go for independence,” said Tang Shubei of the State Council’s Taiwan Affairs Office. “If tire outcome is Taiwan independence, then the Chi nese people will use their blood and lives to protea the integrity of the moth erland’s territory and sovereignty.” Gien’s Democratic Progressive Par ty supports independence. But Chen has softened his position, saying he would only declare independence if China attacked. China’s rhetoric has grown more threatening in recent days as Chen’s chances for victory have improved after he picked up influential endorse ments. Although none of the three lead ing Taiwanese candidates back Beijing’s formula for unification, Chinese lead ers seem to see Chen’s rivals as more amenable to negotiations. Without mentioning Chen by name, Chinese Premier Zhu Roqgji on Wbdnes day suggested disastrous consequences if independence wins out. Members of the ruling Communist Party’s inner circle and its top Taiwan policy-making group, including gener als who have threatened war in re cent days, were to meet Friday or Sat urday to decide responses if Chen wins, the South China Morning Post of Hong Kong reported Behind the rhetorical bnnksman ship, it was unclear what China would do if Chen wins. Ahead ofTaiwan’s last presidential poll four years ago, China tested mis siles and held war games off the island The show of force rallied Taiwanese around President Lee Teng-hui, who won overwhelmingly. Lee has repeat edly provoked Beijing, most recently in July by suggesting the two sides treat each other as equal states. Although Taiwan and mainland Chi na have been governed separately since splitting amid civil war 51 years ago, China still views Taiwan as a province. Bush interview hurts chances for McCain endorsement by Ron Fournier Associated Press Washington—John McCain’s supporters are ac cusing George W. Bush of showing little respect for the senator and his political reform agenda, saying “macho talk” has killed hopes for an early en dorsement that could be vital to Bush’s prospects in November. The Texan and his advisers scrambled Thurs day to explain the remarks he made in an interview with The New York Times, fearing the fallout could further alienate McCain and his independent-mind ed supporters. Reminded that the Arizona senator helped pro duce record turnouts in the Republican presidential primaries, Bush told the newspaper, “Well, then, how come he didn’t win?” Asked whether McCain .had raised his consciousness about reform, the Texas governor replied, “No, he didn’t change my views.” He said he had no intentions of making concessions to McCain on campaign finance reform. Trying to make amends Thursday, Bush said in Illinois, “I appreciate the hard campaign that John McCain waged. He ran a good race. He highlight ed the need for reform, and I appreciate the ideas that he brought forth in the campaign.” Bush’s campaign manager, Joe Allbaugh, called McCain’s top political adviser, John Weaver, to say he regretted that the newspaper story didn’t include more of the nice things Bush said about Mc Cain. In addition, through Sen. Paul Coverdell of Georgia, he sought to reassure McCain’s allies in Congress. According to officials in both campaigns, All baugh also promised that B^sh would go out of his * r' way to speak well of McCain to reporters. Shortly after that telephone call, Bush said at a news conference that the story “didn’t character ize how I feel.” Bush has said he won’t embrace McCain’s plan to ban unlimited, unregulated “soft money,” but he aigues that there is common ground on other reform measures. “Of course, he and I agree on a lot, and it starts with this: The best reform for America is to end the Clinton-Gore era in Washington, D.C.,” the gov ernor said in Illinois. McCain, however, has said Bush can’t unite the party simply over a shared dislike of Democrat A1 Gore. A spokeswoman for the Times, Lisa Carparelli, said the newspaper published the entire text of its interview with Bush on the newspaper’s Wfeb site. “Our article correctly captured both the news and the tone of our interview with Governor Bush,” she said. Reading past more conciliatory language in the newspaper interview, McCain’s advisers said they were stunned that Bush would strike a dismissive chord while his aides were privately courting Mc Cain’s endorsement. Independent and swing voters, such as those who flocked to McCain in some GOP primaries, could determine the presidential election. “Senator McCain looks forward to bringing the party together by campaigning across the country for reform-minded Republicans, and we’re a little disappointed by the tone of the Bush campaign,” spokesman Todd Harris said. Harris announced the formation of a political action committee that will pay McCain’s expenses i as he barnstorms the country this year on behalf of GOP candidates and his own initiatives. A senior McCain adviser said a quick resolution to the feud, which was never likely, is now out of the question. He put the odds of McCain endorsing before the election at “no better than 50-50.” Another adviser said it was now probable that McCain would never directly endorse Bush him self, though he could still back the ticket late in the campaign. l ne senator was on vacation ana unavanaoie lor comment. McCain’s advisers have said their boss realizes that Bush can’t bow to his every demand because the GOP base would revolt. What he wants from Bush is a sincere pledge to make progress on polit ical reforms and a show of respect. In an effort to mend fences, Bush advisers called McCain intermediaries to point out that the Texan had also praised his former rival in the Times story. They faxed dozens of copies of a Dallas Morning News interview that appeared more conciliatory. Strategists in both camps said Bush handled the situation awkwardly. “I just don’t know what Bush was thinking,” said Rep. Peter King, R-N.Y., who switched alle giance from Bush to McCain last month. “He won the nomination, fine, but to win the White House he has to reach out to McCain and his voters, and he’s not going to do that with macho talk about no concessions.” Senior Bush advisers have been tom between the need to court McCain and the fear that any ne gotiations would make them appear weak. Bush has told his advisers he won’t turn over the conven tion or the party platform to a vanquished rival, according to several aides. 1 nose same aides complain tliat McCain s stan has not made the peacekeeping any easier by forming a R\C, talking about a White House bid in 2004 and refusing to rule out a third-party bid this year. Regardless of who is at fault, all sides agree that peacekeeping plans were set back. “What all of us around both these guys are saying is you have to be sensitive about what you say while we try to bring this together,” said Wash ington lobbyist Vin Weber, a McCain ally trying to broker an agreement between the two rivals. t t ‘He [Bush] won the nomination, fine, but to win the White House he has to reach out to McCain and his voters, and he's not going to do that with macho talk about no concessions.’ Rep. Peter King McCain supporter News Briefs ■ Survey says Midlands being hurt by NAACP boycott A new survey shows the NAACP boy cott of South Carolina has cost the Midlands almost $4 million since it was first announced in July. The boycott, initiated to force the re moval of the Confederate flag from the Statehouse dome, has led to the cancel lation of 54 large meetings and the loss of 24,100 visitors, according to the sur vey released Wednesday. The Columbia Metropolitan Con vention and Visitors Bureau polled sev en large hotel and conference centers for the survey. “It appears the numbers are even more significant than we thought,” said Tom Volz, president and chief executive officer of the convention bureau. The new survey shows the impact is a third higher than a poll last week that showed $3 million in lost hotel bookings in the Midlands. “Part of it comes from cancellations we hadn’t known about before,” \blz said Wednesday. The National Association for the Ad vancement of Colored People officially began its nationwide tourism boycott of South Carolina Jan. 1. ■ Counsel finds ‘no credible evidence’ of improper file use Washington (AP) — Independent Counsel Robert Ray said today he found no credible evidence that first la dy Hillary Rodham Clinton or senior White House officials were involved in seeking the FBI background files of Re publicans. Ray also said there is no credible ev idence that former White House coun sel Bernard Nussbaum lied to Congress about the hiring of the White House se curity chief whose office gathered the files. Nussbaum was quoted in an FBI in terview summary as saying that Mrs. Clin ton had recommended hiring Craig Liv ingstone. Nussbaum told the House Government Reform and Oversight Com mittee on June 26,1996 that the FBI’s summary was incorrect. “There was no substantial or credi ble evidence that Mrs. Clinton was in volved in the hiring of Mr. Livingstone,” Ray said in a two-page statement. “Ac cordingly, this office declined prosecu tion and has closed the Nussbaum mat ter” as well as its investigation into whether the files were misused. ■ Colorado governor says JonBenet’s parents still hiding Denver (AP) — Gov. Bill Owens said Thursday that John and Patsy Ramsey are trying to manipulate the public into be lieving they are victims even though the couple continues to hide behind their lawyers. The Ramseys are promoting their new book in which they theorize that an in truder killed their daughter JonBenet. Owens stopped short of calling the Ramseys suspects in JonBenet’s slaying but contended they are trying to “or chestrate a feeling across the country that they are the victims in the case.” “What bothers me is they wouldn’t talk when it mattered and now you’re not going to be able to pick up a publi cation or turn on the TV without seeing them talking,” lie said. “I just find it strange behavior for them to try to become the victims.” ■ Vermont house approves ‘civil unions1# for gay partners Montpelier, Vt. (AP) — The Ver mont House approved legislation Thurs day that would create the closest thing to gay marriage America has ever seen. If the bill allowing gays to form “civ il unions” becomes law, the state will have gone further than any other in rec ognizing same-sex couples. The House voted 76-69 to forward the bill to the state Senate, where it is ex pected to win approval by the end of next month. The legislation has the support of Democratic Gov. Howard Dean. Fourteen Republicans, 57 Democrats, four Progressives and one independent voted in favor in the House. A crowd of at least 150 people lined the galleries and balconies of the Hou^ chamber as lawmakers cast their votes. Many wore their feelings on their lapels — pink stickers for supporters, white for opponents. *■ *r