News Digest By The Associated Press_
Stock market rebounds in record gain day
NEW YORK — The stock market re
sponded robustly Wednesday, with the Dow’
Jones industrial average posting its second
straight record one-day gain amid mounting
optimism that the worst of Wall Street’s recent
woes may be past.
Analysts were encouraged by the rally, but
many cautioned against false optimism.
The Dow Jones industrial average rose a
record 186.84 points after record gains in
Tokyo and London, topping Tuesday’s record
gain of 102.27 points.
“We sec a large increase in greed here.
We’re seeing people throwing money fast and
hard and maybe without thinking,” said Tho
mas Czech, first vice president for research at
Blunt Ellis & Loewi Inc., in Milwaukee.
Wednesday’s rally seemed healthier than
Tuesday’s because it was not confined to the
Dow’s blue-chip stocks. Stocks gained across
the NYSE as well as on the American Slock
Exchange and in the over-the-counter market,
which had fallen sharply on Tuesday.
“It’s going to be as hectic on the upside as it
was on the downside,” Czech said. “People are
not answering phones. In some cases ask prices
are below bid prices.”
Despite the rally, many analysis remained
cautious about the stock market’s future.
“We think the market action over the next
several weeks will be erratic, and by no means
is the market embarking on a new bullish phase
here,” said Jack Baker, head of block trading
for Shcarson Lehman Brothers Inc. “We
wouldn’t be surprised to see further slippage in
the weeks ahead.”
Dennis Jarrctt, technical analyst for Kidder,
Peabody & Co., agreed: “The probability of a
straight upward movement from where we
were on Monday is very, very low. We nor
mally have a bounce, but we have to go back
and rebuild.”
Some economists paint Baker
as villain for market woes
WASHINGTON — Treasury Sec
retary James A. Baker III, who a few
days ago was saying lax-happy Demo
crats were to blame for the stock
market’s woes, is coming in for criti
cism himself for what many econo
mists believe was loose talk about the
. dollar at a lime of market instability.
Whilccconomists were not placing
sole blame on Baker, many of them
said Wednesday that the Treasury
secretary’s comments increased in
vestor uneasiness at a time when the
markets were most vulnerable.
“Baker’s comments were one of
the major causes for the dramatic
decline in the stock market,” said Tom
Mccgan, an economist with Evan1'
Economics, a Washington forecasting
firm. “Instead of reassuring the mar
kets, he added another measure of
uncertainty.”
Baker’s error, in the view of many
economists, was pressing loo hard
publicly in his attempts to get the West
Germans to roll back recent interest
rate increases in their country.
Shultz sure of progress in
arms control during talks
HELSINKI, Finland — Secretary
of State George Shull/ set out for fog
shrouded Moscow by train on
Wednesday and said he w as certain he
would make head way on nuclear arms
control in two days of talks with So
viet officials.
But he was guarded about arrange
ments for a third Rcagan-Gorbachev
summit.
“1 think we and the Soviets both
agree meetings between the top lead
ers arc very desirable, Shultz told a
news conference in the capital.
But, he said, summits must be well
prepared “and produce substantive
results.” Shultz said his team of ex
perts were in “a serious and construc
tive frame of mind.”
Shultz and his entourage of senior
American specialists on Soviet af
fairs, security agents and reporters had
planned to fly in two U.S. Air Force
jets to the Soviet capital.
In Brief
Near-collision plane reports up nearly 50 percent
WASHINGTON — The number of near-collision reports involving
commercial aircraft jumped nearly 50 percent during the first nine
months of this year, according to Federal Aviation Administration
figures.
The chairman of the National Transportation Safety Board said the
sharp rise in near collisions shows that travelers were exposed to an
“increased risk” of an aerial collision during the past summer, but the
head of the FA A called the statistical jump “not in itself very meaning
ful.”
Russian dancer granted political asylum in U.S.
DALLAS — Soviet dancer Andrei Ustinov, 32, who deserted the
Moscow Ballet last week during its U.S. tour has been granted political
asylum in the United States, immigration officials said Wednesday.
Philip Scmark, executive director of the Dallas Ballet Association,
said Ustinov has agreed to perform with the Dallas Ballet with a three
month contract that runs through the end of the year.
U.S. researcher wins Nobel for economics
STOCKHOLM, Sweden — American researcher Robert M. Solow
on Wednesday won the Nobel Memorial Prize in Economic Sciences for
explaining how certain factors work togethertomakean economy grow.
Solow, of the Massachusetts Institute of Technology in Cambridge,
Mass., won the prize for a mathematical formula published in 1956 that
demonstrated how factors like savings, capital, technology and labor
affect a nation’s economic future.
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AIDS will be
widespreading,
public thinks
CHICAGO — Almost half the
people surveyed by the American
Medical Association thought it “very
likely” that AIDS would infect and kill
a large share of the nation’s popula
tion.
Clarification
In an Oct. 17 a story about Univer
sity Police-student relations, Fred
Holbert, UNL associate professor of
criminal justice, was misquoted as
saying he supported the carrying of
firearms by university policemen.
Holbert said he could understand po
lice carrying firearms after dark on
campuses bordering high crime areas
in large urban areas. But in the normal
course of events on most university
campuses, the university police do not
need to carry firearms, Holbert said.
Nebraskan
Editor Mike Reilley
472-1766
Managing Editor Jen Deselms
Assoc. News Editors Jann Nyffeler
Mike Hooper
Editorial
Page Editor Jeanne Bourne
Wire Editor Linda Hartmann
Copy Desk Chief Joan Rezac
Sports Editor Jeff Apel
Arts & Entertain
ment Editor Bill Allen
Graphics Editor Mark Oavls
Asst Graphics Editor Tom Lauder
Photo Chief Doug Carroll
Night News Editors Curt Wagner
Scott Harrah
Art Director Brian Barber
General Manager Daniel Shattll
Production Manager Katherine Policky
Advertising
Manager Marcia Miller
Publications Board
Chairman Don Johnson,
472 3611
Professional Adviser Don Walton. 473-7301
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