News Digests By The Associated Press_
=)ickle>s
RECORDS TAPES >
COMPACT DISCS
Reagan: no recession likely
President answers Questions on gulf war, arms reduction
WASHINGTON — President
Reagan said Thursday night he is
willing to talk with congressional
leaders about a tax increase to cure the
nation’s economic ills and declared he
sees “no indicators” of a recession
ahead despite the battered stock mar
ket.
At his first White House news
conference since March, Reagan said
he believes Soviet General Secretary
Mikhail Gorbachev will visit the
United States this year to sign a path
breaking arms reduction treaty, but
has no firm word that the meeting will
take place.
The president also defended the
United States naval presence in the
Persian Gulf and said, “we arc not
there to start a war. We are there to
protect neutral nations’ shipping in
international waters.”
Reagan opened his first formal
meeting with Washington reporters in
seven months with a quip. “Seems like
only yesterday,” he said as laughter
filled the East Room.
The new conference came at a
particularly difficult time in Reagan’s
administration. The president has had
to grapple with the economic diffi
culty and a tense situation in the Per
sian Gulf and is awaiting word from
Secretary of State George Shull/ on
possible progress toward an arms
control treaty with the Soviet Union.
Most of the questions dealt with the
economy, and Reagan was generally
upbeat.
He said the markets should remain
open, but applauded the decision by
the New York Stock Exchange to
shorten trading hours for the next
three days to permit overworked bro
kers to catch up on paperwork.
Reagan also announced he was
appointing a commission under the
direction of former Sen. Nicholas
Brady, R-N.J., to examine stock mar
ket procedures.
“This is purely a stock market thing
and there arc no indicators out there of
recession or hard times at all,” he
contended.
Correction
The DN incorrectly reported
Wednesday that Nebraska agencies
have received $140,000 from Far
mAid I and II. The correct figure is
$163,300. The same story reported
that the Farmers Union has 4,(XX)
members in 23 states. It should have
read that the Nebraska Farmers Union
has 4,000 families. The National
Farmers Union has 250,(XX) families
in 23 states. The Daily Nebraskan
regrets the errors.
Nebrayskan
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ALL MATERIAL COPYRIGHT 1987 DAILY NEBRASKAN
Frantic market trading
slows crash recovery
NEW YORK — Stocks tumbled in
frantic trading Thursday, dousing
hopes of quick recovery from the
market’s historic crash and raising
fears that violent financial spasms
may afflict the world indefinitely.
The Dow Jones average of 30 in
dustrial stocks, the nation’s best
known barometer of stocks values,
fell 77.42 points to 1,950.43 at clos
ing. Losing stocks swamped gainers
by a 5-to-l margin on the New York
exchange. Volume exceeded 393
million shares in the fourth busiesi
trading day ever.
Stocks also dropped sharply in
London, wiping out more than two
thirds of the gains in Wednesday’s
record trading.
In an unusual step, the New York
and American stock exchanges an
nounced Thursday they would shorten
each of their next three trading ses
sions by two hours to process the
crushing volume of the last week. 1 he
exchange will close at 2 p.m. Friday,
Monday and Tuesday, and will open
as usual at 9:30 a.m.
At one point Thursday, the Dow
was down 140 points and bobbed
violently afterward at sharply lower
levels.
“The market’s extremely fragile,”
said Peter J. DaPuzzo, manager of the
retail equity group at Shcarson
Lehman Brothers Inc. in New York.
“Any negative news causes it to break
and people to sell out equities. There’s
so much tension and nervousness, the
confidence level is very close to zero.”
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