The daily Nebraskan. ([Lincoln, Neb.) 1901-current, October 23, 1987, Page 2, Image 2
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 The Daily Nebraskan (USPS 144-080) is ! published 6y the UNL Publications Board Nebraska Union 34,1400 R St., Lincoln, Neb 68588-0448. weekdays during academic year (except holidays), weekly during the summer S6SSI0HS. Subscription price is S35 tor one year Postmaster; Send address changes to the ; Daily Nebraskan. Nebraska Union 34.1400 R 1 St. Lincoln. Neb 68588-0448 Second-class postage paid at Lincoln. NE 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.” “SuieTbe Extra Moneys Nice, But That’s Not WhyIDo It:’ > ¥ do it because I know that it saves ■. 1 lives. That's why I donate plasma - Millions of people all over America ^ rely on plasma products to stay J| healthy— or >o stay alive! 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