Altoona Mirror, September 18, 2001 : Front Page

Publication: Altoona Mirror September 18, 2001

Altoona Mirror (Newspaper) - September 18, 2001, Altoona, Pennsylvania INSIDE TODAYBRAVO!: Region’s history, autumn’s hues highlight heritage tour / FREE INSIDE SPORTS: It’s back to business on the nation's baseball diamonds / Bl, LIFE: Experts offer advice on purchasing life, car and home insurance / DIAltoona Mirror © Copyright 2001TUESDAY, SEPTEMBER 18, 2001 50C newsstandStocks plunge as trading resumes Dow Jones registers a record drop; analysts say it could’ve been worse NEW YORK (AP) — In the smoky shadow of the World Trade Center, stock prices plummeted but stopped short of collapse Monday in an emotional, flag-waving reopening of Wall Street. The Dow Jones industrial average lost 684.81 points and ended the day at 8,920.70 — a record one-day point drop and the first close below 9,000 since Dec. 21,1998. The previous one-day record loss was 617.78 April 14, 2m. Volume on the New York Stock Exchange was a record 2.33 billion shares, surpassing the previous mark of 2.13 billion Jan. 4. The Nasdaq index fell more than 115 points to 1,579.55, like the Dow, ■ US Airways to cut thousands cf jobs, service/ Page A5 down 7 percent. The broader Standard & Poor’s 500 index was down 53.77 at 1,038.77. The sell-off was expected as trading resumed after a four-day hiatus — its longest shutdown since the Depression — and some analysts had predicted worse. The loss was less than a third of the 22-percent plunge when the Dow lost 508 points in the 1987 crash. Just hearing the opening and closing bell was a victory for some. Please see Plunge/Page A7 The Associated Press The famous statue of the Wall Street Bull is decorated with American flags Monday as the National Guard patrols the neighborhood.PAYING RESPECTS Attacks provided fuel for an already declining market, local experts say By Craig Williams Staff Writer With more than a year of steady loss, investors and advisers were not all that shocked when the Dow Jones industrial average dropped about 7 percent Monday when Wall Street reopened after nearly a weeklong hiatus. “As far as I’m concerned, ever since a year ago April, everything has been going down anyway,’’ said Kathy Babiak of Emeigh, \yho trusts her investment company. Last week, her relatives were advising her to get out of the European market, as it also lost around 6 percent. "They said to sell the stocks and buy American,’’ Babiak said. Local financial advisers exhibited their typical reserve even after the Dow hit a record for a one-day point drop—closing below the 9,000 mark. “It was expected because of the fear of the unknown,” said James A. Calvert, financial planner for Lutheran Brotherhood in Hollidaysburg. Jitters in the Middle East, insurance company liabilities and the enormous cost to the airline industry were enough to cause a sell-off on normal trading days, let alone the pressure of war. Please see Market/Page A7 Bush says U.S. wants bin Laden ‘dead or alive’ By Tom Raum The Associated Press WASHINGTON - President Bush said Monday that the United States wants terrorism suspect Osama bin Laden “dead or alive.” The Federal Reserve cut key interest rates, but nervous investors sent Dow Jones industrial stocks plunging to their largest point loss ever. Faced with a faltering economy, Bush met with top domestic policy advisers late Monday to consider legislation to bail out hard-hit U.S. airlines. And aides said he is weighing a new economic stimulus package that might include new tax cuts. “I’ve got great faith in the economy. I understand it’s tough right now,” Bush said. “Transportation business is hurting.” He suggested that stock markets, closed since the Sept. ll attacks, had been “correcting prior to this crisis.” Even though the Federal Reserve slashed its benchmark federal funds and discount interest rates by half a percentage point, stocks plummeted as markets opened for the first time since the devastating attack in the heart of New York’s financial district. Airline, insurance and entertainment stocks were hit particu- ■ More coverage/ Pages A3, AG, A7, A8, Cl, C2 larly hard. The Dow Jones industrials suffered their biggest one-day point drop, 684.81, to 8,920.70, dropping below 9,000 for the first time since December 1998. Bush balanced attending to the weakening economy with preparing the military — and the nation — for possibly prolonged conflict in the battle against international terrorism. “We will win the war, and there will be costs,” Bush said during a visit to the Pentagon, badly damaged when hit by one of the hijacked airliners. “The U.S. military is ready to defend freedom at any cost,” he said as the Defense Department readied call-up orders for an estimated 35,000 reservists. The FBI, meanwhile, said it had detained 49 people for questioning in the jetliner attacks that left 5,000 or more dead at the destroyed World Trade Center in New York and the Pentagon. Attorney General John Ashcroft announced that numerous federal agents would fly on commercial airliners to provide safety and urged Congress to act quickly on anti-terrorism legislation. Please see Bush/Page A7 Enrollment in PACE program drops as costs continue to rise From Mirror staff and wire reports HARRISBURG — Enrollment in the state’s prescription drug program for low-income seniors has dropped precipitously in the last dozen years — even as its costs have more than doubled. Enrollment in the Pharmaceutical Assistance Contract for the Elderly, which features $6 pre scriptions and no deductible, declined from 477,772 in 1988 to 207,057 in June. Last year, 12,000 enrollees lost their eligibility. Some seniors exceed the income limit by a small amount, while others have been bumped off the rolls by small Social Security cost-of-living increases. PACE was created in 1984 as one of the nation’s most generous prescription programs. It relies on a 17 percent discount from drug manufacturers, a $6 co-payment and Lottery Fund revenue. “PACE was the gold standard when it was set up,” Senate Democratic Whip Michael O’Pake said. Please see PACE/Page AIQ Support group forms to back Blair County judge’s retention By Phil Ray Staff Writer HOLLIDAYSBURG - A committee led by former Altoona Mayor Ray Voltz is fighting for retention of Judge Norman D. Callan. Papers filed with the Blair County director of elections list Voltz as committee chairman and Guy J. Landolfi, a certified public accountant and financial planner, as treasurer. “I feel the judge is an honorable person — a person of integrity, and he does a good job on the bench,” said Voltz, who has known Callan for Callan about 15 years. Landolfi credits Callan for clearing a huge backlog of criminal cases that greeted him when he took office almost IO years ago. “I think he’s doing a great job,” said Landolfi, who has known Callan for 20 years. Please see Judge/Page AIQ MMM DELIVERY Subscription or home delivery questions: 946-7480 or (800) 287-4480 7    22910    00050    4 BIG FOUR 3    6    ## I Lottery numbers, A2 WEATHER Partly sunny, 73° ■ Forecast, A2 . V ' Iii >    " • | / I    The Area *s Very Best Award I ll    Winning Fine Dining! Ail1* ■TALIAN VILLA I □ LOCAL Q NATION INSIDE Business AS Classifieds C4-10 IN WORLD Hospitals A9 Obituaries Opinion A9 A8 A grand Islamic council in Afghanistan should decide the fate of Osama bin Q SPORTS Comics D5 Laden, the Taliban’s supreme leader said. PAGE Cl Local B4 Community news D2 Puzzles D4 Scoreboard B5 Television D4 Mirror photo by Jason Sipes Pennsylvania State Police troopers salute as buses filled with family members of the passengers of United Airlines Flight 93 make their way to Indian Lake for a memorial service Monday. First lady Laura Bush and Gov. Tom Ridge were among the dignitaries at the service honoring the victims of last week’s plane crash in Shanksville. Please see story, Page A6. ;

  • Guy J. Landolfi
  • James A. Calvert
  • John Ashcroft
  • Kathy Babiak
  • Laura Bush
  • Norman D. Callan
  • Phil Ray
  • Ray Voltz
  • Tom Raum
  • Tom Ridge

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Publication: Altoona Mirror

Location: Altoona, Pennsylvania

Issue Date: September 18, 2001

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