The US stock market appeared to be rebounding from its biggest one-day point loss, a 554-point decline in the Dow Jones industrial average. The 7.18 percent drop in the Dow was reportedly the 12th-worst in its history. Analysts predicted the decline would keep the Federal Reserve from raising interest rates for the rest of this year. Fed Chairman Alan Greenspan is scheduled to appear today before a joint congressional committee.
President Clinton and Chinese leader Jiang Zemin were to talk privately in the White House residence last night. The meeting was described as a social jump start to the more formal summit scheduled to begin today with a 21-gun salute and full honors on the South Lawn of the White House, talks in the Oval Office, a joint news conference, and a state dinner. Prior to the summit, Jiang visited colonial Williamsburg, Va.
The nomination of former House Speaker Thomas Foley (D) of Washington to be ambassador to Japan won Senate approval. The Senate also confirmed former Sen. Wyche Fowler Jr. (D) of Georgia as ambassador to Saudi Arabia.
The US is investigating the purchase of American-made supercomputers by two Russian nuclear weapons labs in defiance of an export ban. The State Department said a federal grand jury in Washington, the Commerce Department, and the US Customs Service are looking into IBM's role in the sale. The State Department denied making any statement that "could be fairly construed as indicating a US commitment to provide Russia access to these kinds of computers."
US prosecutors of a onetime Justice Department extradition chief and of another lawyer accused of committing crimes for Colombia's Cal cocaine cartel failed in their efforts to convict the two men. A jury in Miami acquitted Michael Abbell, once a top Justice official, and William Moran on the most serious charge of racketeering and deadlocked on all four other drug-related charges.
Track workers agreed to extend their strike deadline against Amtrak to Nov. 6 after making "significant progress" toward a settlement during contract talks in Washington, a Transportation Department spokesman said. It was the second one-week deadline extension. Track workers are seeking a 3.5 percent annual raise over five years. Amtrak says it cannot afford that much.
Wages and benefits paid US workers rose 0.8 percent in the July-September quarter, the Labor Department said. The moderate increase, a sign that inflation in the labor market is still relatively contained, followed an identical gain in the previous quarter.
Two leaders of a separatist group were repeatedly thrown out of court as they went on trial in Alpine, Texas. Representing themselves in the case, Republic of Texas leader Richard McLaren and his chief lieutenant, Robert Otto, were ejected nine times for bombarding the judge with objections and claims of diplomatic immunity. The two are the first of five group members to be tried on charges of organized criminal activity linked to a week-long standoff with police earlier this year.
Philip Berrigan, a former Roman Catholic priest from Baltimore, was sentenced in Portland, Maine, to two years in prison for smashing equipment and spilling blood on the bridge of the destroyer USS Sullivans. At the time of the Ash Wednesday protest, the ship was under construction at the Bath Iron Works shipyard. A US District Court judge also ordered Berrigan to pay restitution for some of the damages.
Clinton signed into law a $40.1 billion bill funding the Transportation Department and related agencies, as well as a $68.4 billion bill funding the Departments of Veterans Affairs and Housing and Urban Development, White House officials said.
Key stock indexes fell again around the world as political and economic leaders sought to reassure investors of the underlying strength of major markets. The Hong Kong Hang Seng index closed down 13.7 percent, followed by Japan's Nikkei (4.26), and Frankfurt's DAX (8), with similar losses in South Korea, India, Australia, New Zealand, Malaysia, Thailand, and Indonesia. Britain's FTSE appeared ready to close down by about 3.6 percent as the Monitor went to press, after falling 458 points in early trading.
With Saddam Hussein presiding, Iraq's Revolutionary Command Council and ruling Baath Party leaders met to decide whether they should adopt parliament's recommendation that cooperation with UN weapons inspectors be suspended. Meanwhile, Iraq was warned by two UN powers considered sympathetic to its cause - Russia and France - that such action would be unwise. Parliament's recommendation was contingent on the UN setting a timetable for ending the sanctions imposed after the 1990 invasion of Kuwait.
The lower house of parliament in Russia put off consideration of President Yeltsin's revised 1998 budget until Nov. 12, snubbing the government's request that it be acted upon by Friday. The proposal, OK'd by Yeltsin's Cabinet, meets lawmaker demands for increases in defense, agricultural, and social spending.
Two strong opposition parties agreed to field a joint candidate for president of South Korea in December's elections. The National Congress for New Politics and United Liberal Democrats were certain to nominate Kim Dae-jung, the front-runner in public opinion polls, analysts said. The parties also agreed on a campaign pledge to switch the country from presidential to parliamentary government.
Police and soldiers broke up two antigovernment rallies in Indonesia, beating and arresting an unknown number of participants The gatherings - in the capital, Jakarta, and in the third-largest city, Bandung - began as demonstrations against various government policies but turned into protests against President Suharto, who is seeking a seventh consecutive five-year term in next year's elections.
Burmese riot police blocked Nobel Peace Prize-winner Aung San Suu Kyi and her supporters from holding a political gathering in the suburbs of Rangoon. The government said she was warned that any attempt to meet would only slow down moves toward democracy. Military leaders had allowed her to take part in three political meetings in the past month.
Same-sex marriages and adoption of children by homosexual couples won important political support in the Netherlands when a key parliamentary committee endorsed them in a published report. Its recommendations could become law by the time Dutch voters go to the polls next May, analysts said. Neighboring Sweden and Norway recognize homosexual partnerships but deny them the legal right of adoption.
More than a dozen delegates from Sudan's Islamic government left for peace talks in neighboring Kenya aimed at ending almost 15 years of civil war with the rebel People's Liberation Army. Negotiations are scheduled to begin today.
Zambian President Frederick Chiluba insisted he still was in full control of the country after a military coup attempt ended in failure. Nine disgruntled Army officers were reported to be in custody. Aid workers said it appeared the coup plotters succeeded only in seizing the government broadcast center in Lusaka, which was quickly recaptured by Chiluba's troops.
"I'd like to ask all of us to remember that our economy is as strong and vibrant today as it has been in a generation."
- President Clinton's assessment, as the stock market showed signs of rebounding from Monday's dramatic selloff.
Santa Cruz, Calif., police gave two school-age suspects low marks for their role in a house burglary. The youths took more than $500 worth of items, in broad daylight. But in his haste, one of them left behind a homework assignment with his name on it.
On the subject of police, a controversy is simmering in Milwaukee, where the city's finest don't like Chief Arthur Jones's order that they do lunch out in the neighborhoods, closer to the action. Lunch is one meal they don't want to eat out, preferring to kick back in the station house. They have taken their food fight to a state board, asking that the order be overturned.
Perhaps a different diet will accomplish what hasn't happened on the playing field for a lowly British pro soccer team. Norwich City turned to celebrity chef Delia Smith for energy-building recipes designed to help win enough games so it can qualify for promotion to the top-ranked Premier League. Currently, Norwich City is mired in 17th place in a lesser league.
The Day's List
Expansion Teams With No World Series Titles
No other Major League Baseball expansion team has won the World Series in faster time (five years) than it took the Florida Marlins. Kansas City took 17 years to win its 1985 title. The Toronto Blue Jays weren't World Series winners until their 16th season (1992). Among current teams since the first round of expansion in 1961, eight have yet to claim a world championship. Those teams and the years in which they began competing:
Texas Rangers/Washington Senators 1961
Anaheim/California/Los Angeles Angels 1961
Houston Astros/Colt 45s 1962
Montreal Expos 1969
San Diego Padres 1969 (lost 1984 series to Detroit)
Milwaukee Brewers/Seattle Pilots 1969(lost 1982 series to St. Louis)
Seattle Mariners 1977
Colorado Rockies 1993
- Information Please Sports Almanac