Image provided by: University of Oregon Libraries; Eugene, OR
About Oregon daily emerald. (Eugene, Or.) 1920-2012 | View Entire Issue (March 29, 2005)
Optimistic investors spur Wall Street rebound BY MICHAEL J. MARTINEZ THE ASSOCIATED PRESS NEW YORK — After three weeks of losses, Wall Street enjoyed a modest rebound Monday as in vestors felt more optimistic about the economy and indulged in a little bargain hunting. Falling oil prices and a strengthening dollar also spurred buying. The economy was foremost on in vestors’ minds. There was no signif icant economic data released Mon day, so the market was anxiously awaiting gross domestic product and employment numbers later in the week and hoping they would show the economy has enough strength to overcome inflation. “Investors are cautiously putting a foot back into the market," said Michael Sheldon, chief market strategist at Spencer Clarke LLC. “The market appears to be oversold, but investors are going to need some sort of catalyst, whether it’s falling oil prices or earnings or some of the economic data coming out this week, to really have the confi dence to push things higher.” The Dow Jones industrial average rose 42.78, or 0.41 percent, to 10,485.65. The Dow has fallen more than 1 percent in each of the last three weeks. Broader stock indicators also gained ground. The Standard & Poor’s 500 index was up 2.86, or 0.24 percent, at 1,174.28, and the Nasdaq composite index climbed 1.46, or 0.07 percent, to 1,992.52. Investors were also cheered as the dollar gained ground against most ma jor currencies, including the euro and the Japanese yen. Crude oil futures continued their slow retreat, with a barrel of light crude settling at $54.05, down 79 cents, on the New York Mer cantile Exchange. Bonds continued their slide, with the yield on the 10-year Treasury note rising to 4.64 percent, up from 4.59 percent late Thursday. Gold prices fell as the dollar gained strength. Analysts noted that Monday’s move up came on very light volume, and the advance-decline lines showed declin es slightly ahead. And while the ener gy sector continued to lead the market for 2005, it was the worst performer of the month so far, despite record crude oil prices. “Take that into consideration and you’re looking at a very short-term, leaderless kind of selling reprieve, more than anything else,” said Bri an Belski, market strategist at Piper Jaffray. “People aren’t jumping up and down to get back in to this mar ket. They’re going to want to see a few days of solid upside and some real leadership from any sector, re ally, before they get back in.” GM was downgraded to “reduce” from “neutral” by UBS due to con cerns over the automaker’s liquidity and questions about whether the company could continue offering div Dollars to the euro and the yen The dollar rose against the euro and yen in Monday trading. Dollars to one euro Dollars to one yen SOURCE: Telerate AP idends to its shareholders. GM slipped 93 cents to $28.37. American International Group climbed $1.41 to $57.02 after The Wall Street Journal reported online that the company would sever ties with former Chairman Maurice “Hank” Greenberg. The news came as the Securities and Exchange Commission reportedly sub poenaed as many as 12 A1G execu tives. State and federal regulators are investigating whether AIG used ques tionable insurance transactions to ille gally bolster its earnings reports. Stressed about schoolwork? Let Duck's Village help! Great Location Lots of Great Amenities - Come See For Yourself! 3225 Ktnsrow Avenue, Eugene (541) 485-7200 Office at Models Open Mon-Fri 8-5 and Sat 9-3 www.ducksvillage.com % „ mmmJ/p |fr 8 % t jp^ & 'jSjSM Now Leasing for next year! University Commons Apartments Furnished 1, % & 4 bedroom apartments Reduced rental rates for 2005-061 Come see us and find out more! 021754 • Fully furnished • Individual leases • Full size washers and dryers in every apartment • 24 Hour Fitness Center • Heated pool • Security alarm system • Water, trash, sewer included • on bus route • Roommate matching • 1, % & 4 bedroom apartments • 3 bedroom with a den • Game room • Caged basketball court • sand volleyball court • Uniformed security on-site universiTY COMMONS apartments 338-4000 90 Commons Drive, Eugene, OR 97401 Hours: M-F 9am-6pm, Sat 10am—4pm Sun 12pm-5pm IN BRIEF Petroleum leak threatens city's drinking water HAUSER, Idaho — Soil samples in dicate there is petroleum contamina tion outside the layers of containment for a leaky refueling depot outside of Hauser, the Idaho state Department of Environmental Quality said. The contamination was found where leak-detection pipes penetrated the underground liners meant to pro tect the Rathdrum Prairie aquifer from contamination from the Burlington Northern Santa Fe railway station. The station sits atop the source of drinking water for 400,000 people in northern Idaho and Washington state. In tests conducted after the depot was shut down last month by court or der, most of the liner seals around the detection pipes failed. Marc Kalbaugh, site remediation manager for the environmental depart ment, said samples are being tested as BNSF continues to repair the depot. BNSF is eliminating 81 places where pipes penetrated underground liners in three main areas of the depot, Kalbaugh said Friday. The liners will still be penetrated in about 20 places, but the boot seals will be replaced. Burlington Northern spokesman Gus Melonas said the railroad has 90 contractors working to repair the de pot. The company is sealing cracks in concrete containment basins with an industrial resin and covering the con crete surfaces with several layers of sealant, he said. “We’re confident we will not expe rience a similar situation in the future,” he said. Barry Rosenberg, director of the Kootenai Environmental Alliance, said BNSF’s track record at the new site is unacceptable. “You can patch cracks, but that means the underlying foundation is still cracked,” he said. “If they are glu ing this thing together, will it hold up under the weight of these locomotives and trains?” Rand Wichman, Kootenai County planning director, said BNSF is push ing to be done with repairs before an April 1 hearing in District Court. Kalbaugh said much work remains to be done before the hearing. “A lot of different things have to be demonstrated to the state with regard to the integrity of the facility,” he said. “It’s all being reviewed. ” — The Associated Press Pact: Agreement aims to assist students in career aspirations Continued from page 1 dean of marketing, recruitment and college advancement for Southwest ern Community College. Sources who were familiar with the program said the pact will save stu dents money by allowing them to take advantage of lower community college tuition rates. In addition, access to ad visers on both campuses should in crease the number of community col lege credits that students can use to satisfy requirements for a bachelor’s degree and give a students a better idea of which courses will transfer, po tentially enabling students to avoid spending more time and money on higher education than is necessary. “Students can begin to work with advisors (early on) to plan the trans fer process,” Pitts said. Johnson said a similar agreement between Oregon State University and Southwestern has been successful and allows students to focus more on studies and career aspirations. Pitts added that the partnership with Southwestern makes sense be cause it increases the options avail able to students who want to study at the University-operated Institute of Marine Biology in Charleston. Gov. Ted Kulongoski commented on the pact in a press release. “This program represents the future of Oregon’s community colleges and four-year universities,” he said in the release. “If we truly want Oregon to be a leader in innovation and technology, we must establish the kind of collabo ration and partnerships exemplified through this new program across the state so that we can expand access and strengthen educational opportunities for all Oregonians” According to the press release, new freshmen and transfer students are eligible to apply for the Dual Admission and Enrollment Pro gram. Students must meet all applicable University admission or transfer requirements. Co-enrolled students may use credits from both institutions to meet financial aid qualifications. “It’s a good deal all around,” John son said. “We’re looking forward to working with the University.” •Miamcherry@dailyememld.com
