Ironwood Daily Globe from Ironwood, Michigan on June 27, 1998 · Page 3
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June 27, 1998

Ironwood Daily Globe from Ironwood, Michigan · Page 3

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Ironwood, Michigan
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Saturday, June 27, 1998
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THE DAILY GLOBE, Ironwood, Ml inion Saturday. June 27,1998 Page 6 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^~v^l YV/TU \2r BB^^^^^^^^^^^^^^^^^^^^^^^^^_ Market's midyear advances impressive, but will they last? Bv BRUCE MEYERSON up - tnat fast -" said Eugene G. Likewise, the Nasdaq composite It will probably be the end i By BRUCE MEYERSON AP Business Writer NEW YORK (AP) — With June winding down, it seems the stock market will finish the first half of 1998 with most of its surprisingly strong rally intact. . But since almost no one was predicting that the leading market averages would post gains of 15 percent and 20 percent for the entire year, the big challenge for the second half of 1998 may be more about holding those gains than padding them. Wall Street 'The question is how much we lose," said Sung Won Sohn, chief economist at NorWest Corp. in Minneapolis, citing unresolved issues such as the Asian financial crisis and .the extent and duration of its impact on American companies. Even among those who foresee further gains by year-end, the projections are fairly modest. "We're expecting the market to go a bit higher, though certainly not as much as in the first half of the year since earnings won't go up that fast," said Eugene G. Mint?, market analyst at Brown Brothers Harriman, suggesting • yearend targets of 9,300 to 9,400 for the Dow Jones industrial average and about 1,150 for the Standard & Poor's 500. "All technical indicators show that the market grew oversold and a reasonable summer rally should result," said Mintz. A key factor, he said, will-be whether smaller-company shares, which slid much, farther during the market's recent travails, catch up with the sudden blue-chip rebound. Even after the rally of recent weeks, the Russell 2000 index of smaller companies posted a gain as large as 12.4 percent this year, but is now ahead only 3 percent in 1998- By contrast,, the S&P 500 is trading at record levels for the first time since April, boasting a 16.8 percent gain for the year. The Dow is still about 267 points shy of May 13's peak of 9,211.84, but the blue chips hold a gain of more than 1,000 points, or 13.1 percent for the year. Likewise, the Nasdaq composite index is about 50 points from record terrain, but stands tall with a 19 percent gain for 1998. Djon't forget, however, how tenuous these riches can be. Before .the turnaround that .took hold less than two weeks ago, the Nas- daq market had been caught in the grips of a two-month grind that shrank this year's gain to 9 percent. Much like they did after the market's sharp advance in the first half of 1997, the gyrations may continue for some time. "The next four or five months could be a big, old trading range, and lurking somewhere in there is probably another.big bad day" like the Dow's 554-point plunge back on Oct. 27^ said Bob Dickey, managing director of .technical analysis at' Dain Rauscher 'in Minneapolis. "It will be news related. The catalyst will probably be Asia or something triggered by the Asian crisis," said Dickey, offering a year-end Dow target of 9,400 after a pit-stop down at 8,000. "It will happen, and it will be your golden buying opportunity again. It will probably be the end of this confusing and frustrating period." On Friday, the Dow closed 8.96 higher at 8,944.54, extending the week's gain to 231.67. The S&P 500 rose 3.92 to a record 1,133.20 on Friday, edging past Wednesday's closing high of 1,132.89 and finishing the week 32.55 higher. The Nasdaq composite index rose 6.28 to 1,869.53 on Friday, gaining 88.24 for the week. The New York Stock Exchange composite index rose 1.39 to 577.53, up 13:61 for the week; the American. Stock Exchange composite index rose 3.91 to 717.87, up 23.90 for the week; and the Russell 2000 index of smaller companies rose 0.11 to 450.27. uo 11.85 for the week. The Wilshire Associates Equity Index — which represents the- combined market value of all NYSE, American and Nasdaq issues — ended the week at $10.618 trillion, up $291.8 billion from last week. A year ago,' the index stood at $8.400 trillion. 7/ps for beating the heat Chancesare good for IRS overhaul to become law By ROB WELLS AP Tax Writer WASHINGTON (AP) — The * easy House passage of a bill overhauling the Internal Revenue Service bodeu well for a similar fate in the Senate, which is expected to take up the measure after the July 4th recess. The House voted 402-8 on Thursday to approve a compromise with the Senate to make the biggest changes since 1952 at the IRS. This bill strikes the right balance between granting taxpayers the freedom to pay their taxes without abuses, while providing the tools necessary to fund the government," said House Ways and Means Chairman Bill Archer, R-Texas. Complainta about the IRS were so numerous that Congress forged a broad consensus to revamp the agency. Rep. Charles Rangel, D-N.Y., praised House Republicans for "an extreme bipartisan effort" in' crafting the bill. "We got away from rhetoric of pulling the (tax) code up by its roots and beating up on the dedicated public servants ... to see what we could to bring about change," said Rangel, the top Democrat on the Ways and Means Committee. Voting against the measure were seven Democrats and one Republican. President Clinton has said he would sign the $12.88 billion measure. Shortly after the vote was announced, the IRS' No. 2 official announced his resignation. Deputy Commissioner Michael P. Do- Ian said he planned to leave in order to give the agency's new commissioner room to form his own management team. The House action culminates a two-year push by Congress to bring the nation's tax collector under control. Amid reports the IRS spent $3.3 billion on a failed computer modernization, Congress cut the agency's funding in 1996 and created a bipartisan panel to investigate and recommend solutions to the agency's management woes. The commission, headed by Rep. Rob Portman; R-Ohio, and Sen. Bob Kerrey, D-Neb., recommended a new outside board of directors to oversee the agency, which was created by the bill. It called on Congress to coordinate oversight .from the seven separate committees so they do not send conflicting messages to the IRS. After the Senate Finance Committee held dramatic IRS oversight hearings last September, the scope and cost of the bill broadened as lawmakers moved to beef up taxpayer rights. At the hearings, taxpayers and IRS employees described harassment in tax collections and indifferent or hostile workers who did little to solve legitimate taxpayer complaints. The Senate responded by making some tax penalties less onerous. For example, if. the IRS waits more than 18 months to notify someone they owe additional taxes, the bill will suspend interest and penalties. This is expected to save taxpayer $2.3 billion over 10 years. Other major provisions shift the burden of proof in civil Tax Court cases from taxpayers to the IRS, KO long as taxpayers kept proper records and met other requirements. So-called innocent spouseH, such as divorced women, would win protections against tax collection actions caused by • problems from their former matf-s. By Th« Associated Press Michigan's Lower Peninsula was expected to have temperatures hovering near 90 degrees through the weekend, with highs in the 80s in the Upper Peninsula. Here are some tips on ways to beat the heat. PEOPLE —Wear loose, natural-fiber clothing, wh«n outdoor* to keep the'sun off'the skin. Indoors, wear fewer clothes so air can circulate around your body. —Drink plenty of water. If you're sweating, sports drinks can help restore lost electrolytes. —Take precautions when exercising outdoors, such as drinking plenty of fluids or exercising in the morning or evening. —Head for an emergency room for anyone who gets sleepy, agitated, has seizures or becomes unconscious. If a child's temperature is more than 102 degrees, seek medical care. —Use sunscreen. —Never leave children in a parked vehicle. HOMES —Insulate your home. Caulking and weather-stripping can help keep heat out and aircondi- tioningin. —Close blinds, shades or draperies to keep the sunlight out and to help fans and air-conditioners work more efficiently. --Don't run a washer or dryer during the hottest part of the day. Try using the microwave or .eating cold meals on hots days, rather than cooking. —Keep the refrigerator, especially its freezer, full so it doesn't have to work so hard to stay cool. PETS —Never leave an animal inside a parked car; temperatures can reach 120 degrees within minutes. . —Keep a constant supply of fresh water available to pets. —Call a veterinarian for pets that become lethargic^or pant. —Exercise animals in the morning or evening, rather than during the hottest part of the day. Sourc« Michijrun Human* Soewty, Pitrotl M*dir»l C«iUr, Huron V«IUy..Sin»i Hotpiul «nd n»trwt EdUM) Co Doonesbury BY GARRY TRUDEAU AP ASSOCIATED pflf SS W{ WISCONSIN NEWSPAPER ASSN MKXOA* PRESS ASSOCIATION Gary Lamberg Andy Hill Editor/General Manager Managing Editor Ralph Ansami News Editor Bouquets Speaking is rewarding I would like to extend my congratulations to Gloria (Simla) for allowing the panel to speak at the Ironwood Public Schools. I would like to make a correction to the article. I'm not a mayor. I did lose a son as a result of a drunk driver, and part of my speaking relates to the accident. I have been involved with young people for quite a few years, not only jon drugs, smoking and alcohol, but also with other activities. . Many concerned citizens in this community, as well as other communities, do the same. It is rewarding, not from a financial standpoint, but from the satisfaction we receive from within. Most of the panel of speakers have shared their experiences with students, and in my case, I also have shared them with those who have been convicted of drunk driving by the courts through the Drunk Drivers Impact Panel. l / The panel may consist of various local law enforcement agencies, members from the prosecutor's office, the courts, ambulance drivers, a certified counselor, and a victim as the result of a drunk driver, or other concerned agencies and organizations. The theme is the same, the presentation differs. It would be; a pleasure, I'm sure, for all the volunteers to speak at all the schools in the Gogebic County and Wisconsin area to inform and help them. In closing, I would also like to thank the principals and the school boards for allowing the volunteers to make this presentation. And last, but not least, I would like to express my gratitude for the school members of the SADD organization for the work they have done and the students, for they are the number one concern of all of us. Thank you for the title which I do not deserve. Robert L. Braun Sr. t Ironwood Thanks for thfnjood time On June 17, residents of Westgate Living Centre (Ironwood) had an enjoyable day at the City of Wakefield's Eddy Park on beautiful Sunday Lake. We want to take this opportunity to thank several organizations and individuals who made this outing such a success. The City of Wakefield kindly made sure our residents had access to the kitchen, restrooms and picnic facilities. The city's staff was very helpful and cooperative. Eddy Park is a fine recreational area and an asset to the Wakefield community. The park is very well kept and the paved trails made it easy for our residents to get around. The Gogebic County Transit Authority (the "Blue Bus") scheduled a bus to meet our transportation needs. Bus drivers Ron Kalla and Denny Aspimvall not only were kind, courteous and dependable, but did double duty as cooks. Th« food was great! Lastly, Westgate staff and volunteers took time out of their busy schedules and numerous responsibilities to prepare and assist our residents, for this outing. To all of these organizations and individuals, we extend our moat sincere appreciation"and gratitude. Thank you for taking the time to enrich the lives of our residents. For the residents of Westgate Living Centre, Vickie Vurkovic, social services director; Diana Lorenson activities coordinator Almanac and Datebook June 27, 1998 Today i* the 178th day of 1999 and the 7tfi day of rummer. TODAY'S HISTORY: On this day in 1859, Mildred J. Hill composed the tune to "Happy Birthday." On this day in 1950, President Harry S. Truman ordered the U.S. Air Force and Navy into the Korean conflict. On this day in 1975, Lee Trevino, Bobby Nichols and Jerry Heard were struck by lightning during the second round of the Western Open in Chicago, III. TODAY'S BIRTHDAYS: Charles Stewart Pamell (1M6-I891), Irish nationalist leader; Emma Goldman 0869-1940), political activist; Helen Keller (1800-1968), educator-writer; Willie Mosconi (1913-1993), billiard* great; Bob "Captain Kangaroo" Keeshan (19270, TV personality, is 71; June 28, 1998 TODAY'S SPORTS: On this day ii 1910, Chicago shortstop Joe Tinke stole home twice as the Cubs woi against Cincinnati, 11-1. TODAY'S QUOTE: "The strongest i; never strong enough to be always thi master, unless he transforms hi: strength into right, and obedience int< duty." — Jean Jacques Rousseau TODAVS HISTORY: On this day ir 1838, Britain's Queen Victoria wai crowned in Westminster Abbey. TODAY'S WEATHER: On this day i 1957, Hurricane Audrey, the deadlier June hurricane on record, hit north ern Louisiana. SOURCE l»»7 Wr«lhrr fiuide C«lm<Ur, Arcor Publishing, Ud € ' 1 TODAY'S MOON: Betweei new moon (June 23) and firs quarter (July l).

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