Show A2 — The Herald Journal Logan Utah Friday September 20 2002 D Nation I E)©w 1 drops NEW YORK (AP) — Another spate of bad economic news brokerage downgrades and profit declines further demoralized investors Thursday sending the Dow Jones industrials down 230 points and to their first dose below 8000 in nearly two months “Investors' emotions con- tiriue to drive the market All you see is negative news" said Thomas F Lydon Jr president of Global Trends investments in Newport p®B mitts Beach Calif citing an earnings warnings by Electronic Data Systems disappointing results at Morgan Stanley a weak housing report and the possibility of war with Iraq “Investors on Wall Street are clamoring for good news that just isn't there" The Dow closed down ' 23006 or 28 percent at 794239 The Dow last traded below 8000 on Aug 3 but hadn't closed below that level since hitting a four-yelow ar Boston priest abuse settlement approved BOSTON (AP)— A $10 - million settlement between the Boston Archdiocese and 86 alleged victims of childmolesting priest John Geoghan won final approval Thursday six months after the church backed out pf a much costlier agreement A $10 million check from the archdiocese was given to the plaintiffs' attorney Mitchell Garabedian The last obstacle to the settlement was removed when Superior Court Judge Constance Sweeney approved a ' request from a 17-- y ear-ol- d boy to participate in the settle- ment Sweeney addressed the alleged victims who appeared in court saying she wanted to acknowledge their pain and make clear that the settlement means the court recognizes that Geoghan did what they say he did “I hope you are able to recognize in yourselves not just the hurt tKat was done to you but your own resilience your courage" she said An earlier settlement worth up to $30 million had been announced in May but the archdiocese backed out of that deal soon afterward saying it could not afford the deal because of hundreds of other lawsuits being filed Garabedian said the plaintiffs agreed to the lower figure because they want to try to put the abuse behind them“They want closure and they understand that the church does hot really care about their emotional wellbeing" Garabedian said “It’s time to move on and try to heal as best they tan if at ' of 770234 on July 23 2614 or 3 percent to 84332 The Dow down nearly 438 points in the past three sessions has also lost more than 1100 points since its recent peak of 903364 on Aug 22 as mixed economic reports and worries about war with Iraq have eroded investors’ confidence The broader market also pulled back Thursday The Nasdaq composite index fell 3368 or 29 percent to 121643 The Standard & Poor’s 300 index declined Below 8000 Discouraged investors pushed the Dow Jones industrial average below 8000 Thursday analysts who expected a 18 percent increase from a sector that remained relatively strong when the economy cooled Homebuilders such as Lennar down $323 at $3340 were among Wall Street’s losers Dismal earnings and brokerage downgrades also pulled stocks lower Brokerage house Morgan Stanley fell $420 to $3390 on third-quartearnings that were 12 cents a share short of expectations It’s been more than a week — since Sept 10 — that all three indexes have ended a session higher The three indexes have also endured ' three straight weekly declines Disappointing economic news las played a key role in dashing investors' hopes and contributed to Thursday's decline The Commerce Department reported housing construction dropped 22 percent last month surprising Dow Jones Industrial avg Datyckxings 9400 9100 &800 0500 B4X 7900 7600 Enron $r" N settle- ment will not even pay for the therapy victims will need for the rest of their lives set v off assets I HOUSTON (AP) — Bid-de- rs will compete for everything short of Kenneth Lay’s desk when Enron Corp auctions at least 10000 items next week — from computers and artwork to Enron stress balls and a stainless steel “E" The bankrupt company’s tiouston-base- d headquarters will have the first of several : auctions Sept 23-2- 6 to sell off equipment and assets from businesses long shut down such as its former broadband and retail energy units But buyers seeking items from executive offices used by Lay the former chairman and company founder former chief executive Jeff Skilling or other one-tim- e top officers will be out of luck “Executive offices have been left intact because they’re still being used" by the team of restructuring 51 ' AP nhntn Nancy Greenlaw holding a photograph of her son John Brian when he was a boy is comforted by plaintiffs attorney Mitchell Garabedian right In the Suffolk courtroom Thursday in Boston A $10 Superior I i n aa a a A A a Gepghan won final approval Thursday “I feel I need to apologize emotionally spent" to all future victims of church Nancy Greenlaw the moth- sexual abuse for setting such a er of John Brian Greenlaw - 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