Shares drop as wariness prevails
NEW YORK, July 23 (UPI) -- Shares ended down Tuesday as investors remained on edge about the market's longer-term prospects. Investors were rattled by the revelation Citigroup Inc. helped bankrupt energy giant Enron Corp. hide its debts, reversing a more than 100-point gain early in the session as bargain-hunters snapped up shares. Citigroup and J.P. Morgan Chase were among the biggest losers, falling 16 percent and 18 percent respectively. Analysts expect investors to remain edgy as anxiety about corporate governance and fears that share prices still remain inflated. The blue-chip Dow Jones industrial average fell 82.24 points, or 1.06 percent, to close at 7,702.34 on top of Monday's 234.82-point plunge. Volume topped 2.4 billion shares, making Tuesday the Big Board's fourth highest trading day. Hit with a steep midday turnaround, the tech-heavy Nasdaq composite index dropped 53.67 points, or 4.18 percent, to close at 1,228.98.
Thousands mourn 15 slain in Israeli raid
GAZA, July 23 (UPI) -- Many thousands of angry Palestinians surged through the streets of Gaza Tuesday for the funeral of Islamic Hamas leader Sheikh Salah Shehada and 14 other Palestinians who were killed overnight when a missile fired from an Israeli army F-16 fighter blew up Shehada's apartment building. Mourners included supporters and militants of the five main Palestinian factions. Each faction was led by masked members who carried a variety of weapons, firing them into the air as they chanted together, "Death to Israel, death to America." The bodies were carried on the shoulders of the mourners who walked along Gaza City's main street, heading toward the bombarded building, then on to the main mosque of Gaza City for prayers.
Bush signs off on Yucca Mountain project
WASHINGTON, July 23 (UPI) -- President George W. Bush opened the door for the long-awaited Yucca Mountain nuclear waste site Tuesday by signing a congressional resolution that overrode the procedural veto issued earlier by the governor of Nevada. The prospect of becoming the storage site for unwanted radioactive waste from across the nation for virtual perpetuity was bitterly opposed in Nevada, but the White House said the controversial project "protects our environment and our citizens." Opponents of the project had complained the potential perils of storing tons of radioactive waste at Yucca Mountain for decades needed further study to avoid a catastrophic accident that could contaminate the area.
Minetta blames Congress for security delay
WASHINGTON, July 23 (UPI) -- Transportation Secretary Norman Mineta told a congressional panel Tuesday that congressional foot-dragging was to blame for long delays in progress on airport baggage and passenger screening. Lawmakers, however, angrily responded that fault lay with mismanagement at the agency. "We are facing a real crisis at this juncture," said Transportation Secretary Norman Mineta, testifying about the situation before the House Transportation Subcommittee on Aviation. House Democrats blamed mismanagement and waste at the Transportation Security Administration for ongoing problems with recruitment and organization.
Philippines terrorists indicted in U.S.
WASHINGTON, July 23 (UPI) -- A federal grand jury in Washington Tuesday indicted five leaders of the Abu Sayyaf Group, an Islamic terrorist organization, for the deaths of at least two U.S. hostages in the Philippines. One of the U.S. hostages, Guillermo Sobero, was beheaded in June 2001. The other U.S. hostage, Martin Burnham, was killed along with a Filipino nurse, Ediborah Yap, last month as local troops tried to rescue them. Burnham's wife, Gracia, was shot in the leg but was rescued alive.
Salvadoran generals liable for torture
WEST PALM BEACH, Fla., July 23 (UPI) -- A West Palm Beach jury has awarded $54.6 million to three victims who charged that two Salvadoran generals knew about torture carried out in their country but did nothing. It took a federal court jury four days to reach a verdict after a four-week civil trial.
Pope arrives in Toronto
TORONTO, July 23 (UPI) -- A frail but determined Pope John Paul II arrived in Toronto Tuesday to launch World Youth Day events amid thousands of cheering pilgrims. The pope chose to make his own way down the steps from the Alitalia MD-11 aircraft rather than using a scissor-lift device, originally planned to accommodate the now-fragile man. The pope was greeted by a delegation of 540 people, including Canadian Prime Minister Jean Chretien, religious officials and 90 young people.
Reuters posts first-ever loss
LONDON, July 23 (UPI) -- British news group Reuters PLC reported Tuesday a $15.6 million loss for the first six months of the year, its first loss since it became a listed company in 1984. The loss was largely from the decline in Instinet's revenue, the company's online trading service, which fell 38 percent from a year ago to $475.6 million. The company's revenue declined by 5 percent to $2.91 billion while its net debt reached $320.7 million.
Armstrong maintains comfortable tour lead
LES DEUX-ALPES, France, July 23 (UPI) -- Lance Armstrong kept his overall lead at a comfortable four minutes and 21 seconds as Colombian Santiago Botero claimed the 15th stage of the Tour de France Tuesday. Armstrong appears unstoppable in his quest to become the fifth man in history to win the prestigious race four times. The American easily retained the overall yellow jersey by finishing ninth in Tuesday's stage and crossing the line just in back of Joseba Beloki, who remained second overall. Botero made Tuesday's 140.43-mile race from Vaison-la-Romaine to the ski station of Les Deux-Aples -- the longest stage of the Tour -- in five hours, 55 minutes and 16 seconds. Botero, also the winner of the ninth stage, improved to seventh overall.
Michael Andretti buys into racing team
INDIANAPOLIS, July 23 (UPI) -- One of the biggest names in auto racing as a driver is now one of its newest team owners as well. Michael Andretti became one of the new owners of Team Green Tuesday, a team that may join the Indy Racing League. Barry Green, the team owner of the CART operation that also competed in the Indianapolis 500, has agreed to sell his team to Andretti, his brother Kim Green and Kevin Savoree. The sale will take effect Dec. 1 when the organization will become known as Andretti Green Racing.
