Deal hunters keep Dow above 7,000
NEW YORK - Bargain hunters looking for deals ignited a burst of late-day buying Tuesday, erasing a 35-point loss and sending stocks higher for a third straight session.
The Dow Jones industrial average rose 29.63 to 7,037.63, led by strength in shares of 3M, J.P. Morgan and IBM. The finish is second only to the all-time high of 7,067.46 set a week earlier.
Legislation aims at managed care
WASHINGTON - Stepping up efforts to control managed care, congressional Democrats introduced wide-ranging legislation Tuesday to regulate everything from emergency rooms to prescription drugs to doctor-patient relationships.
Congress and state legislatures already have addressed many of these provisions in pieces, as government responds to consumer complaints about managed care and its restrictions. But the Democratic proposal is the first effort at sweeping federal legislation to regulate managed care.
"Too many managed care firms and other insurance companies have decided that the shortest route to higher profits and a competitive edge is by denying patients the care they need and deserve," said Sen. Edward Kennedy, D-Mass., who joined House Democrats in announcing the legislation.
Sen. James Jeffords, R-Vt., chairman of the Labor and Human Resources Committee, also supports broad regulation of managed care.
Teaching assistants to protest
WASHINGTON - University teaching assistants plan a day of demonstrations and leafleting on two dozen campuses Thursday to promote unions for graduate students who teach classes and perform research.
Unions representing graduate students have existed on a handful of campuses since the 1970s, but the idea has gained force as more of the teaching and research done on campuses falls to professors' assistants.
Though college administrators usually argue that they are there to study, the graduate assistants say they're not only students but also key workers who deserve the same benefits and job security as other campus employees.