News digest: Oct. 5, 2001

The day's events | Losses

THE DAY'S EVENTS

• Stock markets closed modestly higher today after President Bush announced a $60-billion tax-relief package to help boost the economy. The Nasdaq was up eight points, while the Dow Jones industrial average gained 59 points.

• The White House today rebuked Israeli Prime Minister Ariel Sharon for remarks he made this morning criticizing the United States for its decision to build coalitions with Arab countries in the fight against terrorism. In his comments, Sharon said "Do not try to appease the Arabs at our expense. We cannot accept this." President Bush's spokesman, Ari Fleischer, called Sharon's comments "unacceptable."

• Michael A. Canavan, the Federal Aviation Administration's security chief, is leaving his position after ten months on the job. An FAA spokeswoman said the decision was made mutually by Canavan and Administrator Jane Garvey.

• British Prime Minister Tony Blair arrived in Islamabad, Pakistan today to meet with Pakistan's military leader, Gen. Pervez Musharraf, and help strengthen a worldwide coalition against terrorism. Blair travelled to Russia on Thursday and is scheduled to visit India tonight.

• Defense Secretary Donald Rumsfeld arrived in Uzbekistan today on the fourth leg of his coalition-building trip to the Middle East. Uzbekistan's President Islam Karimov said American troops could use an air base in his country for humanitarian purposes including search-and-rescue missions. Following Karimov's announcement, the United States deployed 1,000 ground troops to the region.

• The Washington Post reports this morning that U.S. intelligence officials warned Congress the likelihood of another terrorist attack against U.S. targets is "very high" should the United States begin military action against Afghanistan.

• New York City Comptroller Alan G. Hevesi on Thursday estimated the World Trade Center attacks will cost New York up to $105 billion over the next two years. That number includes $34 billion in property damage, $6.7 billion for rebuilding, and up to $60 billion in economic costs, including lost jobs and lost rents.