News digest: Sept. 21, 2001

The day's events | Losses

THE DAY'S EVENTS

• Stocks tumbled for a fifth straight day, as Wall Street reached the end of one of its worst weeks in history. At 3:42 p.m., the Dow Jones industrial average was down 128 points, and the Nasdaq had lost 36 points.

• Northwest Airlines became the latest airline to announce major cutbacks, saying it would cut about 10,000 jobs and reduce its flight schedule by about 20 percent.

• Thousands of Pakistanis demonstrated against Pakistan's decision to support a U.S.-led campaign against terrorism. Earlier this week Pakistan's military leader, President Pervez Musharraf, pledged to help the United States find Osama bin Laden and break up his terrorist network.

• In his speech last night to Congress and the nation, President Bush demanded that Afghanistan's ruling Taliban regime immediately deliver Osama bin Laden and close down every terrorist camp in the country. He made it clear that American ground troops would be involved in the war against terrorism and that Americans should expect a lengthy campaign.

• President Bush announced last night that Pennsylvania Gov. Tom Ridge will fill a newly created cabinet-level position, director of the Office of Homeland Security. Ridge will oversee efforts to fight terrorism on American soil.

• Afghanistan's ruling Taliban regime announced it will not hand over Saudi exile Osama bin Laden without evidence that he was involved in terrorist attacks on U.S. targets.

• The White House and congressional leaders reached agreement on a $15 billion package aimed at stabilizing the airline industry. The plan would provide $5 billion in direct aid, $10 billion in loan guarantees, and much of the liability protection sought by the airlines. The House and Senate are expected to vote on the measure sometime Friday.

• At least 27 television outlets will air the live special "America: A Tribute to Heroes" Friday night. Many celebrities will participate in the benefit for victims of last week's terrorist attacks.