Democrats issued a scathing review Thursday of President Bush's first 100 days in office, criticizing the new administration for its stands on tax cuts, environmental protection and workplace safety. Rep. Richard Gephardt, the House minority leader, said Bush has paid only lip service to the idea of bipartisanship, despite his oft-stated promise on the campaign trail to bring a new era of cooperation and comity to Washington. "I am sad to report to you that in these 100 days, there's been no collaboration, there's been no negotiation, there's been no consensus building, there have been no bipartisan conclusions," Gephardt, D-Missouri, said at a Democratic rally outside the Capitol. "It is 'my way or the highway' every day. We hope that changes, but the uniter has not yet appeared." The first 100 days Sunday marks Bush's 100th day in office, but Republicans, Democrats, pundits -- even Bush himself -- have already started delivering their reviews. Bush summarized his tenure to date as "pretty darn good" in an interview with CNN Wednesday. Democrats, not surprisingly, disagreed. They ran through a laundry list of items that they said highlighted Bush's allegiance to special interests and the wealthy: His proposed $1.6 trillion tax cut would do little to help the middle-class and threatens efforts to pay off the national debt, they said; his support of a Republican move in Congress to turn back Clinton administration ergonomics regulations was a bow to big business, they claimed; and the Democrats said his suspension of new standards issued by Clinton to cut arsenic in drinking water was an affront to environmental protection. "This is not compassionate conservatism, this is not reforming with results," Gephardt said. "This is 'leaving no special interest behind,' and it must not stand." Democrats used one of Bush's favorite descriptions against him. "One hundred days ago, people wondered what is compassionate conservatism," said Sen. Tom Daschle, D-South Dakota, the minority leader in the Senate. "Now we know -- it's compassion for conservatives." The White House is hosting an event Monday to highlight what it considers to be its achievements. The Nasdaq composite index fell for the fourth time in five sessions Thursday amid continued worries about the profit outlook for technology companies. Qualcomm and JDS Uniphase warned that quarterly financial results would miss forecasts, joining a long list of companies having trouble selling products as the economy slows. But the session's losses were not broad. The Dow Jones industrial average rose as investors snapped up shares of financial service firms, retailers and basic materials makers. The mixed action comes during a tough time for market forecasting. Optimists are betting that corporate profits will improve as the Federal Reserve continues to lower interest rates. But others don't see substantial gains until certainty emerges that the worst news about slowing earnings is over. That may not happen until the end of the year. The market's short-term direction has offered few clues. Stocks fell to their lowest levels of the year three weeks ago and then rallied only to fall again this week. "We've had a real rally," John Pradilla, chief market strategist at S.G. Cowen, told CNNfn's Street Sweep. "Whether we go back and test the lows again, that's really the question." The Nasdaq shed 24.92 points, or 1.2 percent, to 2,034.88, bringing its five-session loss to 7 percent. The Dow industrials rose 67.15 points to 10,692.35. At its session high, the Dow came within 21 points of wiping out its losses for the year. The Standard & Poor's 500 added 5.77 to 1,234.52. More stocks rose than fell. Advancing issues on the New York Stock Exchange topped declining ones 1,957 to 1,122 as 1.2 billion shares changed hands. Nasdaq winners beat losers 2,127 to 1,733 as 1.9 billion shares traded. In other markets, the dollar fell against the euro but rose versus the yen. Treasury securities rose. Divergent results Another round of technology companies offered disappointing forecasts. While Qualcomm (QCOM: down $4.93 to $58.05, Research, Estimates), the wireless technology provider, matched forecasts the company warned that slowing demand for wireless handsets will hurt results in the current quarter and year. JDS Uniphase (JDSU: down $2.08 to $18.21, Research, Estimates), a maker of components for fiber optic networks, fell for a second day after saying late Tuesday that profits in the current quarter won't meet forecasts. Other Nasdaq losers included communications equipment makers Cienna (CIEN: down $5.39 to $52.15, Research, Estimates) and Cisco Systems (CSCO: down $0.52 to $15.21, Research, Estimates). UBS Woo downgraded both stocks this week, saying the poor outlook for telecom spending should keep the group stuck in a trading range for the next two quarters "and perhaps longer." But not all companies had bad news. For a market accustomed to hearing from companies uncertain about their outlook, WorldCom (WCOM: up $0.35 to $19.74, Research, Estimates) said it continues to expect full-year revenue growth of between 12 percent and 15 percent, and forecasts earnings that will top expectations. PeopleSoft (PSFT: up $6.69 to $36.62, Research, Estimates), a maker of business-to-business software, said its net profit from recurring operations rose to $36.1 million, or 11 cents per diluted share, topping forecasts. Sales rose 34 percent to $503 million, a record. Symantec (SYMC: up $7.67 to $64.94, Research, Estimates), which makes Internet security software, posted a first-quarter profit that topped forecasts. Halliburton (HAL: up $3.51 to $42.13, Research, Estimates), the oil services company, said first-quarter profit rose to 20 cents per share, more than triple year-ago figures. "Earnings have come in not as bad as the expectations," said Donald Selkin, chief investment strategist at Joseph Gunnar. Among companies in the S&P 500, 342 have reported quarterly results. While 196, or more than half, have surpassed forecasts, many of those results topped lowered numbers as a record number of firms warned they would miss estimates. The day's Dow gainers were broad. They included American Express (AXP: up $0.80 to $41.90, Research, Estimates), J.P. Morgan Chase (JPM: up $1.02 to $48.50, Research, Estimates), Home Depot (HD: up $1.28 to $47.30, Research, Estimates), Alcoa (AA: up $1.59 to $42.08, Research, Estimates), and DuPont (DD: up $1.44 to $46.00, Research, Estimates). "To me a broad-base quiz is what you need right now," said Chuck Carlson, portfolio manager at Horizon Investment Services. "Breadth like this is good because it means people are willing to put money into a variety of stocks." The day's economic data kept alive hopes that interest rates are heading lower. The number of Americans filing for jobless benefits jumped to 408,000 last week, the highest level in five years, as companies try to slash costs by trimming payrolls. For workers that have jobs, labor costs rose during the first three months of the year, a separate report showed. Morgan Stanley, Janus Capital and KPMG are among the latest companies to announce layoffs. Also check out the "least favorite" drop list box on our Cool Movie Survey page. |