After trading ended for the day, Phelan spoke at a news conference. His choice of words and confident tone drew widespread praise.
The next afternoon, the market turned around, helped by companies announcing stock-buyback initiatives, and the Dow ended the day up 102 points.
John Joseph Phelan Jr. was born May 7, 1931, in New York City. After two years of college, he joined theU.S. Marine Corps and served from 1951 to 1954, including a year in combat in Korea. He went to work with his father, a member of the NYSE and senior partner of Phelan & Co., and became head of the firm when his father died in 1966.
After six years of night school, he received a bachelor's degree in business administration from Adelphi University in 1970.
R&B singer co-wrote
hit song 'Handy Man'
Jimmy Jones, 82, an R&B singer who co-wrote the 1960 top-10 hit "Handy Man," which Del Shannon and James Taylor later covered, died Thursday in Aberdeen, N.C., his family announced. The cause was not given.
Born in Birmingham, Ala., in 1937, Jones began tap-dancing as a youth. He moved with his family to New York and joined doo-wop vocal groups in the mid-1950s, performing as a tenor. He started with the Berliners, who later changed their name to the Sparks of Rhythm. He moved on to the Savoys, who became the Pretenders, and then the Jones Boys before he decided to go solo.
In 1959, Jones signed with MGM's Cub label. There, he met Otis Blackwell, who wrote the early rock 'n' rolls hits "Great Balls of Fire," "Don't Be Cruel," "All Shook Up" and "Return to Sender," among others.
Blackwell helped Jones rework an earlier song he had written, and the new version of "Handy Man," featuring Jones' falsetto and Blackwell's whistling, was released in 1959. It peaked in early 1960 at No. 2 on the Billboard Hot 100 and No. 3 on the R&B charts. Shannon made the charts with his cover in 1964, as did Taylor in 1977.
Jones followed up with "Good Timin'," which gave him his second Top 10 hit in a matter of months. But he was never able to duplicate the success of his first two singles, and his ensuing charted records proved more modest.
Paul W. McCracken
Nixon advisor argued
against price controls
Paul W. McCracken, 96, who was an economic advisor to several presidents and chairman of the Council of Economic Advisors under President Nixon during a turbulent economic era, died Friday in Ann Arbor, Mich., announced the University of Michigan, where McCracken taught for most of his academic career. The cause of death was not released.
According to the university, Nixon once wrote that during his first term he depended on McCracken "for his incisive intellect and his hardheaded pragmatism."
McCracken's approach to national economic policy displayed pragmatism and moderation, according to the Nixon Presidential Library and Museum.
He served as Nixon's chief economic advisor from 1968 to 1971, when he resigned. By then, he disagreed with Nixon over price and wage controls, a tool some argued could help fight inflation. The president eventually enacted them, but the controls proved unsustainable and were abandoned by 1974.
"I thought price controls were a bad idea for a very simple reason. You couldn't look back into history and point to a success story," McCracken once said. "At the time, the president and Congress were involved in a battle in the political domain. Political battles are often more important to them than hard, solid data."
He also served as an advisor in various capacities to presidents John F. Kennedy, Lyndon B. Johnsonand Gerald Ford.
The son of a farmer, Paul Winston McCracken was born Dec. 29, 1915, in Richland, Iowa. He earned a bachelor's degree in 1937 from what is now William Penn University in Iowa, and master's and doctoral degrees from Harvard University.
Early in his career, he was an economist for the Department of Commerce and at the Federal Reserve Bank in Minneapolis before becoming a business professor at the University of Michigan in 1948. He retired from the school in 1986.
Times staff and wire reports