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Powell drops hammer at Exchange

By BroadCasting & Cable Staff -- Broadcasting & Cable, 10/7/2002 6:48:00 AM

Federal Communications Commission chairman Michael Powell brought down the gavel on the New York Stock Exchange Friday.

Down was the operative word: The Dow Jones Industrial Average closed down 188 to 7,528, its lowest level since Powell was a fledgling commissioner four years ago.

It was a Big Apple-heavy week for the chairman, who spoke at a Goldman Sachs investor conference there Oct. 2 and appeared on Neil Cavuto's Fox News Channel show Friday (Oct. 4), where he said the EchoStar Communications Corp.-DirecTV Inc. decision should come "soon."

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