WALL STREET CALLING

Fearing that a prolonged budget battle could kill the bull market, several major corporate business leaders took out a two-page ad in today's New York Times urging Washington to end the stalemate. The ad, which was published in the form of a letter addressed to President Clinton, Sen. Dole, House Speaker Gingrich and other congressional leaders, says the President and Congress should: use Congressional Budget Office projections; take no longer than seven years to balance the budget; ensure the process of deficit reduction is achieved evenly, rather than "backloading" difficult political decisions until the next century; and put "everything on the table," including long-term entitlement programs. The nervousness caused by the budget impasse created a frenzied sell-off on Wall Street Monday, plunging the Dow Jones industrial average by more than 100 points.