News stories from Friday November 5, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Unemployment remained high and there was no gain in employment last month, the Labor Department reported. The jobless rate returned to 7.9 percent, the August figure, from 7.8 percent in September. The number of unemployed rose to 7,569,000, and those with jobs held basically at 87.8 million. [New York Times]
- President Ford and President-elect Carter are expected to confer in Washington later this month on the transfer of power. The announcement was made by Jack Watson, Mr. Carter's chief liaison with the White House, after a 2½ hour planning session with Mr. Ford's transition team at the White House. Mr. Carter, at home in Plains, Ga., telephoned his thanks to backers around the nation and reviewed transition reports by his staff. [New York Times]
- Jimmy Carter's election to the presidency had the irony in which Southerners delight. The returns indicate that the most faithful supporters anywhere for the white former Georgia Governor were black Southerners -- the kind of people he played with as a boy, drifted away from in manhood and later made peace with in his maturity. Not even Southerners were prepared for the surge in regional pride on election day. [New York Times]
- All three presidential debates aided Mr. Carter, according to Patrick Caddell, the Carter pollster. Speaking at the National Press Club, Mr. Caddell explained that the debates had interrupted the campaign at times when polls showed President Ford "closing on" Mr. Carter, so the interruptions were welcomed by Democrats. [New York Times]
- A second auto strike this year was averted 11 minutes before a deadline when the Chrysler Corporation and the United Automobile Workers reached tentative accord on a new three-year contract. The union had previously shut down the Ford Motor Company for 28 days. [New York Times]
- Stock prices plunged, paced by sharp drops in blue-chip issues. The Dow Jones industrial average registered its third steepest decline of 1976, tumbling 17.37 points to close at 943.07, its lowest level of the week. [New York Times]
- A realty group accused of a swindle designed to sell undeveloped desert land called Rio Rancho Estates in New Mexico went on trial in Federal District Court in Manhattan. An 80-count indictment accused 10 defendants, including the Amrep Corporation, two subsidiaries, and seven top officers of deceptively seeking to sell "raw desert land" to thousands of investors for $200 million. [New York Times]
- The white Rhodesian government reaffirmed its commitment to carrying out the British-American plan for black majority rule. Prime Minister Ian Smith said in Salisbury that if the Geneva conference failed, an accord might be worked out with black moderates. But he added that "there is still a chance" for success at the Geneva talks. [New York Times]
- Syria's military dominance in Lebanon has forced the Palestine Liberation Organization to reappraise its tactics and objectives at a meeting to start soon in Beirut. The group has been seriously weakened by the Lebanese civil war, divided by factional disputes and is under strong Syrian pressure to replace Yasser Arafat as its leader. [New York Times]
- A prisoner-exchange accord has been reached between the United States and Mexico, the State Department announced. The agreement affects about 600 Americans now in Mexican jails and about 1,200 Mexicans in United States federal prisons. [New York Times]
- In a major migration, Latin America's rural poor are swarming to the cities, seeking jobs and a better life. By 1990 two-thirds of all Latin Americans will be living in cities. The main reasons for the migration have been the failure of farmlands to support workers, a rise in urban industrial and service jobs and easier transportation. [New York Times]
- A $1 billion steel complex was inaugurated by Mexico in a move to help meet rising domestic demand and produce a small surplus for sale abroad. The state-owned complex, known as Sicartsa, and built on the Pacific Coast, is starting production with a capacity of 1.3 million tons a year. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 943.07 (-17.37, -1.81%)
Arms Index is the ratio of volume per declining issue to volume per advancing issue; a figure below 1.0 is bullish. | |||||||||||||||
| Market Index Trends | |||
|---|---|---|---|
| Date | DJIA | S&P | Volume* |
| November 4, 1976 | 960.44 | 102.41 | 21.70 |
| November 3, 1976 | 956.53 | 101.92 | 19.35 |
| November 1, 1976 | 966.09 | 103.10 | 18.39 |
| October 29, 1976 | 964.93 | 102.90 | 17.03 |
| October 28, 1976 | 952.63 | 101.61 | 16.92 |
| October 27, 1976 | 956.12 | 101.76 | 15.79 |
| October 26, 1976 | 948.14 | 101.06 | 15.49 |
| October 25, 1976 | 938.00 | 100.07 | 13.31 |
| October 22, 1976 | 938.75 | 99.96 | 17.87 |
| October 21, 1976 | 944.90 | 100.77 | 17.98 |