News stories from Wednesday July 21, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Senate, which sustained President Ford's veto of a public works job bill last February, voted 73 to 24 to override his veto of a scaled-down measure aimed at stimulating employment in the construction industry. Although Congress had reduced the cost of the new version to $3.95 billion, Mr. Ford called it inflationary and an unproductive way to create jobs. The House votes today, and Democratic leaders were hopeful it would complete passage. [New York Times]
- The Mississippi delegation to the Republican National Convention, with 25 of its 30 members until recently expected to support Ronald Reagan, is said to be on the verge of a decisive shift to President Ford. The state chairman said it was conceivable that a majority would ultimately endorse Mr. Ford. A Ford aide said he was confident this move would crystallize within a week, perhaps by Sunday. [New York Times]
- The Labor Department reported a moderate five-tenths of 1 percent increase in consumer prices in June, with energy replacing food as the main factor pushing prices up. For the second quarter of the year, the increase was at an annual rate of 6.1 percent. The June increase in food prices was only two-tenths of 1 percent, while the normal spring increase in gasoline prices was an important factor in pushing energy prices higher. [New York Times]
- Signs of a modest economic upturn in New York City, the metropolitan region and state are being discerned by economists and public officials who have been gloomy for several years about New York's prospects. The signs include a small increase in manufacturing employment in the state, a lessening in the severity of unemployment, a narrowing of the gap between national and regional growth rates, an increase in the region's price competitiveness and declines in the city's birth rate. [New York Times]
- Warrants were issued in Madera, Calif., for the arrest of at least three San Mateo County residents in connection with the kidnapping of 26 Chowchilla summer school pupils and their bus driver. The names are not released but the three are said to be sons of prominent families in Portola Valley west of Palo Alto. [New York Times]
- Viking 1's first color photograph from Mars showed reddish rocks and soil and blue skies above and indications that oxidation had altered the planets surface. Along with the discovery of 3 percent nitrogen in its atmosphere, this encouraged the idea of possible life on Mars. Because of Viking 1's safe landing, Viking 2 is to be aimed at a more rugged but intriguing area. [New York Times]
- A bomb under his car on a road outside Dublin killed the British Ambassador to Ireland, Christopher Ewart-Biggs. A secretary also was killed and Brian Cubbon, Permanent Under Secretary of State to the Northern Ireland Office in Belfast, and the chauffeur were seriously injured. The Irish government offered a £20,000 reward for information leading to arrest of the killers. Police assumed they were either linked to the Irish Republican Army or part of a breakaway group. [New York Times]
- The Civil Aeronautics Board, in what officials called its potentially most important air-route decision in years, recommended that 11 additional United States metropolitan areas be permitted direct airline service to Europe. It also proposed that Delta Air Lines and Northwest Airlines be given their first trans-Atlantic routes. [New York Times]
- Brazilian scientists have learned more about the vast Amazon jungle region in the last five years of detailed mapping than earlier explorers had achieved in four centuries. The findings include a 400-mile river and scores of geological anomalies suggesting mineral deposits. Exploding the myth of the Amazon as a basically flat rain forest, they found in radar-assisted air surveys that about 80 percent of the region is hilly or mountainous. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 989.44 (+1.15, +0.12%)
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* |
| July 20, 1976 | 988.29 | 103.72 | 18.61 |
| July 19, 1976 | 990.83 | 104.29 | 18.20 |
| July 16, 1976 | 993.21 | 104.68 | 20.45 |
| July 15, 1976 | 997.46 | 105.20 | 20.40 |
| July 14, 1976 | 1005.16 | 105.95 | 23.84 |
| July 13, 1976 | 1006.06 | 105.67 | 27.55 |
| July 12, 1976 | 1011.21 | 105.90 | 23.75 |
| July 9, 1976 | 1003.11 | 104.98 | 23.50 |
| July 8, 1976 | 991.98 | 103.98 | 21.71 |
| July 7, 1976 | 991.16 | 103.83 | 18.47 |