News stories from Tuesday November 27, 1979

Summaries of the stories the major media outlets considered to be of particular importance on this date:

Iran dimmed hopes for diplomacy in resolving the impasse over the captive American Embassy and its 49 hostages. Ayatollah Khomeini brusquely assailed plans for a United Nations Security Council session because he said the outcome had been dictated by Washington. Iran promised the United Nations, however, that its Acting Foreign Minister would arrive Saturday for a Security Council meeting. The written pledge gave diplomats a faint hope that they could negotiate for the release of American hostages. [New York Times] Unnecessary travel to 11 nations in Islam should be avoided by all Americans, the State Department said. It urged only essential visits to the 11 countries, where American Embassy staffs and dependents are being reduced for security reasons. [New York Times] Removal of the last gallstone in the Shah of Iran was accomplished by a medical team at a New York City hospital. Officials there said that, barring complications, the deposed ruler could leave the hospital and return to Mexico within a week. [New York Times] A major retrenchment by U.S. Steel was announced. The corporation, the largest in the industry, said it was closing 15 plants and mills in eight states, putting 13,000 employees out of work. The cutback represents about 8 percent of the company's work force and about 5 percent of its 1979 sales. The company said that the closings would result in "a substantial charge against income" and a "sizable loss" in the fourth quarter, which several analysts said could total more than $400 million. [New York Times] Consumer prices rose by 1 percent last month, mainly reflecting sharply increased mortgage interest rates, the government reported. In the last 12 months, prices have risen by 12.2 percent, and an official said that 1979 was expected to show the biggest increase in the Consumer Price Index since the 18.2 percent rise in 1946, after the dismantling of wartime controls. [New York Times] The first Postal Service surplus in 34 years was announced by the agency, which said that the surplus of more than $469 million would enable it to continue mail rates at present levels until 1981. But the Postmaster General warned that inflationary forces would result in a deficit next year. [New York Times] Major new options for young people, aimed at making learning more palatable and at easing the transition between education and work, were proposed by the Carnegie Council on Policy Studies in Higher Education. The report reflects fear that the nation is in danger of creating "a permanent underclass of poverty." [New York Times] A new affirmative action case that raises some of the constitutional questions unresolved by previous Supreme Court decisions was heard by the Justices. A ruling is expected to define the issues more clearly than any decision so far. [New York Times] Four men were killed near the Lake Placid, N.Y., Olympic region as three vehicles in separate accidents plunged off a washed-out country road into a swollen creek. A fifth man was missing and presumed dead. The victims included Dr. Thomas Tanneberger, a member of the 1977 United States bobsled team. [New York Times] Seven South Koreans were indicted in the assassination of President Park Chung Hee and face a military trial next week. The authorities also announced that the charges included attempted sedition. [New York Times] Shifts in the Soviet leadership were announced. With Prime Minister Aleksei Kosygin absent after a reported heart attack, his deputy, Nikolai Tikhonov, rose to full membership in the ruling Politburo. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 825.85 (-2.90, -0.35%)
S&P Composite: 106.38 (-0.42, -0.39%)
Arms Index: 1.41

	Issues	Volume*
Advances	1,082	23.12
Declines	561	16.88
Unchanged	313	5.14
Total Volume		45.14

* in millions of shares

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 26, 1979	828.75	106.80	47.94
November 23, 1979	811.77	104.67	23.30
November 21, 1979	807.42	103.89	37.02
November 20, 1979	809.22	103.69	35.01
November 19, 1979	815.27	104.23	33.09
November 16, 1979	815.70	103.79	30.06
November 15, 1979	821.33	104.13	32.37
November 14, 1979	816.55	103.39	30.95
November 13, 1979	814.08	102.94	29.24
November 12, 1979	821.93	103.51	26.66