News stories from Thursday April 24, 1980

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

An effort to rescue the hostages failed and eight Americans were killed after the mission was canceled when rescue planes collided in a remote part of Iran, the White House announced. Giving few details of the rescue attempt, the White House said that President Carter "has ordered the cancellation of an operation in Iran which was under way for the purpose of the rescue of our hostages." The statement said that in the subsequent withdrawal, there was a collision between American aircraft "on the ground at a remote desert location in Iran." It said there were no hostilities, but eight crewmen were killed and "others injured in the accident." [New York Times] John Anderson entered the race for President as an independent candidate, pledging to attract millions of new voters into the political process and to raise issues that he said the major parties' contenders would avoid. By leaving the Republican contest and proposing a well-financed campaign on his own, the Illinois Representative injected an unpredictable element into the 1980 contest. [New York Times] A sea exodus of Cubans was in preparation despite a warning by the Justice Department that boat owners faced heavy fines and possible further criminal penalties for illegally transporting the refugees to the United States. Hundreds of Cuban-American boat owners converged on Key West, Fla., and prepared to set out for Cuba to bring back friends and families. The port director said that at least 600 boats had left for Cuba since Wednesday night. The seallft of Cubans is beyond control, top Washington officials conceded privately despite the insistence of the administration that it will enforce the laws in an attempt to curb the boat traffic to Florida. [New York Times] A Congressman faces censure for financial misconduct under a recommendation by the House Ethics Committee, which also urged that he lose his chairmanship of a postal operations subcommittee. The rebuke to Charles Wilson, Democrat of California, was approved by a vote of 10 to 2. The recommendation now goes to the full House, which can accept, reject or lessen the penalty. [New York Times] Dismissal of the national parks chief was announced by Interior Secretary Cecil Andrus, who said he was letting William Whalen go because of serious morale and management problems in the National Park Service and Mr. Whalen's poor health. But environmentalists and an Interior Department official said that the dismissal was in part the result of pressures stemming from Mr. Whalen's efforts to reform and curb the activities of private concessionaires in the parks. [New York Times] A major silver-trading loss has generated fears among bankers of further chaos in the financial markets. A group of major American banks, concerned that the financial position of the Hunt brothers of Dallas remains precarious, is negotiating a loan totaling hundreds of millions of dollars to help them meet bank loans to offset their recent losses in silver transactions. [New York Times] A possible change in Israel's regime was the subject of new speculation as President Carter conferred with Shimon Peres, leader of the opposition to Prime Minister Begin. Mr. Peres proposed an opening of negotiations with King Hussein of Jordan and said his party was ready to return the heavily populated sectors of the West Bank to Jordanian control.A pessimistic King Hussein said he saw no promise in proposals by Israel's opposition Labor Party for Jordan and Israel to negotiate the future of a demilitarized West Bank. Convinced that the Camp David peace process is failing, he is encouraging an initiative from Western Europe to avert what he fears could be new clashes. [New York Times] Israel was sharply rebuked in the U.N. for its recent armed incursion into southern Lebanon. The United States and the Soviet Union abstained for different reasons from the 12-to-0 vote by the Security Council. The Council acted after two weeks of intensive negotiations that were steeped in domestic and global politics. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 797.10 (+7.85, +0.99%)
S&P Composite: 104.40 (+0.67, +0.65%)
Arms Index: 0.74

	Issues	Volume*
Advances	1,021	23.34
Declines	498	8.47
Unchanged	333	3.98
Total Volume		35.79

* 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*
April 23, 1980	789.25	103.73	42.62
April 22, 1980	789.85	103.43	47.92
April 21, 1980	759.13	99.80	27.55
April 18, 1980	763.40	100.55	26.88
April 17, 1980	768.86	101.05	32.77
April 16, 1980	771.25	101.54	39.72
April 15, 1980	783.36	102.63	26.67
April 14, 1980	784.90	102.84	23.06
April 11, 1980	791.55	103.79	29.96
April 10, 1980	791.47	104.08	33.95