News stories from Tuesday March 8, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The tax stimulus program proposed by President Carter was approved speedily by the House, 282 to 131, with modifications. The chamber voted to limit his full $50 rebate to those with annual incomes less than $25,000 and replaced a suggested wider investment tax credit with a jobs credit to aid employers who hire up to 24 new workers. The Senate is also expected to make changes in the bill. [New York Times]
- A reorganization of agencies within the Department of Health, Education and Welfare was announced by Secretary Joseph Califano. For example, Medicare and Medicaid have been put under a single new agency. [New York Times]
- Stock prices went down moderately in heavy trade, with Dow Jones industrials declining 3.08 points to close at the day's low of 952.04. Credit markets drifted, with a substantial volume of new corporate and tax-exempt financing offered with yields generally higher than in February offerings. [New York Times]
- Cattle raisers in the Great Plains states, experiencing the worst period of dryness since the 1930's, expected to sell off even more of their range cattle before they are ready for market unless rains are unusually heavy in the next 60 days. [New York Times]
- Simulated germ warfare attacks with live bacteria against American civilian targets including the Pennsylvania Turnpike, San Francisco and the National Airport in Washington were conducted ending in 1969, according to a report to be made public tomorrow. Some used a bacterial agent later suspected of causing real and serious infections, the Army said. [New York Times]
- Pentagon recommendations on upgrading less than honorable discharges have been prepared for President Carter. If they are accepted, veterans with honorable combat records who later deserted while in the United States would probably receive automatic upgrading of their discharges. [New York Times]
- West German industrial giants are moving many of their manufacturing operations abroad to save money as the strength of the mark makes their products expensive in international trade. With unemployment above 1 million for the third straight winter, several major industrialists see a profound change coming after years in which exports set the pattern of economic life. [New York Times]
- "Profoundest regrets" were expressed by Brady Tyson of the American delegation at the United Nations Human Rights Commission in Geneva, for the part he said some American officials and private groups had played in subverting the Chilean government of the late President Salvador Allende. The statement was immediately disavowed in Washington, where the White House said the President had not been consulted in advance and the State Department said it was personal, unauthorized and did not reflect the administration's views. [New York Times]
- President Carter will go to London in May for an economic conference with leaders of six other industrialized countries, a spokesman in Washington said. Mr. Carter's first trip abroad as President may be extended for the North Atlantic Treaty Organization conference and perhaps a meeting with President Hafez al-Assad of Syria in Britain or Switzerland, other government officials said. [New York Times]
- Senate debate was loud over confirmation of Paul Warnke as President Carter's chief arms control negotiator. Henry Jackson, leading the Democratic opposition, contended that the dropping and restoring of a comma in a five-year-old statement by Mr. Warnke was a deliberate distortion. Senator Hubert Humphrey, defending Mr. Warnke against all corners, said the statement was consistent, irrespective of punctuation. [New York Times]
- Four days after the earthquake that devastated Bucharest, Rumania, a mass effort to tidy up the capital apparently took precedence over the search for survivors. Trucks carried debris out of sight as speedily as possible. The destruction has been so great that it seemed hopeless to search each ruin in time to save all who may have been trapped. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 952.04 (-3.08, -0.32%)
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* |
| March 7, 1977 | 955.12 | 101.25 | 17.41 |
| March 4, 1977 | 953.46 | 101.20 | 18.95 |
| March 3, 1977 | 948.64 | 100.88 | 17.56 |
| March 2, 1977 | 942.07 | 100.39 | 18.01 |
| March 1, 1977 | 944.73 | 100.66 | 19.48 |
| February 28, 1977 | 936.42 | 99.82 | 16.22 |
| February 25, 1977 | 933.43 | 99.48 | 17.61 |
| February 24, 1977 | 932.60 | 99.60 | 19.73 |
| February 23, 1977 | 938.25 | 100.19 | 18.24 |
| February 22, 1977 | 939.91 | 100.49 | 17.73 |