News stories from Tuesday June 7, 1977

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

Andrew Young said that President Carter had not asked him to resign as chief United States delegate to the United Nations over his remarks in Playboy magazine describing former Presidents Nixon and Ford as "racists." Speaking to reporters on the White House lawn, Mr. Young said that Mr. Carter had read the article "and in context he understands what I was trying to say." [New York Times] Federal inquiries into alleged influence-buying by South Korean agents, which have previously focused on Democratic Congressmen, are being directed increasingly to prominent Republicans, according to those familiar with the investigations. The criminal inquiries are aimed most directly at a few present and former Democratic House members but, sources said, they have begun to touch many Republicans, at least peripherally. [New York Times] An upward revision in capital spending was reported by the Commerce Department, which said that companies plan to spend $135.3 billion for new plants and equipment this year, or 12.3 percent more than was spent in 1976. Two Carter administration officials said they were encouraged by the report, but private economists said that capital spending was still lagging well behind its level at this stage of earlier postwar recoveries. [New York Times] A brisk rally was posted by the stock market after the Dow Jones industrial average eased just below the 900 mark, held steady and then rose. At the close, advancing issues outnumbered declines by 7 to 5 and the Dow was ahead 5.60 points at 908.67. [New York Times] A new urban-aid formula that would shift the spending of millions of federal dollars from the Sunbelt to older cities of the Northeast and Middle West was approved by the Senate. The chamber revised a pattern of three decades in a vote of 79 to 7. The Senate formula would increase aid for New York City by $279.7 million in the next three years for a total of $789 million. That is $56.7 million more than is provided under a formula approved last month by the House. [New York Times] A law protecting homosexuals from discrimination in jobs, housing and public accommodations has been repealed by a vote of more than 2 to 1 by residents of the Miami area. The referendum was the first of its kind in a major United States city and is almost certain to have a national impact. Both sides vowed to continue the fight elsewhere. [New York Times] Governor Byrne won nomination for a second term in New Jersey's primary election. His victory, by much less than a majority, was made possible by a record field of nine challengers who splintered the vote. His opponent in the November election will be State Senator Raymond Bateman of Somerville, who won the Republican nomination. Representative Robert Roe of Wayne in the Eighth Congressional District, was the only Democrat besides the Governor to get significant votes from all parts of the state. [New York Times] The silver jubilee of Queen Elizabeth II was celebrated by Britons with splendor and deep affection. The 51-year-old monarch rode in a gold state coach to St. Paul's Cathedral, where she led the nation in a service of thanksgiving. Later she walked among onlookers, chatting with more than a dozen. She attended a luncheon in her honor at the medieval Guildhall. Then, as church bells pealed in hundreds of steeples, the Queen and her consort, the Duke of Edinburgh, stood on a balcony of Buckingham Palace acknowledging the cheers of more than a million well-wishers. [New York Times] A plane that might be carrying Uganda's President Idi Amin was the focus of a watch by air controllers and policemen in Europe after he was reported to have left Kampala intending to attend the Commonwealth conference in London. The British government ordered air and sea port facilities to bar the Uganda leader. [New York Times] The planned sale of 250 F-18L fighter planes to Iran will be barred by the administration, according to government sources. The decision is part of the administration's new policy of reducing arms sales abroad. [New York Times] Vietnamese refugees are in limbo throughout Asia, after leaving home in boats and finding other countries refusing to admit them. In one case, 37 refugees who left a village near Saigon a month ago are being held off Japan aboard a Liberian-flag, Swiss-operated freighter that picked them up at sea. Unless one of the governments guarantees to get them out of Japan and if no country offers them permanent refuge, the Japanese government will not let them ashore. [New York Times] A liberal abortion bill was unexpectedly defeated in Italy's Senate by a two-vote margin. The legislation, previously approved by the Chamber of Deputies, was strongly opposed by the Vatican and the government. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 908.67 (+5.60, +0.62%)
S&P Composite: 97.73 (+0.50, +0.51%)
Arms Index: 0.70

	Issues	Volume*
Advances	782	11.51
Declines	592	6.06
Unchanged	495	3.54
Total Volume		21.11

* 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*
June 6, 1977	903.07	97.23	18.93
June 3, 1977	912.23	97.69	20.33
June 2, 1977	903.15	96.74	18.62
June 1, 1977	906.55	96.93	18.32
May 31, 1977	898.66	96.12	17.80
May 27, 1977	898.83	96.27	15.73
May 26, 1977	908.07	97.01	18.62
May 25, 1977	903.24	96.77	20.71
May 24, 1977	912.40	97.67	20.05
May 23, 1977	917.06	98.15	18.29