News stories from Tuesday November 23, 1976

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

President-elect Carter said he would aim at 6 percent growth of the national economy and a reduction of at least 1.5 percentage points in unemployment in 1977. He it would be a mistake to presuppose he would call for a tax cut since he was also examining other approaches. He held a Capitol news conference between get-acquainted sessions with legislative leaders of both political parties. [New York Times] The latest lists for major posts in the Carter administration have gone to the President-elect. His aides said the names he will consider for foreign affairs and defense positions are far more predictable than for domestic agencies. They acknowledged that Cyrus Vance, Paul Warnke and Senators Edmund Muskie, Dick Clark and Alan Cranston were on the long list for the State Department leadership. [New York Times] Bert Lance, president of the National Bank of Georgia, has been picked to be Director of the Office of Management and Budget in the new administration. according to a source in the Carter camp. Mr. Lance has been one of Mr. Carter's principal links with the business community. [New York Times] A Republican identity crisis faces the party following election losses that have left most of its national leaders defeated, discredited or too old for future claims. Liberal, moderate and conservative wings appear headed for an internal struggle. [New York Times] The Ford administration proposed an end to gasoline price controls, contending that this would aid competition and thus keep prices from rising. Congress by law has 15 days after it reconvenes Jan. 4 to vote the move down. [New York Times] Chrysler's estimate of 1977 sales of new cars has been lowered 3 percent in the light of slower sales than expected at the start of the new model year. Spokesmen for Ford and General Motors said they were not modifying their previous forecasts. [New York Times] Stock prices moved down, with the Dow Jones industrial average closing at a low for the day of 949.30, a drop of 6.57 points. Bond prices lost some of the strength of the recent upward push, and interest rates on high-grade utility bonds moved down to 8.25 percent, the lowest since February 1974. [New York Times] The Federal Communications Commission received a request from the Justice Department to investigate whether the three major television networks should be forced to sell some or all of their owned or operated stations and whether they dominate their affiliates' programming. This was based on a Westinghouse Broadcasting Company complaint. CBS, NBC and ABC rejected the suggestion. [New York Times] On trial in White Plains, N.Y., Mel Lynch, accused of kidnapping Samuel Bronfman II, testified that the distilling company heir had promised that his father would help free him from jail and provide financial aid if anything in what he called their extortion plot went wrong. [New York Times] The Observer, a London weekly with worldwide readership, is to be sold to Robert Anderson, chairman of the Atlantic Richfield Company, according to a spokesman for the oil concern. Mr. Anderson is said to have agreed to maintain its present character and editorial policy. [New York Times] In a Lebanese coastal village the civil war has produced only losers. Palestinian refugees living as squatters in the ruins after a battle 10 months ago have nowhere else to go, while the Christian owners are apparently afraid to return until the Palestinians have left the village.Israel paraded tanks on its side of the Lebanese border as a warning to Syrian troops and Palestinian guerrillas to stay away from the frontier. Conspicuous reinforcement followed reports from Beirut that Syrian troops were considering such a move. [New York Times] Yakov Malik is no longer the permanent Soviet delegate to the United Nations but is working as a Deputy Foreign Minister in Moscow, according to the Moscow office of the United Nations. A spokesman did not know who would be named to succeed him. [New York Times] "Hunter-killer" satellites have been tested by the Soviet Union for destroying other satellites, according to Defense Department officials in Washington, and they fear this move could extend warfare into space. Soviet tests in April and July were described as failures while one in February was thought to be a success. So far the tests have been aimed only at other Soviet satellites. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 949.30 (-6.57, -0.69%)
S&P Composite: 101.96 (-0.63, -0.61%)
Arms Index: 1.34

	Issues	Volume*
Advances	688	6.18
Declines	741	8.94
Unchanged	464	3.97
Total Volume		19.09

* 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 22, 1976	955.87	102.59	20.93
November 19, 1976	948.80	101.92	24.55
November 18, 1976	950.13	101.89	24.00
November 17, 1976	938.08	100.61	19.90
November 16, 1976	935.34	100.04	21.02
November 15, 1976	935.42	99.90	16.71
November 12, 1976	927.69	99.24	15.55
November 11, 1976	931.43	99.64	13.23
November 10, 1976	924.04	98.81	18.89
November 9, 1976	930.77	99.32	19.21