News stories from Tuesday February 10, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Ford ordered a review of bribery and other illegal activities by American corporations and executives in foreign countries. This could lead to sanctions against offenders. The White House press secretary said Mr. Ford was leaning toward creation of a cabinet-level committee to investigate such practices. One possible sanction, he added, could be to disqualify offenders from bidding for federal contracts. Senate subcommittee documents show millions of dollars in agents' fees were paid to accounts in Liechtenstein and Switzerland for the sale of Lockheed aircraft to South Africa, Nigeria and Spain. [New York Times]
- The Lockheed Aircraft Corporation has lost a $1.3 billion Japanese order for new airplanes because of its involvement in a payoff scandal, Japanese government officials said. As a result, they said, the anti-submarine-warfare buildup urged on Japan by the United States has been set back a year or more. [New York Times]
- President Ford signed a $112.3 billion defense appropriation bill while saying that Congress had "lost their guts" by including in it a ban on further aid to the forces in the Angola civil war opposing the faction supported by the Soviet Union and Cuba. He said that while Soviet-American detente had not worked with Angola, it might work in the case of the strategic arms limitation negotiations. [New York Times]
- At a hearing out of the jury's presence to help the court to decide the admissibility of certain evidence about Patricia Hearst's behavior in the months following the bank robbery for which she is on trial, testimony came from a witness who was held captive by Miss Hearst and William and Emily Harris following a later shooting incident. He testified that after she freed the other two with a blast of gunfire as they faced arrest, she said it was a good feeling to see her comrades running across the street. [New York Times]
- Senator Lloyd Bentsen withdrew from the presidential race after his poor showing in the early caucuses. The Texas Democrat said he would attempt to lead a favorite-son delegation to the convention. He blamed political "polarization" for his failure. [New York Times]
- William Anders, chairman of the United States Nuclear Regulatory Commission, said there was no reason to suspend operation of the Indian Point No. 2 nuclear plant on the Hudson River in New York. Replying to Robert Pollard, a safety official who had urged this as he resigned charging the commission with suppressing unresolved safety problems, Commissioner Anders said anybody covering up in the agency would be dismissed. [New York Times]
- Forty-four federal judges plan to sue the United States for a pay increase and damages to make up for what they call constitutionally inadequate pay for their work on the federal bench over the last seven years. Former Supreme Court Justice Arthur Goldberg will file their suit in the Washington Court of Claims. [New York Times]
- Italy's latest political crisis ended with a decision to form a one-party minority cabinet of Christian Democrats. This was a last resort to avoid elections in which the Communists might have emerged with added strength to demand cabinet seats. The Socialists, who had withdrawn their support from the coalition, agreed to support the new minority government. [New York Times]
- Several hundred thousand foodless peasants in northeastern Brazil have left their parched farmlands to seek help following three months virtually without rain. The area's seemingly insoluble backwardness has created widespread pessimism about the regime's development plans. [New York Times]
- A United Nations report published in Geneva accused Chilean security agencies of continuing ruthlessness and activities ranging from methodical torture to barbaric sadism. It said denial of human rights had become a pattern of governmental policies and that the situation had not changed substantially since an interim report to the last General Assembly. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 968.75 (+11.57, +1.21%)
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* |
| February 9, 1976 | 957.18 | 99.62 | 25.34 |
| February 6, 1976 | 954.90 | 99.46 | 27.36 |
| February 5, 1976 | 964.81 | 100.39 | 33.78 |
| February 4, 1976 | 976.62 | 101.91 | 38.27 |
| February 3, 1976 | 972.61 | 101.18 | 34.08 |
| February 2, 1976 | 971.35 | 100.87 | 24.00 |
| January 30, 1976 | 975.28 | 100.86 | 38.51 |
| January 29, 1976 | 968.75 | 100.11 | 29.80 |
| January 28, 1976 | 951.35 | 98.53 | 27.37 |
| January 27, 1976 | 957.81 | 99.07 | 32.07 |