News stories from Tuesday January 20, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Internal Revenue Service is re-auditing former President Richard Nixon's tax returns for the years in which he claimed a $450,000 deduction for the gift of his vice presidential papers to the National Archives, to determine possible liability for fraud penalties, according to sources in and out of government familiar with the matter. [New York Times]
- Former Governor Jimmy Carter of Georgia found himself widely regarded as a major contender for the Democratic presidential nomination with a solid victory in the Iowa precinct caucuses. Virtually complete returns gave him 27.63 percent of the vote to 13.16 for Senator Birch Bayh, 9.93 for Fred Harris, 5.97 for Morris Udall, 3.30 for Sargent Shriver and 1.10 for Henry Jackson, But 37.15 percent were uncommitted. A Republican sampling found President Ford edging Ronald Reagan, 264 to 248. [New York Times]
- The Commerce Department reported that recovery from recession proceeded at a good pace in the fourth quarter of 1975 although the rate was less than half the big third quarter spurt. It estimated that the real gross national product rose at a rate of 5.4 percent -- strong evidence that the recovery is continuing. [New York Times]
- A Justice Department spokesman said that its lawyers reviewing Central Intelligence Agency activities had concluded there was no ground for a federal prosecution of its officials involved in plots to assassinate foreign heads of state. Attorney General Edward Levi is expected to concur. [New York Times]
- Mississippi's new governor, Cliff Fitch, elected on an appeal to black and white working people, appointed Dick Gregory, jailed in Jackson in the civil rights movement of the 1960's, as one of several black and white liberals among the honorary colonels on his staff. Blacks were welcomed at three inauguration balls. Mr. Finch has brought together the predominantly black loyalist and predominantly white regular wings of the Democratic Party. [New York Times]
- The conflict in Lebanon appeared to be widening into a full-scale civil war as Lebanese Moslems and some Palestinian guerrilla forces reportedly besieged or captured a number of towns and villages in the north, east and south. There were charges that a Palestinian brigade had moved in from Syria but there was no confirmation that it had actually joined in the siege. [New York Times]
- Unofficial reports in Damascus said substantial Palestine Liberation Army forces had crossed from Syria into Lebanon in recent days. In Beirut, Reuters reported, the leader of the Popular Front for the Liberation of Palestine said Palestine Liberation Army troops had entered Lebanon. Israeli government sources said the Palestinian forces in Lebanon seemed reinforced. [New York Times]
- Arab delegations have agreed to propose a United Nations Security Council resolution calling on Israel to withdraw from all occupied Arab territories and recognizing the "national inalienable rights" of the Palestinian people. Diplomats called it a "bargaining paper" likely to go through significant changes in wording. [New York Times]
- The Cambodian government is currently relocating hundreds of thousands of its people, primarily in the sparsely settled northwest, in a migration rivaling the evacuation of Phnom Penh last April, according to Western intelligence sources and refugees reaching Thailand. They say many have died of hardships of the journey, disease and weakness. At their destination they harvest rice, dig irrigation ditches, build earthworks and clear land. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 949.86 (+6.14, +0.65%)
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* |
| January 19, 1976 | 943.72 | 98.32 | 29.45 |
| January 16, 1976 | 929.63 | 97.00 | 25.94 |
| January 15, 1976 | 924.51 | 96.61 | 38.45 |
| January 14, 1976 | 929.63 | 97.13 | 30.34 |
| January 13, 1976 | 912.94 | 95.57 | 34.53 |
| January 12, 1976 | 922.39 | 96.33 | 30.44 |
| January 9, 1976 | 911.13 | 94.95 | 26.51 |
| January 8, 1976 | 907.98 | 94.58 | 29.03 |
| January 7, 1976 | 898.69 | 93.95 | 33.17 |
| January 6, 1976 | 890.82 | 93.53 | 31.27 |