News stories from Thursday July 1, 1976

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

The Supreme Court in a 6-to-3 decision ruled that states may not require women to get the consent of their husbands before allowing them to have abortions. The Court also ruled, 5 to 4, that states may not impose general restrictions requiring all single women under the age of 18 to get the consent of a parent before undergoing an abortion. The rulings were made in one of two cases involving Missouri's abortion law. The Court ruled unanimously in a third abortion case involving a Massachusetts. law and suggested that states might be able to enact calling for parental consultation and consent if the law allowed a "mature minor" to avoid this requirement and if the law allowed other minors to undergo abortions, despite a parent's refusal to consent if it was in their "best interests." [New York Times] An official of the government's Center for Disease Control in Atlanta said there was no reason to believe that the new swine flu virus would be any more deadly than the Asian and Hong Kong flu of recent years. Nevertheless, he said the mass immunization planned for this fall was justified. [New York Times] New York City received the first of $2.3 billion in federal loans that will help the city stay solvent in the new fiscal year. An initial emergency loan for $500 million authorized by Treasury Secretary William Simon will be used to meet a payroll and to avoid debt default. [New York Times] Karl Thomas, who attempted to cross the Atlantic in his red white and blue "Spirit of 76" balloon, was rescued from the ocean by a Russian freighter late Wednesday night. He had run into heavy storms and radio contact with the balloon had been lost. He took off from Lakehurst Naval Air Station in New Jersey last Friday. Mr. Thomas, in the balloon's jettisoned gondola, was found 550 miles southeast of New York and 300 miles northeast of Bermuda. [New York Times] The United States Tennis Association withdrew from the Davis Cup organization following the defeat of two American resolutions that would have imposed sanctions on countries for withdrawing from cup matches for political reasons. Some member countries have refused to play against South Africa. Britain and France withdrew from the 1977 competition in support of the United States position, but did not withdraw from the cup organization, which was holding its annual meeting in London. [New York Times] Israel broke a long-standing policy and announced its willingness to negotiate the release of an unspecified number of convicted Arab prisoners in exchange for hostages, including Israelis, being held by airplane hijackers in Uganda. Soon after the decision was announced the hijackers freed 101 hostages. [New York Times] The unexpected resignation of Prime Minister Carlos Arias Navarro of Spain and his cabinet threw the government's program for democratic change into confusion. Prime Minister Arias was a Franco appointee. His resignation was apparently the result of a decision by King Juan Carlos I. The King was known to be unhappy with the Prime Minister. [New York Times] A conflict between Canada's French-speaking minority and the English-speaking majority over the use of French in the airline industry has shaken the government of Prime Minister Pierre Trudeau and has set off a rebellion within his Liberal Party, The Prime Minister said the issue was the most divisive one facing the nation in many years. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 994.84 (-7.94, -0.79%)
S&P Composite: 103.59 (-0.69, -0.66%)
Arms Index: 1.32

	Issues	Volume*
Advances	571	6.17
Declines	889	12.69
Unchanged	390	2.27
Total Volume		21.13

* 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 30, 1976	1002.78	104.28	23.83
June 29, 1976	1000.65	103.86	19.62
June 28, 1976	997.38	103.43	17.49
June 25, 1976	999.84	103.72	17.83
June 24, 1976	1003.77	103.79	19.85
June 23, 1976	996.56	103.25	17.53
June 22, 1976	997.63	103.47	21.15
June 21, 1976	1007.45	104.28	18.93
June 18, 1976	1001.88	103.76	29.71
June 17, 1976	1003.19	103.61	27.81