News stories from Tuesday December 7, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Kurt Waldheim won approval for a second five-year term as Secretary General of the United Nations on the second ballot in the Security Council, where the action is tantamount to election. The Austrian diplomat defeated the former President of Mexico, Luis Echeverria Alvarez, who had offered himself as a third-world candidate. The voting was secret, but China reportedly vetoed Mr. Waldheim on the first ballot as an expression of sympathy with the third-world countries, which were themselves divided. [New York Times]
- The trial of Gov. Marvin Mandel of Maryland on charges of political corruption was aborted after 14 weeks because other members of the jury had accidentally learned of attempts to bribe one of them to prevent a conviction. Federal Judge John Pratt declared a mistrial. Governor Mandel said that he had mixed emotions on the outcome, contending that the evidence would have demolished the prosecution's case. The United States Attorney promised a prompt retrial. [New York Times]
- President-elect Carter's advisers say he is thinking of asking some corporations to give advance notice of price increases, as a means of combating inflation. This would give the government a chance to bring pressure for a reversal of increases it considers unjustified. The advisers sought to dispel any notion that his decision against wage and price controls means he would tolerate inflation. [New York Times]
- President Ford's White House staff is showing the symptoms of withdrawal from the emotional high of running the nation and a cliff-hanging election campaign. Mr. Ford himself seems well along in the process, psychologically as well as physically, though aides said they thought he still suffered from the pain of losing. [New York Times]
- The Supreme Court ruled 6 to 3 that private employers with workmen's compensation programs for employees unable to work because of physical disabilities may refuse to compensate women for absences caused by pregnancy. The dissenters noted that the court disagreed with all six decisions considering the issue in United States courts of appeals. The ruling does not bar future legislation on the issue or agreements between employers and unions to include this coverage under compensation agreements. [New York Times]
- The Democratic Caucus in the House of Representatives set a two-term limit for members on the next Ethics Committee. The move pointed to an eventual restructuring of the committee. The caucus rejected efforts to limit the service of all committee chairmen to no more than three terms. [New York Times]
- Stock prices consolidated Monday's gains, with Dow Jones industrials declining 1.08 points to close at 960.69. [New York Times]
- Chances for a Mideast peace conference in Geneva seemed to brighten as Arab diplomats in Beirut said that Palestinian leaders were moving toward an Egyptian plan for inclusion in a joint Arab delegation, rather than insisting on a separate delegation tor the Palestine Liberation Organization. That position has been opposed by both Israel and the United States. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 960.69 (-1.08, -0.11%)
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* |
| December 6, 1976 | 961.77 | 103.56 | 24.83 |
| December 3, 1976 | 950.55 | 102.76 | 22.64 |
| December 2, 1976 | 946.64 | 102.12 | 23.30 |
| December 1, 1976 | 949.38 | 102.49 | 21.96 |
| November 30, 1976 | 947.22 | 102.10 | 17.03 |
| November 29, 1976 | 950.05 | 102.44 | 18.75 |
| November 26, 1976 | 956.62 | 103.15 | 15.00 |
| November 24, 1976 | 950.96 | 102.41 | 20.42 |
| November 23, 1976 | 949.30 | 101.96 | 19.09 |
| November 22, 1976 | 955.87 | 102.59 | 20.93 |