News stories from Friday December 19, 1975
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Congress passed the tax-cut extension bill tonight after incorporating a non-binding commitment satisfactory to President Ford to control government spending. Then both houses voted to adjourn until Jan. 19. [New York Times]
- Consumer prices continued to climb in November, the Labor Department said, but the average wage earner may not have noticed it because his earnings continued to rise, too. The Consumer Price Index rose seven-tenths of 1 percent over October after adjustments for normal seasonal price fluctuations. At the same time, "real spendable earnings" also rose seven-tenths of 1 percent, the third rise in earnings for the year. They were up a total of 3.9 percent for the year. Government economists said that the increase was almost entirely due to the cut in federal income taxes. [New York Times]
- A strike against United Airlines that began two weeks ago was ended when a tentative agreement was reached with the International Association of Machinists. If the contract is ratified by union members tomorrow, the airline hopes to resume full operation by Christmas Eve, beginning with 36 percent of its normally scheduled flights on Monday. [New York Times]
- In what may be its most important ruling affecting Wall Street in recent years, the Securities and Exchange Commission further curtailed the ability of the New York Stock Exchange and other national exchanges to restrict off-floor trading by exchange members' dealing in common stocks. [New York Times]
- The Senate voted overwhelmingly to stop funding covert military operations in Angola. The vote of 54 to 22 on an amendment to the defense appropriation bill ended three days of struggle between a group of liberal Democratic Senators and the administration and its backer over a covert involvement that has cost about $32 million so far this year. The Senate vole was not final. The House still has an opportunity to reject the amendment. [New York Times]
- South African soldiers -- one estimate puts their number at about 1,000 -- are serving in tactical and training capacities on several fronts in the Angolan war, according to authoritative sources there. In their initial official position of three months ago, South African authorities categorically denied any official participation in the civil war, but they now publicly acknowledge that they are providing advice and supplies to the factions resisting the Popular Movement for the Liberation of Angola, which has been backed by the Soviet Union. [New York Times]
- Spain's Foreign Minister created a storm in Parliament by suggesting in remarks made in Paris and relayed to Madrid, that the exiled leader of the Spanish Communist Party, Santiago Carrillo, be allowed to return home. Mr. Carrillo has been living in Paris. Foreign Minister Jose Maria de Areilza is a conservative who favors political change and reconciliation among erstwhile enemies. Mr. Areilza also predicted that there would be general elections in Spain by the end of next year, a prospect that appeared distasteful to members of Parliament. [New York Times]
- President Isabel Martinez de Peron of Argentina reportedly was told at a cabinet meeting by the three commanders of the country's armed forces that she must turn over her powers to a constitutional successor or face a military revolt. As she met with her cabinet in Buenos Aires, dissident officers, apparently members of the Air Force faction that seized two Argentine air bases on Thursday, flew mock strafing runs over Government House on the Plaza de Mayo. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 844.38 (-7.71, -0.90%)
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 18, 1975 | 852.09 | 89.43 | 18.04 |
| December 17, 1975 | 846.27 | 89.15 | 16.56 |
| December 16, 1975 | 844.30 | 88.93 | 18.35 |
| December 15, 1975 | 836.59 | 88.09 | 13.96 |
| December 12, 1975 | 832.81 | 87.83 | 13.10 |
| December 11, 1975 | 832.73 | 87.80 | 15.30 |
| December 10, 1975 | 833.99 | 88.08 | 15.68 |
| December 9, 1975 | 824.15 | 87.30 | 16.04 |
| December 8, 1975 | 821.63 | 87.07 | 14.15 |
| December 5, 1975 | 818.80 | 86.82 | 14.05 |