News stories from Thursday May 29, 1980

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

Britain imposed sanctions against Iran but the measures were so watered down that trade specialists said they would have little impact. The sanctions forbid the signing of new contracts, but companies now doing business with Iran are free to extend or increase existing contracts. [New York Times] Vernon Jordan was severely wounded by a gunshot in Fort Wayne, Ind. The motive for the shooting was not established immediately, and the police have not yet found any witnesses. The director of the Federal Bureau of Investigation ordered an investigation to determine whether there could have been a violation of federal civil rights statutes in the shooting of Mr. Jordan, president of the National Urban League. [New York Times] A compromise budget was rejected by the House of Representatives because the $613.3 billion plan contained too much money for the military. The House sent the proposal back to a House-Senate committee, but shortly afterward, it paradoxically instructed conferees to insist on keeping the military spending figures. [New York Times] Economic policy panels will be set up by the Carter administration and the A.F.L.-C.I.O. to draw up short-range anti-recession plans and to suggest a long-range plan for the "reindustrialization" of America. The agreement to establish the two joint panels was reportedly reached at a meeting held earlier this month. [New York Times] A preview of the presidential election was given as President Carter and Ronald Reagan, just six blocks away from each other at competing rallies in Ohio, painted entirely different pictures of the United States and of their own visions for the country. Mr. Carter praised the nation for "turning the tide" in every area of challenge while Mr. Reagan said the government had "to be turned around." [New York Times] Toxic gases and waste were dumped by the federal government during World War II in at least five sites around Niagara Falls, N.Y., according to government documents presented by a State Assembly task force. The report, which further complicated legal arguments over who should pay for cleaning up the Love Canal area and relocating the residents, also suggested that the government had dumped lethal nerve gases, corrosive acids and radioactive waste in four sites surrounding Niagara Falls. [New York Times] Californians face 11 initiatives that have been tacked on the June 3 primary election ballot including a proposal to cut the the state income tax rate. Three of the propositions are expected to have national impact in the same manner as Proposition 13 in 1978, the referendum that cut property taxes. [New York Times] Anti-Soviet protests have spread in Afghanistan to elementary schools and have resulted in the arrest of young children. The State Department said that the student death toll may now exceed 50, that hundreds more have been arrested and that some teachers have been dismissed or drafted. [New York Times] The military's power will increase in South Korea, according to Korean and diplomatic sources. The South Korean government is expected to announce the formation of a military-dominated committee that will make basic policy decisions, a move that runs contrary to Washington's request for a return to civilian rule. [New York Times] The Pentagon agreed to let Peking buy air-defense radar, helicopters and transport planes and will authorize American companies to build electronics and helicopter factories in China. Sales by private companies are subject to approval by the American government, and sale of military weapons will not be permitted. [New York Times] Iranians openly criticize the clergy who, many fear, may conduct a broad purge of students, leftists and intellectuals. As opposition against the Islamic clergy grows and competition builds within the ruling circles, many Iranians warn that the policies of the clerical forces are pushing the country toward a civil war. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 846.25 (-14.07, -1.64%)
S&P Composite: 110.27 (-1.79, -1.60%)
Arms Index: 1.51

	Issues	Volume*
Advances	506	9.44
Declines	1,045	29.49
Unchanged	327	3.07
Total Volume		42.00

* 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*
May 28, 1980	860.32	112.06	38.57
May 27, 1980	857.76	111.40	40.80
May 23, 1980	854.10	110.62	45.79
May 22, 1980	842.92	109.01	41.02
May 21, 1980	831.06	107.72	34.83
May 20, 1980	832.51	107.62	31.80
May 19, 1980	830.89	107.67	30.97
May 16, 1980	826.88	107.35	31.71
May 15, 1980	822.53	106.99	40.91
May 14, 1980	819.62	106.85	40.84