News stories from Thursday November 9, 1978

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

President Carter made two pledges, to increase the defense budget and still cut the growth rate of government spending, reflecting major concerns expressed in Tuesday's elections. At a news conference in Kansas City, Mo., he said increased defense spending of 3 percent a year above the inflation rate was needed to meet NATO commitments, but that, to control inflation, next year's total budget deficit would be more than $10 billion less than the current one.President Carter said that the election results had not been a referendum on his performance in office, but an approving judgment on the Democratic Party and its policies. [New York Times] Three of 68 accused F.B.I. men have eluded administrative punishment for allegedly illegal break-ins by leaving the bureau during the seven months the Director of the Federal Bureau of Investigation has been considering charges against them. The departure of the three, including two supervisors, has prompted arguments that it would be unfair to proceed against lower-level employees. [New York Times] George Meany assailed Mr. Carter as "the most conservative President I have seen in my lifetime" and said that Tuesday's election results indicated that Mr. Carter might not be re-elected in 1980. The labor leader accused the President of forming economic policies to combat inflation by creating increased unemployment. Mr. Meany and other labor officials expressed concern about union prospects in the next Congress. [New York Times] Norman Rockwell died at the age of 84 at his home in Stockbridge, Mass. Paintings by the noted artist were highlighted by nostalgic evocations of small-town America, which had appeared on hundreds of Saturday Evening Post covers. [New York Times] Preserving the nation's pinelands is an issue now growing in governmental as well as environmentalists' concerns. Congress has approved a pilot program to protect New Jersey pinelands from overdevelopment. The bill would provide up to $25 million for acquisition of up to 50,000 acres of pine barrens and would create a commission to plan management of the 970,000 other acres of the pine barrens also. [New York Times] The Right to Life Party gained a victory in the gubernatorial election in New York state. The newly-formed party polled enough votes to qualify automatically for future ballots and probably outpolled the Liberal Party to make anti-abortionists a new force in state politics. A spot check of the unofficial vote in seven of New York's 62 counties gave Mary Jane Tobin, the Right to Life candidate for Governor, more than 54,000 votes, and a party spokesman showed returns from nearly 50 other counties exceeding the needed 100,000 votes for her. [New York Times] President Carter urged Egypt and Israel to stop debating the details of a peace treaty and agree to compromise language accepted by negotiators that would link the projected treaty to an overall Arab-Israeli settlement. Indicating frustration over delays in completing the formal accord, Mr. Carter said he believed the language "is adequate." [New York Times] Strikes at Iranian oilfields and factories will continue, the country's main opposition vowed, as its main weapon against the Shah and his military government. The National Front called for continued strikes until a civilian government is formed. [New York Times] Winston Churchill's grandson was ousted from his Conservative Party post after he defied Tory leadership by voting against renewed economic sanctions against Rhodesia. He was among 116 Conservative members of the Commons who voted against the sanctions despite party orders to abstain. The measure passed, but now faces stiff opposition in the House of Lords. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 803.97 (-3.64, -0.45%)
S&P Composite: 94.42 (-0.03, -0.03%)
Arms Index: 1.39

	Issues	Volume*
Advances	890	10.36
Declines	564	9.13
Unchanged	405	3.83
Total Volume		23.32

* 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*
November 8, 1978	807.61	94.45	23.56
November 7, 1978	800.07	93.85	25.32
November 6, 1978	814.88	95.19	20.45
November 3, 1978	823.11	96.18	25.99
November 2, 1978	816.96	95.61	41.03
November 1, 1978	827.79	96.85	50.45
October 31, 1978	792.45	93.15	42.72
October 30, 1978	811.85	95.06	59.48
October 27, 1978	806.05	94.59	40.36
October 26, 1978	821.12	96.03	31.99