News stories from Wednesday May 9, 1979

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

Odd-even gasoline restrictions, limiting sales to vehicles with even-numbered license plates on even-numbered days and odd-numbered plates on odd-numbered days, were imposed in 10 California counties. [New York Times] Acting to slow nuclear power growth, the House Interior Committee approved a six-month moratorium on construction permits for nuclear reactors and voted to ban operation of any new reactors until the federal government has approved plans for dealing with nuclear emergencies. [New York Times] Rubber workers struck Uniroyal, the nation's third largest tire manufacturer, after federal mediators failed to resolve a dispute over whether the company had reneged on an agreement with the union. [New York Times] Victims of a Colorado land fraud will collect $8 million in refunds representing 70 percent of the money they paid for a total of 75,000 arid mountain acres that had been advertised as lush resort country. [New York Times] James Callaghan was re-elected head of Britain's Labor Party by acclamation, but friends of the former Prime Minister predict he will resign that post before the end of the year. Under Mr. Callaghan's leadership, Labor lost the British general election to Margaret Thatcher's Conservative Party. If Mr. Callaghan resigns as party leader, he is expected to be replaced by Denis Healey, 61, outgoing Chancellor of the Exchequer. [New York Times] No diet drinks for children was the advice of the Commissioner of Food and Drugs and a panel of experts who have new evidence linking saccharin to bladder cancer, especially in males. Testifying before a Senate health subcommittee, members of a National Academy of Sciences panel said products containing saccharin posed a risk that children should avoid. But the link between saccharin and bladder cancer was called "premature" by a leading cancer researcher. [New York Times] Basic agreement on an arms treaty between the United States and the Soviet Union was announced by Secretary of State Cyrus Vance. President Carter and Leonid Brezhnev, the Soviet leader, will sign the treaty in Europe in about a month. Mr. Vance said negotiations on the major issues had been concluded, and the regular delegations in Geneva would draft the actual treaty language.A tough congressional battle looms as President Carter prepares to seek Senate approval of a new strategic arms accord. The political climate has shifted dramatically since the Senate approved the first arms treaty by an 88 to 2 vote in 1972, and the outcome now seems far from certain. [New York Times] Israel attacked Lebanon, striking with hundreds of troops supported by tanks, armored vehicles and gunboats. The attack followed a raid by four Palestinian guerrillas on an upper Galilee kibbutz. One guerrilla was wounded and the Israeli force was sent into Lebanon to search for the others. The mission represented the first major Israeli incursion into Lebanese territory since March 1978. [New York Times] The Italian army joined the fight against terrorism as Prime Minister Giulio Andreotti's caretaker government acted to curb political violence at the start of a bitter election campaign. The move to bolster police units with regular army forces came on the anniversary of the slaying of former Prime Minister Aldo Moro by the Red Brigades and less than a week after terrorists showed renewed strength in an attack on the Rome headquarters of the Christian Democratic Party. [New York Times] Two Iranian businessmen were killed by revolutionary firing squads in Teheran. One of them was a prominent Jewish leader who had been charged with raising money for Israel. The second man had been charged with operating gambling dens, cabarets and a prostitution ring. The executions mark the first time that private citizens, rather than government or military officials, were killed for activities during the old regime. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 838.62 (+3.73, +0.45%)
S&P Composite: 99.46 (+0.29, +0.29%)
Arms Index: 1.02

	Issues	Volume*
Advances	903	14.29
Declines	568	9.18
Unchanged	425	4.20
Total Volume		27.67

* 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 8, 1979	834.89	99.17	32.72
May 7, 1979	833.42	99.02	30.49
May 4, 1979	847.54	100.69	30.63
May 3, 1979	857.59	101.81	30.86
May 2, 1979	855.51	101.72	30.51
May 1, 1979	855.51	101.68	31.05
April 30, 1979	854.90	101.76	26.44
April 27, 1979	856.64	101.80	29.63
April 26, 1979	860.97	102.01	32.41
April 25, 1979	867.46	102.50	31.75