News stories from Wednesday June 25, 1980

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

The American hostage crisis is fading as a subject at international talks such as the foreign ministers' meeting of the Atlantic alliance that opened in Ankara, Turkey. The focus was instead on continuing to press the Soviet Union to withdraw its troops from Afghanistan. [New York Times] Hostility between Iraq and Iran has led to sporadic border clashes, terrorist attacks in Iraq attributed to groups directed and financed by Iran and mount-ing mutual denunciations. Ayatollah Khomeini has urged the substantial Shiite Moslem population in Iraq to overthrow the government, which is led by Sunni Moslems. [New York Times] A key civil rights law was broadened by the Supreme Court. In a 6-to-3 ruling, the Court interpreted the Civil Rights Act of 1871 as providing a ground for citizens to sue state officials whenever a state policy violates a federal law. The decision gives individuals a powerful weapon with which to challenge the way states administer dozens of federal programs. [New York Times] Ronald Reagan pressed for tax cuts, proposing a $36 billion reduction to take effect next Jan. 1. Under the politically advantageous proposal by the expected Republican presidential nominee, individual income taxes would be reduced by 10 percent and businesses could take tax deductions for new investments more quickly. [New York Times] Assailing the Democratic platform proposed by a party committee, Senator Edward Kennedy said that aspirants who sought nomination at the national convention should have to express their views on the document in writing, including any reservations. He denounced the platform as "Democratic only in name." [New York Times] Draft registration won final approval in a 234-to-168 vote by the House. Meanwhile, five members of the Senate Armed Services Committee warned that conscription must be resumed if the Army failed to enlist better-qualified recruits. President Carter is expected to sign the registration bill soon, and the program is tentatively set to begin late next month. [New York Times] New funds for jobs for teenagers this summer in 31 cities will be spent by the Carter administration, according to its officials. They said that an additional $17 million would be provided, including $3.3 million more for New York City to pay for 4,098 jobs. [New York Times] Mass transit aid was approved by the Senate, which authorized $24.8 billion through 1985, including about $1.7 billion for New York City. The measure would change the operating funds disbursement formulas to help older urban areas and would give cities an increased role in assuring accessibility for the handicapped. A similar measure awaits House action. [New York Times] A trans-Atlantic sailing record was set by Philip Weld, a 65-year-old retired newspaper publisher from Gloucester, Mass. He sailed into Newport, R.I., aboard his yacht Moxie, the first vessel to finish the singlehanded race that began on June 7 at Plymouth, England. He sailed 3,328 miles in 17 days 23 hours 12 minutes. [New York Times] U.S. hope for Spain's entry into NATO was expressed by President Carter in remarks in Spanish at a state banquet in Madrid. Mr. Carter also called for Spain's entry into the European Common Market, which is being resisted by France because of concern over Spain's relatively cheap farm products and low wage rates. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 887.54 (+10.24, +1.17%)
S&P Composite: 116.72 (+1.58, +1.37%)
Arms Index: 0.57

	Issues	Volume*
Advances	1,078	33.89
Declines	465	8.27
Unchanged	359	4.34
Total Volume		46.50

* 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*
June 24, 1980	877.30	115.14	37.73
June 23, 1980	873.81	114.51	34.18
June 20, 1980	869.71	114.06	36.52
June 19, 1980	870.90	114.66	38.28
June 18, 1980	881.91	116.26	41.96
June 17, 1980	879.27	116.03	41.99
June 16, 1980	877.73	116.09	36.18
June 13, 1980	876.37	115.81	41.85
June 12, 1980	872.61	115.52	47.30
June 11, 1980	872.70	116.02	43.80