News stories from Friday December 21, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Economic sanctions against Iran were asked by President Carter, who, in a television address, accused it of "arrogant defiance" of the world community. He said the United States would ask the United Nations Security Council to impose the sanctions. State Department officials said the initial sanctions would be modest and carefully considered, not affecting Iranian oil shipments or the sale of food or medicine. [New York Times]
- Arrangements for clergymen to visit the hostages in Teheran at Christmas were ordered by Ayatollah Khomeini. In his instructions to the Revolutionary Council, he said that the clergymen should be "responsible" and "well-known." He also specified that some of the clergymen should be blacks because, he said, blacks have priority as "deprived people." [New York Times]
- The Consumer Price Index rose 1 percent in November, continuing the climb it made at about the same rate through the year. The Bureau of Labor Statistics said the latest increases in the price of imported oil would raise gasoline prices in the United States by four to eight cents a gallon and heating oil by three to seven cents. The overall index increase for the preceding 12 months was 12.6 percent. Meanwhile, the purchasing power of nonfarm workers declined 5.1 percent. [New York Times]
- The crash of the DC-10 in Chicago last May was caused by a combination of improper maintenance and vulnerable design of some of the plane's key components, the National Transportation Safety Board said in a 5 to 0 vote. The board said that the breaking away of one of the plane's engines was directly caused by faulty maintenance by American Airlines. [New York Times]
- Chicago's insolvent school board was unable to pay its 50,000 employees at the start of the Christmas weekend when another state-backed bailout plan fell through. The board's officials said that the school system might be too broke to reopen when the Christmas recess ends Jan. 2. [New York Times]
- President Carter's energy policies were attacked again by Senator Edward Kennedy, who said that Mr. Carter broke a campaign promise to hold down oil prices. [New York Times]
- Congress recessed until Jan. 22, leaving behind a lot of unfinished business. The Senate will give "top priority" to the strategic arms treaty when it meets next month, Senator Robert Byrd, the majority leader, said. He and other Senators indicated that whether the treaty would be ratified might depend on how the Soviet Union conducts itself in the Iranian crisis. [New York Times]
- Dr. Donna Shalala was elected president of Hunter College by the trustees of the New York City University, ending a 10-month search for a successor to Jacqueline Wexler, who retired Aug. 31. Dr. Shalala is Assistant Secretary of the federal Department of Housing and Urban Development and former treasurer of New York's Municipal Assistance Corporation. [New York Times]
- Indications that results of an autopsy on Willie Classen might have been tampered with in an effort to embarrass New York City's new Chief Medical Examiner, Dr. Elliott Gross, are being looked into by the state Senate Committee on Investigations. The inquiry is focusing on tissue samples from the boxer's body. He died on Nov. 28 from injuries received in the ring. [New York Times]
- Rhodesia's guerrilla leaders pledged themselves to a cease-fire, to a new constitution, and to new elections leading to independence. Robert Mugabe, Joshua Nkomo and Bishop Abel Muzorewa, Prime Minister of the government elected in Rhodesia last spring, and British officials signed the peace pledge at a ceremony in London attended by Prime Minister Margaret Thatcher. [New York Times]
- Soviet troops are on alert at Afghanistan's border and at least 1,500 soldiers have been sent into the country, administration officials said, to demonstrate Moscow's support for Afghanistan's Marxist government. [New York Times]
- Peking's new Roman Catholic bishop was installed in a public ceremony in Nanlang Cathedral in the most open display of religious tolerance shown by the officially atheistic Communist government since the constitution, which permits freedom of worship, was promulgated last year. [New York Times]
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Dow Jones Industrial Average: 838.91 (-4.43, -0.53%)
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 20, 1979 | 843.34 | 108.26 | 40.39 |
| December 19, 1979 | 838.91 | 108.20 | 41.79 |
| December 18, 1979 | 838.65 | 108.30 | 43.30 |
| December 17, 1979 | 844.62 | 109.33 | 43.83 |
| December 14, 1979 | 842.75 | 108.92 | 41.82 |
| December 13, 1979 | 836.09 | 107.67 | 36.70 |
| December 12, 1979 | 835.67 | 107.52 | 34.66 |
| December 11, 1979 | 833.70 | 107.49 | 36.16 |
| December 10, 1979 | 833.87 | 107.67 | 32.27 |
| December 7, 1979 | 833.19 | 107.52 | 42.38 |