News stories from Friday August 27, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- In what seemed to he a prelude to a harsh campaign, President Ford said at a news conference in Vail, Colo., that general "fear and apprehension" about Jimmy Carter would help him to overtake the Democratic candidate in the presidential election. Mr. Ford's running mate, Senator Robert Dole, Vice President Rockefeller and John Connally were at his side as he spoke, in an obvious display of what was meant to be Republican vigor and unity. [New York Times]
- House and Senate conferees considering the new tax bill agreed on the first significant change in many years in the way capital gains taxes are levied. The capital gains provision, which especially affects those who buy and sell securities, would be toughened in one respect and made less burdensome in another. The basic principle that only half a capital gain may be subject to taxes would be unchanged. [New York Times]
- The Senate, voting 78 to 5, passed a $35.3 billion authorization bill that would extend federal aid to higher education and vocational education for six years. The bill now goes to a conference with the House, which in May passed a separate bill extending grant and loan programs for higher-education students for one year and vocational education assistance for six years. [New York Times]
- The chairman of a Senate subcommittee investigating the West Point cheating scandal and the superintendent of the United States Military Academy charged that Army defense lawyers were withholding hundreds of affidavits by cadets that accuse others of cheating. They said the lawyers were keeping back evidence of a wider scandal in an effort to win more lenient treatment for their clients. [New York Times]
- Scientists at the Massachusetts Institute of Technology have constructed a gene, the basic unit of heredity, complete with its regulatory mechanisms. It was implanted in a living bacterial cell, where it functioned as If It was a natural part of the cell's heredity. The feat gives geneticists an important new tool for studying how genes function, or malfunction, as in cancer cases and other diseases, and birth defects. [New York Times]
- The accusation by the Netherlands government that Prince Bernhard was open "to dishonorable requests and offers" from the Lockheed Aircraft Corporation has damaged the prestige of the royal family and stirred questions about the future of Queen Juliana. There were reports that the Queen was considering abdicating and that she was persuaded not to by Prime Minister Joop den Uyl and other officials. [New York Times]
- A Senate Foreign Relations subcommittee was told by Secretary of State Henry Kissinger that the United States had agreed to sell Iran 160 F-16 fighter planes at a cost of about $3.4 billion. Mr. Kissinger said that the Ford administration had decided to go ahead with the sale, despite a staff study by the Foreign Relations Committee that found that Iran was unable to man the sophisticated equipment it had bought from the United States in recent years. [New York Times]
- Asserting that "the white man must accommodate the black man, and the black man must accommodate the white man," South Africa's Justice Minister, James Kruger, announced that he would meet with urban black leaders next week for talks on the anti-government rioting. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 963.93 (+3.49, +0.36%)
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* |
| August 26, 1976 | 960.44 | 101.32 | 15.27 |
| August 25, 1976 | 970.83 | 102.03 | 17.40 |
| August 24, 1976 | 962.93 | 101.27 | 16.74 |
| August 23, 1976 | 971.49 | 101.96 | 15.45 |
| August 20, 1976 | 974.07 | 102.37 | 14.92 |
| August 19, 1976 | 983.88 | 103.39 | 17.23 |
| August 18, 1976 | 995.01 | 104.56 | 17.15 |
| August 17, 1976 | 999.34 | 104.80 | 18.50 |
| August 16, 1976 | 992.77 | 104.43 | 16.21 |
| August 13, 1976 | 990.19 | 104.25 | 13.93 |