News stories from Friday June 30, 1978

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

Vice President Mondale was jeered in Jerusalem by protesting Israelis and cheered by enthusiastic American tourists on the first day of a four-day visit to the Middle East. [New York Times] The Consumer Price Index rose nearly 1 percent in May. The White House said the increase, in which food and housing costs had a large part, was "not good news." However, Rex Granum, the deputy White House press secretary, reiterated the view of administration economists that "the upward trend of food prices should be flattening out very soon." That view was supported by beef producers, who said beef prices were decreasing. [New York Times] Attorney General Griffin Bell faces a contempt of court charge if he does not release government files sought by the Socialist Workers Party in a $40 million lawsuit. Federal District Judge Thomas Griesa said Mr. Bell would "automatically be in civil contempt of court" if he failed to release the records on 18 government informers by next Friday. [New York Times] Construction will be suspended July 21 at the controversial nuclear power plant in Seabrook, N.H., by order of the Nuclear Regulatory Commission. Demonstrators who had been holding a sit-in at the commission's Washington offices cheered when the 2 to 1 decision was announced. It is now up to the Environmental Protection Agency to decide whether the Seabrook plant's cooling system satisfies environmental requirements. [New York Times] Nebraska curbed local spending in two bills. Because neither of the bills attracted the required support necessary for adoption as emergency laws, they will not become effective until Oct. 1. As emergency laws they would have taken effect tomorrow. [New York Times] Measures to restrain the arms race were approved by the United Nations General Assembly, which agreed on replacing the 16-year-old Geneva Disarmament Conference with a larger negotiating body. These agreements were contained in a "final document" adopted without a vote. Like all Assembly decisions, the document is not binding on the 149 members. [New York Times] Improved relations with China appeared to be behind the scrapping of a plan to sell 60 F-4 fighter-bombers to Taiwan. Officials said the decision to cancel the $500 million sale was made at the "highest levels" last week. [New York Times] Two key Indian ministers resigned from the cabinet after Prime Minister Morarji Desai demanded that they step down. Four junior ministers also quit in support of the ousted officials, Home Minister Charan Singh and Health Minister Raj Narain. The two had criticized the government's delay in the prosecution of former Prime Minister Indira Gandhi for her conduct when she ruled under a state of emergency. [New York Times] Washington condemned Al Fatah, the principal Palestinian guerrilla movement, and its leader, Yasser Arafat, for the bombing of a Jerusalem market Thursday but rejected a "blanket condemnation" of the parent Palestine Liberation Organization. The State Department spokesman, Hodding Carter III, was careful to distinguish between Al Fatah, which took responsibility for the bombing, and its umbrella organization, the P.L.O. [New York Times] Two Americans went to a Moscow court to submit statements that they had not been given enough time to prepare an adequate defense against charges of libel made this week. This displeased the judge, who, according to Craig Whitney of the New York Times and Harold Piper of the Baltimore Sun, chided them for "disrupting the court's schedule" and his "personal plans." The judge, however, said he would delay the trial. [New York Times] Any new ban on nuclear testing with the Soviet Union should still permit small blasts, President Carter's foreign policy aides have decided, in a reversal of negotiating policy. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 818.95 (-2.69, -0.33%)
S&P Composite: 95.53 (-0.04, -0.04%)
Arms Index: 1.02

	Issues	Volume*
Advances	689	7.43
Declines	662	7.27
Unchanged	484	3.40
Total Volume		18.10

* 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 29, 1978	821.64	95.57	21.66
June 28, 1978	819.91	95.40	23.27
June 27, 1978	817.31	94.98	29.28
June 26, 1978	812.28	94.60	29.25
June 23, 1978	823.02	95.85	28.53
June 22, 1978	827.70	96.24	27.17
June 21, 1978	824.93	96.01	29.11
June 20, 1978	830.04	96.51	27.92
June 19, 1978	838.62	97.49	25.50
June 16, 1978	836.97	97.42	27.70