News stories from Thursday August 21, 1980

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

Billy Carter testified that he had never been asked by the government of Libya to exert influence on the policies of the United States. In his first sworn, public testimony on his relationships with Libya and the Carter administration, Mr. Carter also told the special Senate subcommittee investigating his affairs that he had he never asked anything of the President on behalf of the Libyan government. [New York Times] The President's brother was startled to learn that two of his associates figured in an investigation by the Justice Department of marijuana and cocaine smuggling. The investigation was disclosed by the special Senate subcommittee investigating Billy Carter. One of the men denied any involvement in drug trafficking. An attorney for the other man also denied that his client was involved with narcotics. [New York Times] A $39 billion tax cut was approved by the Senate Finance Committee and sent to the Senate floor, expanding by $6 billion the tax relief bill approved by the committee on Wednesday. A string of additional provisions, including a cut in capital gains taxes, was added to the reductions in individual and business taxes. [New York Times] An arms race could be won by the United States if it was pressed to the test, President Carter said during his first campaign trip of the general election race. In Boston, the President answered Republican attacks on his record by saying that his military policies had strengthened the nation without the risk of all-out weapons competition. [New York Times] Ways to open a second grand jury investigation are being reviewed by the United States Attorney in Florida in the fatal shooting last Sept. 2 of an unarmed black man by a white policeman working as an off-duty guard. A federal grand jury voted on Wednesday not to indict the policeman. [New York Times] The Justice Department was accused by the American Civil Liberties Union of "unlawfully and unnecessarily" jailing hundreds of foreign nationals seized in alien smuggling cases and of confining children and their parents in separate facilities without charging them with any crime. The accusations were contained in a class-action lawsuit filed in federal court in Texas for a young Salvadoran girl. [New York Times] Joyce Miller was appointed to the Ex-cutive Council of the American Federation of Labor and Congress of Industrial Organizations. Mrs. Miller, president of the Coalition of Labor Union Women, is the the first woman to serve on the council. [New York Times] A new negotiator was appointed by the government of Poland as striking workers continued to resist attempts to divide them and shortages of food and other supplies began to be severely felt. With the strike movement continuing to spread, the government began a publicity campaign, issuing new warnings about the possible impact of strikers' demands for political and economic change. [New York Times] Israeli leaders reacted angrily to the Security Council resolution that censured Israel for its new law formally annexing Jerusalem's Arab sector and urged countries with embassies there to move them. The Foreign Ministry issued a statement saying the United Nations had been "converted into an instrument in the hands of Israel's enemies," and the Foreign Minister said the United States should have vetoed the United Nations measure rather than abstaining. [New York Times] A call for unity in South America was sounded by Argentina's President. Jorge Videla, who urged Brazil to join in a "crusade" against subversion on the continent and defended the harsh rule of his country as a necessary response to internal "war." The Brazilian response was cool. Mr. Videla said that Western nations failed to understand the gravity of the subversive efforts in his country. [New York Times] Islamic militants pressed demands for the liberation of Kashmir from India, a long-quiescent issue that was inflamed by three days of disorder. Seven people were killed and two hundred people were detained by security forces in the disturbances, which resulted in injuries to 80 police officers and several hundred residents. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 955.03 (+9.72, +1.03%)
S&P Composite: 125.46 (+1.69, +1.37%)
Arms Index: 0.56

	Issues	Volume*
Advances	1,187	39.56
Declines	379	7.07
Unchanged	344	4.14
Total Volume		50.77

* 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*
August 20, 1980	945.31	123.77	42.56
August 19, 1980	939.85	122.60	41.93
August 18, 1980	948.63	123.39	41.88
August 15, 1980	966.72	125.72	47.80
August 14, 1980	962.63	125.25	47.65
August 13, 1980	949.23	123.28	44.37
August 12, 1980	952.39	123.79	52.04
August 11, 1980	964.08	124.78	44.69
August 8, 1980	954.69	123.51	58.86
August 7, 1980	950.94	123.30	62.37