News stories from Friday January 5, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The White House restored some of the funds dropped from the proposed education budget in response to pleas from education groups. The revised figures reflect requests for bigger appropriations for college scholarships and student loans.
The administration's aid to cities with high jobless rates would be boosted with a $250 million funding it will request from Congress for the Supplemental Fiscal Assistance program in the current fiscal year. The administration also plans to ask Congress for an additional $150 million for the next fiscal year.
[New York Times] - Opponents of a PCB dump proposed in North Carolina spoke for seven and a half hours at a hearing to representatives of the state and the federal Environmental Protection Agency. The citizens of the small farming community of Warrenton said that they do not want "another Love Canal," referring to the health problems caused by the burial of polychlorinated biphenyls in a development near Niagara Falls, N.Y. [New York Times]
- A paralyzed prisoner won a $518,000 damage award in an out-of court settlement in Virginia, the largest ever awarded to a prison inmate in this country, according to the Civil Liberties Union, which represented the prisoner, Henry Tucker. [New York Times]
- All federal agencies must make an "environmental review" of all their actions that might affect the "global commons," such as the oceans, the atmosphere and Antarctica, under an executive order. [New York Times]
- Chinese soldiers and fighter planes have been moved to China's border with Vietnam, Carter administration officials said, describing the maneuver as an indication of Peking's growing concern over the Vietnamese invasion of Cambodia. Tanks and heavy artillery were said to have accompanied the troops. China apparently has decided that it can do little to halt the Vietnamese invasion of Cambodia, beyond supporting Cambodia's call for a meeting of the Security Council of the United Nations. That the support would be forthcoming was indicated by Deputy Prime Minister Teng Hsiao-ping in an interview in Peking.
Cambodia is locked in a "life or death struggle" against Vietnamese invaders on five fronts, Prime Minister Poi Pot said in a statement broadcast by the Phnom Penh radio and it appears that Cambodia is shifting to guerrilla warfare.
[New York Times] - Hopes rose in Iran for stability as limited supplies of fuel began flowing toward the cities and industrial unrest lessened. The Shah returned from a brief holiday to install a new civilian government. [New York Times]
- Britain has decided to sell Harrier fighter planes to China as part of a $2 billion package, Prime Minister James Callaghan told the four-power meeting on world affairs in Guadeloupe. The sale of arms and other trade with China and European security problems were key topics on the first day. [New York Times]
- Israel will not sign a peace treaty with Egypt unless it is given access to oil produced from the wells it developed during its occupation of the Sinai Peninsula, the Israeli Minister of Energy, Yitzhak Modai, said in an interview in Jerusalem. [New York Times]
- All luxury imports to Turkey have been banned by its government in another austerity measure taken to remedy worsening economic problems. Meanwhile, loan negotiations with Western banks and the International Monetary Fund have bogged down. Officials of the Monetary Fund propose another devaluation of the Turkish lira, about 50 percent this time, compared with 30 percent last March. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 830.73 (+4.59, +0.56%)
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* |
| January 4, 1979 | 826.14 | 98.58 | 33.31 |
| January 3, 1979 | 817.39 | 97.80 | 29.17 |
| January 2, 1979 | 811.42 | 96.73 | 18.35 |
| December 29, 1978 | 805.01 | 96.11 | 30.03 |
| December 28, 1978 | 805.96 | 96.28 | 25.44 |
| December 27, 1978 | 808.56 | 96.66 | 23.58 |
| December 26, 1978 | 816.01 | 97.52 | 21.47 |
| December 22, 1978 | 808.47 | 96.31 | 23.79 |
| December 21, 1978 | 794.79 | 94.71 | 28.68 |
| December 20, 1978 | 793.66 | 94.68 | 26.52 |