News stories from Wednesday January 10, 1979

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

The United States Surgeon General, Dr. Julius Richmond, issued a 1,200-page report calling cigarette smoking "the largest preventable cause of death in the United States." The report, which presents evidence based on 30,000 research papers, reiterates a warning first made in a 1964 Surgeon General's report that smoking was extremely harmful to health. [New York Times] A major solar energy plan is being pressed by engineers, who are urging the government to invest $150 million to design a prototype power satellite. They say that by the turn of the century, a satellite the size of Manhattan could be collecting solar energy thousands of miles away in space and transmitting enough by laser beam to an antenna to meet nearly all the electric power needs of New York City. The cost might be $12 billion. [New York Times] A bill to cut taxes by 30 percent over three years and a measure to limit increases in federal spending will be re-submitted to Congress. The sponsors are two Republicans, Representative Jack Kemp of upstate New York and Senator William Roth of Delaware. [New York Times] A steel haulers' strike was ordered ended by a federal district judge, who threatened to jail the dissident group's leaders if the order was not carried out. The nine-week strike by the dissidents has touched off hundreds of shootings, stonings and tire slashings. [New York Times] Clashes in Cambodia continued in many regions through which the Vietnamese passed in their lightning advance on Sunday, Western analysts in Thailand reported. Cambodian troops were also said to be abandoning the town near the ancient temple complex at Angkor.The United Nations Security Council will meet tomorrow to consider the Cambodian crisis. Any action against the Vietnamese intervention would face a certain veto by the Soviet Union. [New York Times] In response to Saudi appeals for a show of support, Washington said it was sending a dozen advanced F-15 jets and about 300 Air Force personnel to Saudi Arabia for a short visit later this month. The White House ordered the mission because of what one official called "the frantic concern" of the Saudis over the political and economic breakdown in nearby Iran and what they see as growing Soviet influence throughout the region. [New York Times] The key Iranian opposition leader held out the prospect of a non-aligned Iran supplying Western nations with oil if Washington withdraws support for the Shah and "stops interfering in our internal affairs." At the same time, Ayatollah Khomeini, the 78-year-old exiled Moslem leader, said he would not be hostile to nations offering the Shah asylum. [New York Times] Rumania split with the Soviet bloc in denouncing the Kremlin-supported Vietnamese takeover of Cambodia as a menace to world peace. The Rumanian Communist Party said the ouster of the Cambodian government was "a heavy blow for the prestige of socialism" and a threat to detente. [New York Times] Moscow seeks an arms pact with Washington despite the Kremlin's displeasure over improved American-Chinese relations, Leonid Brezhnev said to a group of six visiting Republican Senators. One Senator said that a treaty to limit strategic weapons seemed likely to be concluded soon. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 824.93 (-6.50, -0.78%)
S&P Composite: 98.77 (-0.56, -0.56%)
Arms Index: 1.19

	Issues	Volume*
Advances	583	7.78
Declines	861	13.66
Unchanged	438	3.55
Total Volume		24.99

* 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*
January 9, 1979	831.43	99.33	27.20
January 8, 1979	828.14	98.80	21.44
January 5, 1979	830.73	99.13	28.89
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