News stories from Thursday June 2, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The House, in its debate on a bill that would establish a Department of Energy, refused to give the chief of that department authority to set natural gas prices. That authority is sought by the Carter administration. Republicans, who argued that the energy chief would have too much power, voted overwhelmingly in support of an amendment that would put the pricing authority under a new independent federal commission. [New York Times]
- Nearly two and a half years after they were convicted of conspiring to cover up White House involvement in the Watergate break-in, H. R. Haldeman and John Mitchell will probably go to prison June 22, Federal District Court Judge John Sirica said. Judge Sirica was expected to set the exact date Monday. [New York Times]
- A global minimum wage is one of the aims of the Carter administration. The administration was committed to a "living wage" for every worker everywhere by Secretary of Labor Ray Marshall in a speech to the triennial convention of the International Ladies Garment Workers Union in Hollywood, Fla. The universal minimum wage was linked by Mr. Marshall to President Carter's commitment to universal protection for human rights and also to his trade policy. [New York Times]
- Sales were up sharply in May at the country's big chain stores and several had their biggest monthly gains over the year before. Apparel, home furnishings, automotive accessories and sporting goods were where most consumers put their money. Sears, Roebuck & Company, the nation's largest retailer, had a 17.1 percent sales gain in May, its largest percentage gain since June 1973. [New York Times]
- Movie-related stocks continued to attract attention on Wall Street, but the Dow Jones industrial average declined 3.40 points to 903.15 following Wednesday's jump of nearly 8 points. Twentieth Century-Fox Film was at the top of the active list today for the third day in a row. [New York Times]
- The Swiss banking industry tightened its bank secrecy regulations, which have made Swiss banks a haven for overseas deposits, to keep out funds of dubious origin. A five-year agreement, effective July 1, between the Swiss Bankers Association and the Swiss National Bank -- the country's national bank -- was prompted by the recent huge loss of the Swiss Credit Bank's branch at Chiasso on the Italian border. The agreement "does not change the banking secrecy rules as the banks are supposed to be applying it," a Zurich banker said. [New York Times]
- Pope Paul VI's successor may be his principal aide, who was one of the four archbishops the Pope elevated to the College of Cardinals. Msgr. Giovanni Benelli, who for 10 years had been the Vatican's Deputy Secretary of State, was also named Archbishop of Florence. This post, in addition to the promotion to cardinal, was believed to have placed Cardinal Benelli, who is 56 years old, in the forefront of likely successors to the Pope, who is 80 and suffering from arthritis. [New York Times]
- Major oil-producing countries and other developing nations at the closing session of the 27-nation north-south Conference in Paris rejected the demands of the United States and the rest of the industrial world for continuing consultations on energy questions. Acceptance of their demands was the principal objective of the eight so-called rich countries of the north, but they made no attempt to take back the pledges of assistance they had made to the countries of the south. [New York Times]
- Jet fighters will not be sold to Pakistan by the United States, according to State Department sources. In deciding against the sale of 110 A-7 attack planes, the administration considered its ties to India, the uncertain future of the Pakistani government under Prime Minister Zulfikar Ali Bhutto and Pakistan's potential role as a nuclear nation, a possibility strongly opposed by The United States. [New York Times]
- A limited exchange of diplomats was expected to be announced by the United States and Cuba tomorrow. It would be the biggest step toward restoring relations since ties were broken in 1961. [New York Times]
- Shots were fired by South Moluccan extremists at metal structures that have been erected near the train where the Moluccans are holding 56 hostages in the Netherlands. A government official said the structures were television masts connected to closed-circuit television from which the police have the train under watch. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 903.15 (-3.40, -0.38%)
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 1, 1977 | 906.55 | 96.93 | 18.32 |
| May 31, 1977 | 898.66 | 96.12 | 17.80 |
| May 27, 1977 | 898.83 | 96.27 | 15.73 |
| May 26, 1977 | 908.07 | 97.01 | 18.62 |
| May 25, 1977 | 903.24 | 96.77 | 20.71 |
| May 24, 1977 | 912.40 | 97.67 | 20.05 |
| May 23, 1977 | 917.06 | 98.15 | 18.29 |
| May 20, 1977 | 930.46 | 99.45 | 18.95 |
| May 19, 1977 | 936.48 | 99.88 | 21.28 |
| May 18, 1977 | 941.91 | 100.30 | 27.80 |