News stories from Friday July 9, 1976

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

President Ford said that Ronald Reagan was qualified to be President and he appealed to him to keep an open mind about running for Vice President on the Republican ticket. The virtual retraction at a White House news conference of the President's earlier harsh assessment of Mr. Reagan's competence was believed likely to encourage Republican National Convention delegates and party leaders who are promoting a Ford-Reagan ticket. [New York Times] President Ford won three of the nine delegates who were elected in Colorado's last three congressional district conventions. Ronald Reagan added five more Colorado delegates to the six he won last month. The remaining uncommitted delegate, Representative William Armstrong, who was elected with the Ford campaign's support, used his own popularity and the mobilized resources of the President Ford Committee to deny the Reagan people a vote in the Fifth Congressional District that they thought they controlled. [New York Times] The Labor Department said that the Wholesale Price Index rose moderately in June, with less inflation in volatile agricultural prices but more in industrial prices. The index, after adjustment for normal seasonal changes in some prices, increased by four-tenths of 1 percent, a little more than in May, but less then in April. [New York Times] The Federal Communications Commission is expected next month to increase the number of channels available to users of the citizens band radio from the present 23 to as many as 40 or 45. This will be done to relieve the congestion on the citizens band channels, which gets worse as thousands more people join the 12 million who are now using the available channels. [New York Times] Queen Elizabeth II and her husband, Prince Philip, the Duke of Edinburgh, visited New York and attracted friendly crowds everywhere they went. They arrived at the Battery on the royal yacht Britannia and drove in an open car up Broadway. The Queen received long overdue rent from Trinity Church -- 279 peppercorns, one for each year since 1697, stipulated when the church received its charter in that year from William III, the Queen's ancestor. [New York Times] Uganda demanded last night that the United Nations Security Council condemn Israel in the strongest terms for its raid on Entebbe airport last Saturday night in which hostages held by pro-Palestinian hijackers were rescued. Uganda's Foreign Minister, Juma Oris, denied charges by Israel that President Idi Amin had collaborated with the guerrillas who seized an Air France plane over Greece on June 27. [New York Times] A large Lebanese Christian military force continued an attack on guerrillas and Lebanese leftists in the coastal town of Enfeh in northern Lebanon. Enfeh is in the former leftist-held province of Kura, and is the last community holding out against the Christians. Ten thousand Christians militiamen were said to be participating in the siege. Fighting was also reported on several fronts in the 800-square-mile Christian territory between Tripoli and Beirut. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1003.11 (+11.13, +1.12%)
S&P Composite: 104.98 (+1.00, +0.96%)
Arms Index: 0.56

	Issues	Volume*
Advances	981	16.15
Declines	426	3.91
Unchanged	453	3.44
Total Volume		23.50

* 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*
July 8, 1976	991.98	103.98	21.71
July 7, 1976	991.16	103.83	18.47
July 6, 1976	991.81	103.54	16.13
July 2, 1976	999.84	104.11	16.73
July 1, 1976	994.84	103.59	21.13
June 30, 1976	1002.78	104.28	23.83
June 29, 1976	1000.65	103.86	19.62
June 28, 1976	997.38	103.43	17.49
June 25, 1976	999.84	103.72	17.83
June 24, 1976	1003.77	103.79	19.85