News stories from Tuesday September 30, 1980

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

Iran's rejection of all peace proposals was affirmed strongly by Ayatollah Khomeini in a broadcast to the Iranian people. In new attacks on Baghdad, two Iranian planes struck at a nuclear research center, damaging some buildings but reportedly missing the reactor. Iranian jets also scored direct hits on a power station, reportedly killing 11 Iraqis and injuring more than 80.The Iraqi advance seemed stalled, at least in the area around the port of Khurramshahr in Iran's oil-producing province of Khuzistan. Military sources there said that an elite Iraqi commando unit had tried to storm into the city, but had to retreat in the face of fierce resistance by Iranian Revolutionary Guards, who fought off the invaders from house to house. [New York Times] The damage to the oil facilities in Iraq and Iran is so extensive that their petroleum exports may be cut off long after the conflict is over, according to Arab oil officials. But officials of the agency that coordinates the energy policies of major industrialized nations said that the oil-consuming nations should be able to ride out the cutoff without severe economic strain at least until the end of the year because stockpiles are at record levels. [New York Times] Containment of the war was stressed in a meeting at the United Nations be-tween Secretary of State Muskie and Iraq's Foreign Minister, Saadun Hamadi. Mr. Muskie said later that Mr. Hamadi had insisted that Baghdad sought only "limited objectives" and had expressed concern about "the dangers of escalation." Washington granted a Saudi request for help in protecting its oilfields and will send four radar command aircraft and several hundred support personnel to Saudi Arabia. [New York Times] The hostage issue is to be studied by a special Iranian commission that is to make regular written reports on its findings. Iran's Parliament decided on the panel's size and functions but failed to agree on who the members would be, and the debate ended in an uproar over whether the panel should contact foreign officials. [New York Times] Mixed signals on the economy were reported. The index of leading indicators rose by 1.9 percent in August in the third consecutive monthly increase. However, private economists warned that the optimistic sign might be overshadowed by more recent developments, particularly a wave of interest rate increases, which could buffet industries such as housing. [New York Times] The competition for independent voters deserting John Anderson is being won by Ronald Reagan, contrary to previous expectations that an Anderson decline would aid President Carter. The findings were reflected in the latest New York Times/CBS News Poll and surveys taken for the Carter and Reagan campaigns. [New York Times] Ronald Reagan pledged to farmers that, despite his free-market philosophy, he would not, as President, try to dismantle federal price support programs for agriculture. A crowd of about 400 farmers and their wives in Nevada, Iowa, repeatedly applauded Mr. Reagan as he criticized President Carter for curtailing grain sales to the Soviet Union. [New York Times] The President showed poor judgment in not explicitly disassociating himself and his administration from his brother Billy's dealings with Libya, a draft report by the staff of the Senate panel investigating the issue has concluded. The White House criticized the unauthorized release of the preliminary draft. Several Senators on the panel said that it would probably approve the gist of the draft. [New York Times] A deadlock over funding for abortions was broken in a House-Senate conference. The dispute was holding up a stopgap measure that is needed to finance government operations in the fiscal year starting tomorrow. Securing approval from both Houses was the next step. [New York Times] A financial victory for New York City was accorded by a joint House-Senate committee, which cleared the way for the city to issue $300 million in federally guaranteed bonds. The action followed major pressure by President Carter and Ronald Reagan and led the major opponent of the measure, Senator William Proxmire, to acknowledge defeat. [New York Times] A broad conservation plan in California calls for the permanent regulation of 40,000 square miles of the California desert from Death Valley to the Mexican border. Federal officials unveiled a final version of the plan. [New York Times] The case against a Nazi camp guard is to be made by Attorney General Benjamin Civiletti in his first appearance before the Supreme Court. The government seeks to revoke the citizenship of a 73-year-old man who served as an armed guard at the concentration camp in Treblinka, Poland, during World War II. [New York Times] Israeli policy on Jerusalem was backed in a march by thousands amid stepped-up security in the city. The parade reflected a determination to stand by the government's declaration that the once-divided city was the "united" capital of Israel. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 932.42 (+10.49, +1.14%)
S&P Composite: 125.46 (+1.92, +1.55%)
Arms Index: 0.42

	Issues	Volume*
Advances	1,133	31.56
Declines	447	5.22
Unchanged	347	3.51
Total Volume		40.29

* 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*
September 29, 1980	921.93	123.54	46.40
September 26, 1980	940.10	126.35	49.43
September 25, 1980	955.97	128.72	49.51
September 24, 1980	964.76	130.37	56.86
September 23, 1980	962.03	129.43	64.39
September 22, 1980	974.57	130.40	53.14
September 19, 1980	963.74	129.25	53.74
September 18, 1980	956.48	128.40	63.39
September 17, 1980	961.26	128.87	63.99
September 16, 1980	945.90	126.74	57.28