News stories from Tuesday March 6, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A plan for fiscal aid to cities with high unemployment that died in Congress last year won new support from President Carter. The bill would channel $400 million to the most distressed cities over two years, with New York City getting $69 million, or 17 percent. The measure is greatly cut from last year's version, but is expected to face strong opposition in Congress. [New York Times]
- An inquiry involving President Carter was proceeding. A preliminary report by the F.B.I. has found technical violations of banking laws in the administration of loans to his peanut warehouse business, according to well-placed administration sources. They also said that the Justice Department was studying whether a broader investigation, possibly headed by a special prosecutor, was warranted. [New York Times]
- Curbing rises in hospital costs is being pressed by President Carter in an intense lobbying campaign. He urged Congress "to demonstrate its commitment to the battle against inflation" by approving legislation to limit the increases, and he predicted "a difficult fight" because of opposition from "the hospital lobby." [New York Times]
- President Carter is in trouble with Congress and he has few friends there to call on for help. In interviews with a wide range of Democratic legislators, few expressed any deeply held loyalty to him. They said that he does not listen to their advice or understand the political process. [New York Times]
- Proposition 13 has had a minor impact on local governments and services in California. Local officials say the major reason why the voter initiative, which cut property taxes by nearly 60 percent, has had little effect is that the state legislature replaced most funds from a state surplus. [New York Times]
- Optimism rose over Mideast peace efforts. President Sadat told President Carter by telephone Monday that he wanted Mr. Carter's trip to the Middle East to result in an Egyptian-Israeli peace treaty, but that he was reserving judgment on the latest American compromise plan until Mr. Carter arrived in Cairo on Thursday. Senior American officials believe that the proposals accepted by the Israelis will also be agreeable to the Egyptian President. [New York Times]
- A U.S. Navy force was ordered sent to the Arabian Sea by President Carter. Officials said that the dispatch of a carrier task force was designed to warn Moscow of the risks involved in its military support for Southern Yemen's incursion into Yemen. [New York Times]
- Vietnam said it was ready to negotiate with China if Peking fulfilled its pledge to withdraw its troops from Vietnamese territory. But a Hanoi spokesman said Chinese attacks had continued after Peking announced it was withdrawing its forces.
Vietnam will aid emigration of refugees to countries willing to accept them. The accord was announced by a United Nations official, the Deputy High Commissioner for Refugees, after a week's visit to Vietnam.
[New York Times] - South Africa attacked Angola with troops and planes in what it termed limited assaults against terrorist bases used to launch attacks inside South-West Africa. The attacks coincided with South Africa's formal rejection of a cease-fire proposed by U.N. Secretary General Kurt Waldheim to help a transition to black-majority rule in South-West Africa. [New York Times]
- More than 800 Moslems were killed in the sub-Saharan nation of Chad by groups of black youths, government officials reported. The murders were said to have followed violent deaths of about 100 blacks and a rumor that Moslems were plotting to turn Chad into a militant Islamic republic. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 826.58 (-0.78, -0.09%)
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* |
| March 5, 1979 | 827.36 | 98.06 | 25.96 |
| March 2, 1979 | 815.75 | 96.97 | 23.13 |
| March 1, 1979 | 815.84 | 96.90 | 23.84 |
| February 28, 1979 | 808.82 | 96.28 | 25.09 |
| February 27, 1979 | 807.00 | 96.13 | 31.47 |
| February 26, 1979 | 821.12 | 97.67 | 22.62 |
| February 23, 1979 | 823.28 | 97.78 | 22.75 |
| February 22, 1979 | 828.57 | 98.33 | 26.30 |
| February 21, 1979 | 834.55 | 99.07 | 26.05 |
| February 20, 1979 | 834.55 | 99.42 | 22.01 |