News stories from Friday December 17, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Saudi Arabia indicated to the West, especially the United States, that it expected in return for its decision to hold the price of its oil to a 5 percent price increase a show of "appreciation" with conciliatory measures in both the Arab-Israeli conflict and the north-south negotiations between industrialized and developing countries. Sheik Ahmed Zaki Yamani, the Saudi oil minister, by implication, also said that an early and strong Western recovery and a failure to move on the Middle East and north-south talks, could persuade the Saudis to reconsider and raise the price of oil. [New York Times]
- Chaos in the international oil business is expected to follow the two-tiered pricing system announced by the Organization of Petroleum Exporting Countries. Saudi Arabia and Abu Dhabi, which increased their prices by 5 percent, compared with 10 percent for the rest of the OPEC countries, are expected to be put under great pressure to produce more oil. Economists and oil industry officials said that Saudi Arabia, the world's largest exporter of oil, may not be able to increase production sufficiently to force the other OPEC countries to lower their prices. [New York Times]
- Saudi Arabia was praised by President Ford for "international responsibility" in refusing to raise oil prices more than 5 percent. He had harsh words for members of the Organization of Petroleum Exporting Countries who raised prices 10 percent. [New York Times]
- The suspended swine flu immunization program will never be revived, according to public health experts, even if it is found that it has had no connection with cases of paralysis. An investigation Into a possible connection between the inoculation and paralysis will take about a month. Some states continued to complete their flu shot programs despite the suspension order.
More reports of the rare paralytic Gulllain-Barre syndrome were received by federal health officials following the suspension Thursday of the nationwide swine influenza immunization program.
[New York Times] - Gov. Cecil Andrus of Idaho will be named by President-elect Carter as the new Secretary of the Interior. It was also said in Plains, Ga., that Mr. Carter had all but decided to ask Congress to establish a new cabinet-level energy department. James Schlesinger was believed to be the likely head of the new agency. [New York Times]
- Overriding the objections of environmentalists and antitrust advocates, Transportation Secretary William Coleman approved the construction in the Gulf of Mexico of this country's first deepwater ports -- one off Grand Isle, La., and one off Freeport, Tex. Two groups of oil and chemical companies have 90 days to accept government licenses if Mr. Coleman signs them in 30 days, as expected. [New York Times]
- The manslaughter conviction of Dr. Kenneth Edelin in one of the nation's most famous abortion convictions was overturned unanimously by the Massachusetts Supreme Judicial Court. The crux of the Edelin case was that the fetus he allegedly aborted was in its 24th week. [New York Times]
- Stock prices closed slightly lower following a wave of buying that greeted the news of a price split in the Organization of Petroleum Exporting Countries. The Dow Jones industrial average closed at 979.06, off 2.24 points. At 11 A.M. this key barometer was ahead by 5.07 points, its best gain of the day. [New York Times]
- The Soviet Union has agreed to release its most prominent dissident from prison in exchange for the release by Chile of the imprisoned chief of the Chilean Communist Party. The exchange of Vladimir Bukovsky for Luis CorvaIan was reported in Moscow by Mr. Bukovsky's mother, Nina. The Bukovskys will go to Switzerland. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 979.06 (-2.24, -0.23%)
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* |
| December 16, 1976 | 981.30 | 104.80 | 23.92 |
| December 15, 1976 | 983.79 | 105.14 | 28.30 |
| December 14, 1976 | 980.63 | 105.07 | 25.13 |
| December 13, 1976 | 974.24 | 104.63 | 24.83 |
| December 10, 1976 | 973.15 | 104.70 | 25.96 |
| December 9, 1976 | 970.74 | 104.51 | 31.80 |
| December 8, 1976 | 963.26 | 104.08 | 24.56 |
| December 7, 1976 | 960.69 | 103.49 | 26.14 |
| December 6, 1976 | 961.77 | 103.56 | 24.83 |
| December 3, 1976 | 950.55 | 102.76 | 22.64 |