News stories from Monday October 10, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Europe's major steelmakers offered to limit their exports to the United States for up to three years, if other big foreign suppliers did the same. Japan recently made a similar offer. The foreign manufacturers acted to ease the pressure on President Carter to close the American market to imported steel. The imports, in part, are forcing American makers to close plants and lay off workers. United States steel executives expressed skepticism that the European offer would solve the problem.
Projected earnings of American steel companies for the third quarter and for 1977 as a whole are being unanimously revised downward by industry analysts. Shrinking profit margins and huge operating losses suffered by several major producers, according to many analysts, will result in the industry's poorest showing since the 1970-71 recession.
[New York Times] - Stock prices eased slightly in a turnover of 10.58 million shares -- the slowest session in 21 months. The Dow Jones industrial average slipped by 0.09 point to finish at 840.26. [New York Times]
- Amtrak announced a $4.5 billion improvement plan that would provide new high speed passenger train corridors and new equipment, including 150-mile-an-hour trains for the Boston-New York-Washington line. The five-year plan is expected to face a hard fight for federal authorization. [New York Times]
- Many persons were assaulted and robbed by hundreds of teenagers who were turned away from an overflow rock concert at Madison Square Garden. The midtown Manhattan rampage continued until scores of policemen rushed to the area, broke up the groups and scattered them to nearby subway stations. The police said that all the youths were black and chose only whites as victims. [New York Times]
- Court-ordered busing in Los Angeles is in prospect after more than a decade of legal fights over segregation. As the city, which has the second largest school system in the country, edges toward mandatory transporting of thousands of children, it continues to lose the white enrollment needed to achieve a racial balance. Whites are moving to suburbs and enrolling their children in private schools. [New York Times]
- Pornographic use of minors would be made a crime, along with sale or distribution of material depicting minors in sexually explicit acts, whether obscene or not, under a bill overwhelmingly adopted by the Senate. The measure now goes to a conference to resolve differences with a similar bill voted by the House. [New York Times]
- An oil well blowout in the North Sea last April was attributed to unsafe "organizational and administrative systems" by a Norwegian royal investigating commission. It also found that human errors were large contributors to the disaster, including the failure of workers to heed two warnings to cap the well. [New York Times]
- Two Soviet astronauts had to give up their mission after an unexplained docking failure and return to earth. The astronauts were launched Sunday toward a rendezvous with an orbital station and had been expected to stay there through the 60th anniversary of the Russian Revolution Nov. 7. [New York Times]
- Details on arms negotiations were disclosed by officials in Washington, who said that the United States and the Soviet Union had made substantial concessions in previous positions in seeking to achieve a new accord limiting strategic weapons by the end of this year. The major changes involve Washington's effort to curb Soviet deployment of large missiles and Moscow's attempt to limit air-launched cruise missiles aboard American bombers. The proposed changes are expected to create controversy in the Pentagon and Congress. [New York Times]
- Nobel Peace Prizes were awarded to Mairead Corrigan and Betty Williams of Northern Ireland and to Amnesty International, a group that aids human rights. Miss Corrigan and Mrs. Williams were cited by the Nobel committee in Oslo for their efforts in the face of danger to try to end factional violence between Protestants and Roman Catholics in their homeland. They were belatedly awarded the Peace Prize for 1976 because their work for peace began after the Feb. 1 nominating deadline last year. Amnesty International, which won the 1977 award, was cited for defending human dignity against violence and terrorism. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 840.26 (-0.09, -0.01%)
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* |
| October 7, 1977 | 840.35 | 95.97 | 16.25 |
| October 6, 1977 | 842.08 | 96.05 | 18.49 |
| October 5, 1977 | 837.40 | 95.68 | 18.30 |
| October 4, 1977 | 842.08 | 96.03 | 20.85 |
| October 3, 1977 | 851.96 | 96.74 | 19.46 |
| September 30, 1977 | 847.11 | 96.53 | 21.17 |
| September 29, 1977 | 840.09 | 95.85 | 21.16 |
| September 28, 1977 | 834.72 | 95.31 | 17.96 |
| September 27, 1977 | 835.85 | 95.24 | 19.08 |
| September 26, 1977 | 841.65 | 95.38 | 18.23 |