News stories from Friday April 30, 1976

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

Senator Henry Jackson is expected to announce today that he is abandoning his campaign for the Democratic presidential nomination, key members of the campaign staff said. "There was absolutely no money left," an adviser said. "We thought that the Humphrey withdrawal might send some people our way, but it didn't. Scoop wanted to go on, but he didn't have a single weapon left." [New York Times] Initial moves to try to carry out the provisions of a purported will of Howard Hughes were made by Noah Dietrich, a former aide of Mr. Hughes who was named as executor. The will was found last Tuesday in the headquarters of the Mormon Church in Salt Lake City. The church was named as one of the beneficiaries. Petitions for probate were prepared by Mr. Dietrich's lawyer for presentation to District Judge Keith Hayes in Las Vegas. [New York Times] United Airlines agreed to pay more than $1 million in back pay to settle discrimination complaints made by the Equal Opportunity Employment Commission on behalf of minorities and women. The airline will pay $1,050,000 to an unspecified number of persons in minority groups and women who allegedly were denied jobs illegally. It will award retroactive seniority to black pilots and mechanics who were said to have been refused employment initially. The airline's agreement also provides for changes in hiring procedures, specific goals, and changes in the seniority system to protect minorities and women from the probability of being laid off in recession periods. [New York Times] The Buffalo (New York) municipal government and state education officials were said by a federal district judge to have perpetuated racial segregation intentionally in the city's public schools, and he ordered them to begin preparing an integration plan by May 19. Judge John Curtin made the finding in a suit brought by a Buffalo civil rights group, the National Association for the Advancement of Colored People, and by a Buffalo Councilman. [New York Times] The Italian government, led by the Christian Democrats, the country's dominant party since 1948, resigned tonight, opening the way for general elections in June that could give the Communist Party a share of power. The government had been severely damaged by charges that some of its leading figures were involved in bribes from the Lockheed Aircraft Corporation, but its collapse was directly caused by a dispute over an abortion-reform bill in which the Christian Democrats lost the crucial support of the Socialist Party. Prime Minister Aldo Moro was asked by President Giovanni Leone to remain as head of a caretaker cabinet. President Leone still has to dissolve Parliament and set a date for the elections. [New York Times] China blamed a "counter-revolutionary saboteur" for an explosion outside the Soviet Embassy in Peking, which the Soviet Union said killed two Chinese soldiers. "Counter-revolutionaries" is Peking's official term for serious lawbreakers and is normally used only of Chinese. The statement, a virtual admission that a Chinese was responsible, added to speculation that political unrest was continuing following leadership changes in Peking. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 996.85 (-5.28, -0.53%)
S&P Composite: 101.64 (-0.49, -0.48%)
Arms Index: 1.17

	Issues	Volume*
Advances	586	4.57
Declines	785	7.16
Unchanged	485	2.80
Total Volume		14.53

* 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*
April 29, 1976	1002.13	102.13	17.74
April 28, 1976	1000.71	102.13	15.79
April 27, 1976	995.51	101.86	17.76
April 26, 1976	1002.76	102.43	15.52
April 23, 1976	1000.71	102.29	17.00
April 22, 1976	1007.71	102.98	20.22
April 21, 1976	1011.02	103.32	26.60
April 20, 1976	1003.46	102.87	23.50
April 19, 1976	988.11	101.44	16.50
April 15, 1976	980.48	100.67	15.10