News stories from Thursday May 18, 1978

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

The 1984 Olympic Winter Games will he held in Sarajevo, Yugoslavia, and the '84 Summer Games in Los Angeles, but the latter city's designation is conditional, according to an announcement by Lord Killanin, president of the International Olympic Committee. He said at the committee's meeting in Athens that if Los Angeles did not sign the contract by July 31, the award would be withdrawn and new applications would be called for. Los Angeles was the only applicant for the Summer Games. [New York Times] Gerald Rafshoon, an advertising man who helped him in his campaign, has been chosen by President Carter to develop long-range programs for informing the public about the administration's programs and policies. The President is said to be unhappy with his coverage by the news organizations. [New York Times] An Alaska wilderness bill passed two important tests in the House, but apparently will have serious difficulties in the Senate. The House defeated an amendment proposed by Representative Don Young of Alaska that would have removed nearly 5 million acres from protected status. The bill would put 102 million acres under government protection. [New York Times] Nearly 200 Iranian students in the United States face deportation hearings. The students were among people detained by the Chicago police Tuesday after a fight broke out at a demonstration against the government of the Shah of Iran. [New York Times] More than 1,000 Belgian paratroops were reported to have been flown to Zaire to rescue about 2,500 Europeans and Americans trapped there when fighting by Kantangan rebels broke out in Shaba Province. Reports from Europe said that France was also participating in an international rescue operation and was sending paratroops. It was not known what part the United States would take.Fidel Castro gave assurances to the United States that Cuba was not participating directly or indirectly in the invasion of Zaire. [New York Times] Hideouts in Rome that had been used by the Red Brigades were discovered by the police, who arrested 10 persons. Officials said the discovery might be the first break in the search for the killers of Aldo Moro. The Rome police superintendent said that neither of the two places had been Mr. Moro's "prison," and that it would be premature to link the arrested persons with the kidnapping. [New York Times] Vice President Mondale defended the sale of jets to Saudi Arabia, Egypt and Israel in a speech at the annual meeting in New York of the American Jewish Committee. He said the sale would enhance the prospects for peace in the Middle East, while conceding that "painful divisions" had developed during the debate over the administration's arms package. He said that "there is no room in such dialogue for recriminations" or for the "questioning of one another's good faith." [New York Times] Counting of votes was resumed in the Dominican Republic's presidential election. The army had held the ballots 30 hours after it interrupted the count when the left-wing opposition candidate apparently was leading. An official of President Joaquin Balaguer's Reform Party said that Mr. Balaguer was leading Antonio Guzman by 180,000 votes. [New York Times] King Hussein will present his American fiancee, Elizabeth Halaby, 26-years old, to the press on Tuesday in Jordan. Until then there will be no information about wedding plans, a spokesman for the King said. [New York Times] Italian women may get abortions virtually on demand under a bill passed by Parliament. The Senate voted 160 to 148 to make the bill law. The bill was approved last month by the Chamber of Deputies in a vote of 308 to 275. It had been opposed by the Vatican-backed Christian Democratic Party. The old law had forbidden abortion under any circumstance. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 850.92 (-7.45, -0.87%)
S&P Composite: 98.62 (-0.98, -0.98%)
Arms Index: 1.16

	Issues	Volume*
Advances	581	12.92
Declines	949	24.47
Unchanged	377	4.89
Total Volume		42.28

* 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*
May 17, 1978	858.37	99.60	45.49
May 16, 1978	854.30	99.35	48.17
May 15, 1978	846.76	98.76	33.93
May 12, 1978	840.70	98.07	46.60
May 11, 1978	834.20	97.20	36.64
May 10, 1978	822.16	95.92	33.33
May 9, 1978	822.07	95.90	30.86
May 8, 1978	824.58	96.19	34.68
May 5, 1978	829.09	96.53	42.68
May 4, 1978	824.41	95.93	37.52