News stories from Tuesday April 3, 1979

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

The cooling of the nuclear reactor at the plant in Middletown, Pa., continued, and concern turned to long-term effects of the low-level radiation that was still being released. The federal authorities said that the emergency could not be declared over until high temperatures in the crippled reactor fell further. The authorities estimated it might take up to four years for the plant to be decontaminated, repaired and reactivated.Overdoses of gamma radiation were received by four employees after the nuclear core went out of control. Edward Houser, a foreman called upon to obtain a sample of contaminated water, was subject to excesses in the government-mandated limit of radiation equal to about 35 chest X-rays. Speaking about his mission, he said, "It's not the kind of thing you want to do, but you have to." Coping with a major nuclear disaster raised increasing concern in Washington. Last weekend, the authorities frantically prepared and shipped a chemical to Harrisburg. The chemical, potassium iodide, was to be taken by every resident of the area in case of a major radioactive spill to avoid cancer of the thyroid gland. A reported nuclear-waste accord was denied by Governor Carey. He said there had been no agreement between New York state and the federal government on the storage of nuclear waste at West Valley, N.Y., or on the eventual cleanup of the highly radioactive material there. [New York Times] Zulfikar Ali Bhutto was hanged in a jail in Pakistan, according to an official announcement. The former Prime Minister had been found guilty of plotting the murder of a political opponent when he was in power. Four other men were reported to have been executed for their part in the alleged assassination conspiracy. [New York Times] Jane Byrne was elected Mayor of Chicago by an overwhelming margin and with the blessings, but sometimes reluctant help, of the Democratic machine that she humiliated in the primary. Mrs. Byrne, a disciple of the late Mayor Richard Daley, is the city's first woman Mayor. [New York Times] Possible hazards of oral contraceptives were explored in three new reports. In two statistical analyses, specialists suggest that the risk of death from cardiovascular diseases attributed to the use of the pill may be highly exaggerated. The risk was cited in a study in Britain that involved the deaths of 29 women. The third report, an American study, agreed with the Britons' conclusions. [New York Times] The trucking industry shutdown has begun to pinch the transport of general commodities but there is no shortage of critical supplies, according to Labor Secretary Ray Marshall, who added that no government intervention was planned now. [New York Times] Public employee unions in the South are growing rapidly despite opposition by powerful politicians and a mixed record in improving low wages. But the unions' growth has often been accompanied by disruptive strikes that have incurred public hostility. [New York Times] The Egyptian-Israeli border is to open after the return of the Sinai town of El Arish to Egyptian sovereignty on May 26. The announcement was made as Prime Minister Begin ended a two-day visit to Cairo in a burst of good will. After having conferred with President Sadat, the Israeli leader said that they would meet on May 27 and define an air corridor for a direct air service between the two countries. [New York Times] A modified version of the U-2 spy plane will be used to monitor Soviet missile tests, according to officials, who said that the Carter administration had made the decision to compensate for the loss of two American electronic listening posts in Iran. The plan was described as a stopgap measure to verify Soviet compliance with any new arms limitation treaty until new satellites could be developed to intercept Soviet test signals. [New York Times] Emigration of more Soviet Jews was allowed in March than in any previous month. The departure of more than 4,400 was reported. American officials said a record total of nearly 50,000 Jews might be permitted to leave the Soviet Union this year as part of an effort by Moscow to improve political and trade relations with Washington. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 868.33 (+13.08, +1.53%)
S&P Composite: 102.40 (+1.50, +1.49%)
Arms Index: 0.56

	Issues	Volume*
Advances	1,176	25.16
Declines	363	4.38
Unchanged	372	3.99
Total Volume		33.53

* 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 2, 1979	855.25	100.90	28.97
March 30, 1979	862.18	101.59	29.97
March 29, 1979	866.77	102.03	28.51
March 28, 1979	866.25	102.12	39.92
March 27, 1979	871.36	102.48	32.93
March 26, 1979	854.82	101.04	23.42
March 23, 1979	859.75	101.60	33.58
March 22, 1979	861.31	101.67	34.36
March 21, 1979	857.76	101.25	31.12
March 20, 1979	850.31	100.50	27.18