News stories from Friday July 2, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Insisting that the games "must remain free from international politics," the United States threatened to pull its athletes out of the Montreal Olympics if the International Olympic Committee withdraws sanction from the competition. The American protest followed Canada's threat to bar Taiwan from the games unless Taiwan agreed not to call itself the Republic of China. The United States Olympic Committee urged Canada's "immediate reconsideration." [New York Times]
- In a 7-to-2 decision, the Supreme Court ruled that the death penalty was not inherently cruel or unusual and that it was a constitutionally acceptable form of punishment, at least for murder. The Court's decision, in contrast to its 1972 ruling that found that capital punishment violated the Constitution's Eighth Amendment that prohibits cruel and unusual punishment, was made in a review of five of the state death-penalty statutes that were passed in response to the 1972 decision. In its review, the Court said that judges and juries may impose the death sentence so long as they have been given adequate information and guidance in determining the appropriateness of the death sentence. [New York Times]
- In its decision on capital punishment, the Supreme Court upheld the death penalties in three states -- Georgia, Florida and Texas -- and struck clown two, in Louisiana and North Carolina. About half of the approximately 600 inmates facing the death penalty could be executed under the Court's decision. In Georgia, Texas and Florida, 147 inmates have been sentenced to die. In addition, Jack Greenberg, director-counsel of the NAACP Legal Defense and Educational Fund, Inc., said that the Court's decision "may pave the way for execution of 100 to 140 persons" in other states that have statutes similar to those upheld. [New York Times]
- The Labor Department reported that the number of employed people declined in June, sending the national unemployment rate for the month up to 7.5 percent from 7.3 percent in May. The figures started a controversy between Democrats and the White House and between White House economists and the Bureau of Labor Statistics. [New York Times]
- Blue skies, fresh breezes and the forecast of more good weather greeted an international array of warships, sailing ships and the tens of thousands of tourists who are converging on the New York City area for tomorrow's Operation Sail and today's International Naval Review. The first of the high-masted vessels participating in Operation Sail entered New York Harbor. The 53 warships from the United States and 21 other countries participating in the International Naval Review also were on their way, with the guided missile cruiser Wainwright in the lead. [New York Times]
- The Atlantic Richfield Company announced that it was seeking 100 percent ownership of the ailing Anaconda Company. The oil company already holds a 27 percent interest in the copper company. If Atlantic Richfield's offer to acquire the remaining shares in a cash and stock exchange is successful, it would operate Anaconda as a subsidiary. Anaconda has agreed to the offer in principle. [New York Times]
- At least 18 people, mostly police officials, were killed and many were injured when a bomb exploded in the dining room of the intelligence building of Argentina's Federal Police in Buenos Aires. The bombing was attributed to left-wing guerrillas, who were believed responsible for the assassination of the federal police chief two weeks ago. [New York Times]
- North and South Vietnam were officially reunited after more than 20 years of war, and Hanoi was declared the capital. The Hanoi radio said that leaders of the new Socialist Republic of Vietnam had been elected in the National Assembly by secret ballot. All but one of the high government offices were filled by North Vietnamese. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 999.84 (+5.00, +0.50%)
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* |
| July 1, 1976 | 994.84 | 103.59 | 21.13 |
| June 30, 1976 | 1002.78 | 104.28 | 23.83 |
| June 29, 1976 | 1000.65 | 103.86 | 19.62 |
| June 28, 1976 | 997.38 | 103.43 | 17.49 |
| June 25, 1976 | 999.84 | 103.72 | 17.83 |
| June 24, 1976 | 1003.77 | 103.79 | 19.85 |
| June 23, 1976 | 996.56 | 103.25 | 17.53 |
| June 22, 1976 | 997.63 | 103.47 | 21.15 |
| June 21, 1976 | 1007.45 | 104.28 | 18.93 |
| June 18, 1976 | 1001.88 | 103.76 | 29.71 |