News stories from Monday April 19, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Commerce Department reported that the economy picked up speed in the first quarter after a modest pause In the final quarter of 1975, with a 7.5 percent "real" rise In the gross national product from January to March. In addition, preliminary first quarter figures showed an inflation rate of 3.7 percent, the lowest since the third quarter of 1972. [New York Times]
- From now on, the Energy Research and Development Administration announced it will give "the highest priority" to energy conservation, putting that on a par with the development of energy sources. This was the principal change in the agency's revision of the comprehensive energy development plan submitted to Congress last June 30. [New York Times]
- Defense Department officials said that a multi-billion dollar administration decision about whether to build up to a 600-ship Navy may depend in part on the outcome of the Republican presidential primary in Texas on May 1. The Pentagon expects that if Ronald Reagan, who has been saying in his campaign that the administration has allowed the country to slip into an inferior military position, wins decisively the administration would announce a major program to rebuild the naval fleet. But if President Ford wins the primary, thus effectively neutralizing Mr. Reagan's challenge, the Pentagon believes that the administration might postpone the decision. [New York Times]
- Temperatures set a record for April in New York City and along the Eastern Seaboard for the third straight day. [New York Times]
- India and Pakistan, which broke off diplomatic relations in 1971 during the Bangladesh war of independence, moved closer to the resumption of normal relations. Prime Minister Indira Gandhi sent a letter to Prime Minister Zulfikar Ali Bhutto of Pakistan offering to resume discussions on such matters as air and surface communications and even to "discuss measures for the restoration of diplomatic relations," a spokesman said. Mrs. Gandhi had reached agreement with Mr. Bhutto, seven months after diplomatic relations were broken, to work to overcome the enmity between their countries, and some progress had been made. Mrs. Gandhi's new letter was the first diplomatic move toward Pakistan in more than a year. [New York Times]
- An Arab was shot dead and three were wounded when Israeli soldiers broke up demonstrations against a Jewish march through the West Bank. The 20-mile march, which began Sunday, was completed. Arabs along the route showed hostility but did not interfere with the marchers, some of whom were armed with submachine guns, carbines and revolvers. [New York Times]
- Three white South African motorcyclists were killed by black nationalist guerrillas in Rhodesia and a section of Rhodesia's only direct rail link to South Africa was blown up, the government reported. The police sealed off a 178-mile stretch of the main Fort Victoria-Beitbridge road to South Africa after the killings and the bombing near Nuanetsi in Rhodesia's southwestern ranch lands. Thousands of people had crossed the border in both directions for the Easter weekend. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 988.11 (+7.63, +0.78%)
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 15, 1976 | 980.48 | 100.67 | 15.10 |
| April 14, 1976 | 974.65 | 100.31 | 18.44 |
| April 13, 1976 | 984.26 | 101.05 | 15.99 |
| April 12, 1976 | 971.27 | 100.20 | 16.03 |
| April 9, 1976 | 968.28 | 100.35 | 19.05 |
| April 8, 1976 | 977.09 | 101.28 | 20.86 |
| April 7, 1976 | 986.22 | 102.21 | 20.19 |
| April 6, 1976 | 1001.65 | 103.36 | 24.17 |
| April 5, 1976 | 1004.09 | 103.51 | 21.94 |
| April 2, 1976 | 991.58 | 102.25 | 17.42 |