News stories from Wednesday June 27, 1979

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

A compromise on cutting oil imports by major industrial nations seemed to be taking shape as leaders of seven countries opened an economic summit meeting in Tokyo. Delegates said that the conferees were trying to resolve a sharp dispute over details for a firm formula to reflect a joint effort to cut demand for oil and stabilize a chaotic market. [New York Times] Split oil prices on world markets are expected to result from the meeting of the Organization of Petroleum Exporting Countries, according to a consensus of members. Hard-line members have proposed a price ceiling of about $23.50 a barrel for crude oil, including surcharges, while Saudi Arabia has held out for about $5 a barrel less. The higher price would add at least 5 cents a gallon to the price of gasoline and heating oil in the United States. [New York Times] A U.S.-New York gasoline clash erupted. Amid heated arguments, the state's members of Congress told Vice President Mondale that the White House had shortchanged New York in supplies and had failed to provide "credible" data on national gasoline distribution. Mr. Mondale later told reporters, "If we are delivering less to New York than it is entitled to, then we will make adjustments."New supplies of gasoline trickled into the New York metropolitan area as state and city officials stepped up a drive against price gouging at pumps. The shortage was still acute despite the new supplies, which were borrowed from July allotments. [New York Times] Truckers were urged to return to work by the Carter administration, which offered a plan to protect drivers who chose to defy the picketing by striking independent haulers. Some truckers were reported to be returning to the road, but spokesmen for the independents said that more than oral promises were needed for a return. [New York Times] Oil refining rose markedly in the nation last week, producing the most gasoline, heating oil and diesel fuel since mid-February, according to statistics made public by the American Petroleum Institute. [New York Times] An affirmative action plan was upheld by the Supreme Court, which ruled that private employers can legally give special preference to black workers to eliminate "manifest racial imbalance" in traditionally white-only jobs. In a 5 to 2 ruling, the Court upheld such programs, even when they contain numerical quotas. The case involves a special training program in skilled jobs at a Louisiana mill that reserves half the places for black workers.Praise of the Supreme Court's decision backing affirmative action programs came from civil rights, labor and government leaders. Critics of the ruling warned about the dangers of establishing racial quotas and discriminating against whites. [New York Times] Elmer Wayne Henley was convicted for the second time in six murders carried out as part of a series of 26 tortures and slayings in Houston in the early 1970's. The jury recommended that the 23-year-old man serve six concurrent life terms in prison. The judge set no date for sentencing. [New York Times] A delay in the Massachusetts primary, sought by White House and Democratic National Committee aides, is meeting opposition from state legislative leaders. The presidential primary is set for March 9, and pushing it back until late next spring would help President Carter's renomination chances and make a candidacy by Senator Edward Kennedy more difficult. [New York Times] Syrian MiG's fought with Israeli jets that were attacking Palestinian positions in southern Lebanon. Israel said that at least five Syrian planes had been shot down and that all Israeli craft returned safely from the first air combat with the Syrians in five years. Syria conceded losing four planes but asserted that two Israeli jets had been shot down. [New York Times] Efforts to replace Nicaragua's leader were stepped up by Washington. It sent two longtime diplomats to Central America in an attempt to persuade President Somoza to step down in favor of a broadly based provisional government that would include representatives of the Sandinist guerrillas, who seek his overthrow. [New York Times] Moscow warned against amendments to the arms treaty planned by American Senators. A Communist Party official reaffirmed that the Kremlin would tolerate "no deviations" from the pact signed in Vienna on June 18 and said that those who were planning changes would "destroy Soviet-American cooperation and detente." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 840.52 (+2.86, +0.34%)
S&P Composite: 102.27 (+0.61, +0.60%)
Arms Index: 0.69

	Issues	Volume*
Advances	869	21.77
Declines	522	9.06
Unchanged	492	5.89
Total Volume		36.72

* 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*
June 26, 1979	837.66	101.66	34.68
June 25, 1979	844.25	102.09	31.30
June 22, 1979	849.10	102.64	36.41
June 21, 1979	843.64	102.09	37.10
June 20, 1979	839.83	101.63	33.79
June 19, 1979	839.40	101.58	30.78
June 18, 1979	839.40	101.56	30.97
June 15, 1979	843.30	102.09	32.93
June 14, 1979	842.34	102.20	37.84
June 13, 1979	842.17	102.31	40.75