News stories from Monday October 24, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Hopes faded for ending the strike on the docks quickly when negotiations between longshoremen and the New York Shipping Association as well as ocean carriers broke down over methods for implementing a proposed job security program in individual ports. The snags developed over union demands for guarantees and procedures that the carriers said they could not legally meet. The government's top mediator recessed the talks indefinitely. [New York Times]
- An affirmative action suit under study by the Supreme Court is worrying university officials across the country. They are expressing deep concern that a ruling against affirmative action programs would reverse the major gains made by minorities in professional education in the last decade. The suit was brought by Allan Bakke, a white, who has accused the University of California medical school of discrimination in admissions procedures. [New York Times]
- A major political shift by the A.F.L.-C.I.O. is set for 1978, according to Alexander Barkan, organized labor's leading political tactician. Stung by a series of defections on labor issues this year by Democratic members of Congress, the federation, he said, will support only candidates who vote consistently with labor. [New York Times]
- A solid day's work on energy was put in by the Senate-House conference committee, without recesses for roll calls or other distractions on the federal Veterans Day holiday. The conferees agreed how to split up $965 million in weatherproofing grants for schools, hospitals and public buildings. [New York Times]
- Washington reassured Israel of continued economic and military aid. The message was given by Treasury Secretary Michael Blumenthal to Prime Minister Menachem Begin and his uneasy countrymen. Mr. Blumenthal, visiting Jerusalem, stressed that American aid to Israel, now at $800 million a year in economic assistance and $1 billion for military goods, would not be used as a lever to force Israelis to a Geneva meeting with the Arabs. [New York Times]
- Exxon reported flat earnings in the third quarter on a revenue gain of 12.5 percent to $14.5 billion. The report by the world's biggest oil company had been eagerly awaited after President Carter's recent charge that petroleum concerns were reaping windfall profits and seeking to "rip-off" the American people. But the announcement, observers said, was so distorted by unrealized foreign currency transactions that little could be concluded from it. [New York Times]
- Stock prices fell as the dollar continued tumbling in foreign exchange markets. The Dow Jones industrial average declined to another two-year low, losing 5.98 points to 802.32 and the transportation average signaled a theoretical bear market. [New York Times]
- Mutual reduction of forces in central Europe is the goal of a new proposal agreed upon by the Western allies in an effort to break a deadlock in negotiations with the Soviet Union. The proposal was formulated by the United States, Britain and West Germany. Officials in Washington said that the plan calls for the United States to withdraw 1,000 nuclear warheads and 29,000 troops from Europe in exchange for a Soviet cut of at least 65,000 troops and about 1,600 tanks. [New York Times]
- Andrew Young favors sanctions in some form against South Africa following that government's repression of blacks and their supporters. Washington's chief delegate at the United Nations made the statement as he was leaving a Security Council meeting where African delegates began a campaign for tough punitive measures, including arms sanctions. Mr. Young said that he was expressing a personal view. [New York Times]
- The P.L.O. is easing a bit its position on representation at a Geneva peace conference, according to a high source. The source said that the Palestine Liberation Organization was canvassing Palestinians in Israeli-occupied territories to serve on a delegation, but that the P.L.O. must be invited on an equal footing with other Arabs and that a militant must he named head of the delegation. [New York Times]
- The liner France was sold to Saudi Arabian interests for use as a floating hotel. The 17-year-old luxury ship was taken out of service in 1974 because of economic reasons and has been anchored at Le Havre since her last 89-day global cruise. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 802.32 (-5.98, -0.74%)
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* |
| October 21, 1977 | 808.30 | 92.32 | 20.23 |
| October 20, 1977 | 814.80 | 92.67 | 20.52 |
| October 19, 1977 | 812.20 | 92.38 | 22.03 |
| October 18, 1977 | 820.51 | 93.46 | 20.13 |
| October 17, 1977 | 820.34 | 93.47 | 17.34 |
| October 14, 1977 | 821.64 | 93.56 | 20.41 |
| October 13, 1977 | 818.17 | 93.46 | 23.87 |
| October 12, 1977 | 823.98 | 94.04 | 22.44 |
| October 11, 1977 | 832.38 | 94.93 | 18.11 |
| October 10, 1977 | 840.26 | 95.75 | 10.58 |