News stories from Wednesday January 5, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Economic recovery is resuming after the recent so-called pause, in the opinion of several private American economists impressed by the stronger tone of several indicators. But this has not noticeably blunted pressures on President-elect Carter and the new Congress from economists at home and international organizations and allies abroad to adopt measures that would add stimulus. [New York Times]
- A federal grand jury in Miami has concluded that intelligence agents of the Internal Revenue Service did not violate the civil rights of taxpayers during a highly publicized "sex and drinking" investigation. The grand jury criticized the press -- and the Miami News specifically -- for not exercising greater care in a series of articles published early in 1975. [New York Times]
- Senate Democrats gave Hubert Humphrey of Minnesota the new post of Deputy President pro tem of the Senate with entree to White House leadership meetings, a $7,400 pay raise and a chauffeured limousine. The same privileges were recommended for other former Vice Presidents or Presidents of the United States who later take a seat in the Senate. [New York Times]
- A proposed regulation to eliminate a major tax shelter enjoyed by builders was ordered withdrawn by Treasury Secretary William Simon hours after its issuance by the Internal Revenue Service. It was not seen beforehand by Mr. Simon or the Department of Housing and Urban Development, although It was approved by an aide to Mr. Simon. Housing interests applied intense pressure against the proposed new regulation. [New York Times]
- Stock prices dropped sharply, with Dow Jones industrials down 9.81 points to close at 978.06. The bond market recorded a high-grade utility bond issue offer at a yield of 7.625 percent, the lowest rate on such securities since June, 1973. [New York Times]
- Evidence linking cancer to the environment seemed strengthened by a new atlas showing regional variances in cancer death rates among non-whites. The atlas, published by the National Cancer Institute, is a companion to one put out in 1975 showing such patterns among whites. [New York Times]
- Some Vietnamese refugees in Thailand are planning a 3,000-mile voyage in fishing boats to Australia because they have little hope of any other way to a new life in a Western country. Escape from Vietnam, Laos and Cambodia is increasingly difficult, and countries that have been accepting refugees are increasingly reluctant to do so. [New York Times]
- Syria will relax discriminatory restrictions against 4,500 Syrian Jews, Representative Stephen Solarz, Democrat of Brooklyn, said he was told during a Middle East trip last month. He was also told, he added, that there had been no change in Syria's adamant refusal to let Jews emigrate to the United States or Israel. [New York Times]
- President-elect Carter has informed President Valery Giscard d'Estaing of France that he agrees in principle with the latter's proposal for a summit meeting among Western economic powers, but no time or place has been set. The State Department disclosed this, adding that the message indicated Mr. Carter wanted the meeting no sooner than mid-year. [New York Times]
- A record Soviet grain harvest of 223.8 metric tons, rebounding from the 1975 crop failure, was announced in Moscow. The Agriculture Minister added that the Soviet commitment to buy from 6 million to 8 million tons of grain annually from the United States in the next five years would be kept. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 978.06 (-9.81, -0.99%)
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* |
| January 4, 1977 | 987.87 | 105.70 | 22.74 |
| January 3, 1977 | 999.75 | 107.00 | 21.28 |
| December 31, 1976 | 1004.65 | 107.46 | 19.17 |
| December 30, 1976 | 999.09 | 106.88 | 23.70 |
| December 29, 1976 | 994.93 | 106.34 | 21.91 |
| December 28, 1976 | 1000.08 | 106.77 | 25.79 |
| December 27, 1976 | 996.09 | 106.06 | 20.13 |
| December 23, 1976 | 985.62 | 104.84 | 24.56 |
| December 22, 1976 | 984.54 | 104.71 | 26.97 |
| December 21, 1976 | 978.39 | 104.22 | 24.39 |