News stories from Tuesday August 8, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A tomb for Pope Paul VI was dug by workmen below the crypt of St. Peter's Basilica. The solemn and resplendent funeral mass that will be attended by Roman Catholic prelates, leaders of other faiths and high representatives of most governments of the world has been set for 6 P.M. Saturday. About 30,000 visitors, many of them foreign tourists, filed past the Pontiff's body at Castel Gandolfo near Rome. [New York Times]
- A minimum of "must legislation" for the rest of the congressional session that omitted such key Carter administration goals as civil service revision, airline deregulation and hospital cost control was urged by House Speaker Tip O'Neill. He said that if Congress passed energy legislation, a tax cut, a second budget resolution and a logjam of expiring authorization laws, "We could go home." [New York Times]
- Administration defense policies are under fire by a new congressional coalition of 148 members who called for Washington to achieve military superiority over Moscow. The new bipartisan group consists of members of Congress known for conservative views on military and foreign policy. [New York Times]
- A policeman was killed in a shootout and 18 persons, 12 of them policemen and firemen, were injured as the Philadelphia authorities stormed a barricaded house of self-styled revolutionaries with a bulldozer, fire hoses and tear gas. Hundreds of policemen had surrounded the house and demanded that its occupants, members of a group called Move, surrender. [New York Times]
- A Venus-bound craft was launched from Florida into an almost perfect trajectory for a four-month voyage. The spacecraft is expected to reach the planet five days after Pioneer Venus 1, launched earlier this year, begins orbiting the planet. The two craft should provide the most detailed data so far on the Venusian atmosphere. It is hoped the data will help scientists learn more about the Earth's weather. [New York Times]
- Unions will not restrain wage demands because of accelerating inflation, George Meany, president of the A.F.L.-C.I.O., said. He also warned at a news conference that "if inflation keeps barreling along we're going to go into a depression in a short time." [New York Times]
- New York City's financial victory was celebrated amid pomp and panoply. Before a cheering throng of 5,000 in front of City Hall, President Carter signed a historic bill to grant the city $1.65 billion of federal loan guarantees -- the keystone of its ongoing effort to avert bankruptcy. [New York Times]
- Ways to break the Mideast deadlock will be discussed by President Carter, President Anwar Sadat of Egypt and Prime Minister Menachem Begin of Israel on Sept. 5 at Camp David, Md., the White House announced. A senior administration official said that Mr. Carter had decided to arrange the summit meeting "not because the chances for peace are right now so high, but because the stakes in peace are very high" and "the risks, in fact, have risen."
President Sadat said he had agreed to attend the Camp David meeting because of an American commitment to expand its role in peace negotiations from that of mediator to "full partner."
[New York Times] - Christina Onassis may stay in Athens, according to a close friend, rather than return to Moscow, where her husband of a week, Sergei Kauzov, awaits her. Although the 27-year-old heiress still has affection for Mr. Kauzov, the friend said, she is unsure whether she wants to resume the marriage. [New York Times]
- Some Rhodesian racial curbs will end. The country's biracial transitional government announced steps to make it illegal for whites to deny blacks access to such public facilities as hotels, movies and swimming pools. Blacks may also open businesses in previously all-white districts. But state-run schools and hospitals and also residential areas will remain segregated. Those policies brought strong protests from blacks, including those participating in the government. [New York Times]
- The Ethnic Chinese in Vietnam were the subject of talks that got off to an acrimonious beginning in Hanoi, with a Chinese official accusing Vietnam of gravely impairing relations between the two countries. There have been months of border clashes and bitter words over the treatment of a million ethnic Chinese, about 160,000 of whom have already left Vietnam. Hanoi has accused Peking of trying to force the refugees back into Vietnam. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 889.21 (+4.16, +0.47%)
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* |
| August 7, 1978 | 885.05 | 103.55 | 33.35 |
| August 4, 1978 | 888.43 | 103.92 | 37.92 |
| August 3, 1978 | 886.87 | 103.51 | 66.37 |
| August 2, 1978 | 883.49 | 102.92 | 47.50 |
| August 1, 1978 | 860.71 | 100.66 | 34.81 |
| July 31, 1978 | 862.27 | 100.68 | 33.99 |
| July 28, 1978 | 856.29 | 100.00 | 33.31 |
| July 27, 1978 | 850.57 | 99.54 | 33.97 |
| July 26, 1978 | 847.19 | 99.08 | 36.82 |
| July 25, 1978 | 839.57 | 98.44 | 25.40 |