News stories from Monday April 2, 1979

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

Hazards of cooling a nuclear reactor in the crippled plant in Middletown, Pa., were abating, according to federal safety officials. But they said that radiation levels in the containment vessel were "very high," causing continuing concern for public health. Civil Defense units and other agencies remained on alert, and pregnant women and preschool children were still under warning to stay away from the immediate area. President Carter's chief representative at the plant said the size of the gas bubble trapped in the reactor core had all but disappeared and that uranium oxide in the core was "being adequately cooled."Scrutiny of all reactor designs has resulted from the accident in the pressurized-water type reactor built by Babcock & Wilcox. Charges have been made that the company's units may have a deficiency that would require all similar reactors to be shut down at least temporarily. Acting to avert a hazard elsewhere, the federal government took precautions involving eight operating reactors made by the same company. Inspectors were sent to the reactors made by the Babcock & Wilcox Company to help identify possible problems and provide advice on how to avoid a similar accident. President Carter ordered a federal inquiry into all aspects of the accident, it was announced. Voluntary evacuations and absenteeism from work were widespread in the Harrisburg, Pa., region near the crippled nuclear plant. Civil defense officials said that perhaps half of the 200,000 persons for whom they would be responsible in an evacuation may have already left. Gov. Dick Thornburgh continued struggling with the problems posed by the major accident. The new Pennsylvania governor has been coping with assessments on how to protect nearly one million people from the consequences of technical decisions over which he has no control. [New York Times] Compliance with a trucking lockout called by the industry because of a selective strike by the Teamsters union was indicated widely in reports from around the nation. Auto makers started to lay off some workers and put others on short shifts because of expected shortages of parts. Other industries warned they would soon run out of supplies. [New York Times] Computer-age threats to privacy led President Carter to ask Congress for legislation to protect Americans. As part of a proposed package, he requested legislation to reverse a Supreme Court ruling that upheld the constitutionality of police searches of newspaper offices. [New York Times] The threat of U.S. default ended as Congress approved an increase in the national debt ceiling to $830 billion from $798 billion. The Treasury, which had been forced to suspend borrowing, warned that it would run out of money tonight to cover such obligations as Social Security payments and income tax refunds. [New York Times] Approval of Jimmy Carter's campaign committee in the 1976 primary was announced by the Federal Election Commission, but it did not include some controversial aspects of the campaign's financing. [New York Times] A fire killed 25 persons in a boarding house in Farmington, Mo. The dead included elderly persons and some mental patients from a state hospital, according to the authorities. [New York Times] Menachem Begin was welcomed with subdued politeness in Cairo. The first Israeli Prime Minister to visit Egypt was greeted by lesser officials with brief formalities. Policemen far outnumbered the occasional spectators along the streets, and there were no banners or portraits. Prime Minister Begin took in stride his low-key welcome to Egypt. Shrugging off the lack of excitement and crowds, he said, "I'm deeply moved by the friendliness." [New York Times] Elections in the southern Philippines were set for May 7 by President Marcos. Moslem rebels in the area have waged a seven-year separatist war. The call for elections, diplomats said, seeks to blunt efforts by Islamic nations to increase aid to the insurgents and possibly impose sanctions against the Philippines. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 855.25 (-6.93, -0.80%)
S&P Composite: 100.90 (-0.69, -0.68%)
Arms Index: 1.31

	Issues	Volume*
Advances	438	6.22
Declines	1,052	19.64
Unchanged	397	3.13
Total Volume		28.99

* 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*
March 30, 1979	862.18	101.59	29.97
March 29, 1979	866.77	102.03	28.51
March 28, 1979	866.25	102.12	39.92
March 27, 1979	871.36	102.48	32.93
March 26, 1979	854.82	101.04	23.42
March 23, 1979	859.75	101.60	33.58
March 22, 1979	861.31	101.67	34.36
March 21, 1979	857.76	101.25	31.12
March 20, 1979	850.31	100.50	27.18
March 19, 1979	857.59	101.06	34.62