News stories from Wednesday January 2, 1980

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

A demand for a Soviet withdrawal of troops from Afghanistan is expected to be considered by the United Nations Security Council, perhaps by Friday. At least 20 countries are expected to join in seeking the meeting, but all agreed that Moscow would veto any resolution. An appeal for Afghan unity was made by Babrak Karmal, who assumed power in last week's coup. The plea for an end to fighting was viewed by diplomats as a sign of continuing resistance by Moslem militants despite the deployment of Soviet troops. [New York Times] Delaying action on the arms treaty in the Senate will be proposed by President Carter in response to the Soviet military intervention in Afghanistan. Mr. Carter also decided to recall the American Ambassador from Moscow in one of a series of moves that his spokesman said "involved unilateral actions and actions to be taken" with other countries. The spokesman declined to elaborate. [New York Times] Bolstering of Pakistan's defenses against Soviet military pressure is being pressed by Washington, which is seeking Peking's cooperation, according to American officials. They said that a joint plan might be developed to increase arms aid to Pakistan. [New York Times] Kurt Waldheim was balked in his mission to Teheran to find common ground with Iranian leaders to solve the crisis over American hostages. The United Nations Secretary General was thwarted by demonstrators, a stiff statement by a spokesman for the captors and a report that Ayatollah Khomeini would not receive him. [New York Times] Differences over foreign policy continued among political leaders. John White, the Democratic national chairman, assailed Bill Brock, the Republican chairman, for criticizing President Carter's policy and expressed hope that "other responsible Republican leaders will resist the temptation" to attack Mr. Carter on Iran and Afghanistan. Ronald Reagan, a leading Republican challenger, praised Mr. Carter for his "belated" discovery that Moscow was "not to be trusted." [New York Times] A general revenue-sharing plan will be announced tomorrow by President Carter, according to administration sources. They said that Mr. Carter, in a reversal of an earlier position, planned to keep intact the $6.9 billion aid program for states and localities, but that it would encourage states to assist cities and counties. [New York Times] Murders have thwarted an inquiry into the armed theft a year ago of $5.8 million at the Lufthansa airline cargo building at Kennedy International Airport. An F.B.I. supervisor, relying on old connections in the criminal world, put out word that he wanted to warn two suspects in the largest cash robbery in the nation's history that their lives were in great danger. Before he could reach them, they were slain gangland style. [New York Times] In tribute to Richard Rodgers, the marquees of Broadway theaters will go dark for one minute at 8 P.M. Saturday. The composer, who died Sunday at the age of 77, was eulogized today at a private funeral service. [New York Times] A tentative Cleveland school accord in an 11-week strike was reached by the Board of Education and the teachers' union after two days of nonstop negotiations ordered by a county judge. The settlement, which is said to provide for a 24 percent pay increase over 16 months, must be ratified by union members. The board already faced severe money shortages.Chicago's school finance crisis worsened. The Illinois state treasurer sued the Governor for "infringement upon the treasurer's investment powers" in a dispute over the use of state funds for the city's insolvent school system. Chicago officials pressed an effort to meet the system's payroll on Friday and avoid a likely shutdown. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 824.57 (-14.17, -1.69%)
S&P Composite: 105.76 (-2.18, -2.02%)
Arms Index: 1.39

	Issues	Volume*
Advances	442	8.22
Declines	1,148	29.61
Unchanged	325	2.78
Total Volume		40.61

* 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*
December 31, 1979	838.74	107.94	31.53
December 28, 1979	838.91	107.84	34.42
December 27, 1979	840.10	107.96	31.40
December 26, 1979	838.14	107.78	24.95
December 24, 1979	839.16	107.66	19.15
December 21, 1979	838.91	107.59	36.16
December 20, 1979	843.34	108.26	40.39
December 19, 1979	838.91	108.20	41.79
December 18, 1979	838.65	108.30	43.30
December 17, 1979	844.62	109.33	43.83