News stories from Monday June 4, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Pope took his crusade for rights of East Europe's Roman Catholics to Poland's most revered shrine. Pope John Paul II celebrated mass for 500,000 people, led folk songs and raised tumultuous cheers. [New York Times]
- Diesel fuel prices were protested by independent truckers, who demanded rollbacks and guarantees of previous allocations. Threats of a national strike by the independents rose as a convoy of 18 trucks circled the nation's Capitol and other rigs blockaded truck stops across the country. [New York Times]
- The gasoline shortage has eased in the New York metropolitan area, according to representatives of service station dealers, who said that virtually all stations now have adequate supplies after deliveries of June allocations. [New York Times]
- A maintenance procedure on DC-10's may have damaged an under-wing engine mounting and might have led to the May 25 crash in Chicago, according to the National Transportation Safety Board. The government ordered stringent new inspections for any DC-10's whose engine mounts had been removed and reinstalled in emergency surveys last week. [New York Times]
- Air quality standards were eased by the Carter administration in an effort to raise the production of unleaded gasoline. The administration also said it would allow refiners to charge 2 cents more for each gallon of unleaded gasoline they produced in excess of present levels. [New York Times]
- Gene Leroy Hart died, apparently of a heart attack, while exercising in an Oklahoma state prison yard, an official said. Mr. Hart had been acquitted in the 1977 slayings of three Girl Scouts but was serving sentences for previous rape, kidnapping and burglary convictions. [New York Times]
- Unemployment will not change markedly in coming months despite projections of an economic slowdown, Labor Secretary Ray Marshall predicted. He said he believed that the rate would remain just under 6 percent for the rest of the year. Many economists forecast that the jobless rate will reach 7 percent by the end of the year. [New York Times]
- Proposition 13 has not revolutionalized government in California or caused a massive trimming of the public work force that were predicted when state voters slashed property taxes a year ago. Officials say that the action arrested government growth and eliminated some public jobs, mostly through attrition, but has not markedly cut services. [New York Times]
- A broad weapons law was upheld in a 5 to 4 decision by the United States Supreme Court. The majority ruled that a New York state law that allows a jury to presume that an illegal weapon found in a car belongs to all occupants of the car does not violate the occupants' constitutional rights. [New York Times]
- John Vorster resigned as President of South Africa in a scandal involving millions of dollars of government money spent on secret propaganda projects. The resignation of the former Prime Minister, who dominated South African politics for 11 years until he became President in September, was announced as a government inquiry was made public. It accused him of giving false testimony about his knowledge of irregularities and of complicity in covering up misspending of the secret funds. [New York Times]
- Gains by Italy's small parties of the center and extreme left were reported in national elections, which showed the Communist Party losing significantly and the ruling Christian Democrats also losing ground. [New York Times]
- Washington criticized Israel for its decision to establish a new settlement on the occupied West Bank of the Jordan as "detrimental" to Middle East peace. The United States scored as particularly "regrettable" the timing of the action, coming shortly after the start of negotiations on the future of the West Bank and Gaza. [New York Times]
- Iran rebuffed Washington in rescinding its agreement to accept Walter Cutler as the new Ambassador and insisted that another envoy be named. The State Department said the appointment of Mr. Cutler, who once served in Iran during the reign of the Shah, would not be withdrawn. [New York Times]
- Joe Clark became Canada's leader in a ceremony marking the first time in 16 years that a Conservative has taken office. The new Prime Minister will be 40 years old tomorrow. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 821.90 (+0.69, +0.08%)
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* |
| June 1, 1979 | 821.21 | 99.17 | 24.57 |
| May 31, 1979 | 822.33 | 99.08 | 30.31 |
| May 30, 1979 | 822.16 | 99.11 | 29.25 |
| May 29, 1979 | 832.55 | 100.05 | 27.04 |
| May 25, 1979 | 836.28 | 100.22 | 27.77 |
| May 24, 1979 | 837.66 | 99.93 | 25.70 |
| May 23, 1979 | 837.40 | 99.89 | 30.39 |
| May 22, 1979 | 845.37 | 100.51 | 30.31 |
| May 21, 1979 | 842.43 | 100.14 | 25.55 |
| May 18, 1979 | 841.91 | 99.93 | 26.59 |