News stories from Tuesday May 27, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Carter has rejected the budget proposed by Congress for the fiscal year 1981 on the ground that the $613.3 billion budget devotes too much money to military spending and too little to jobs, cities, transportation and income security. An administration official said that Mr. Carter hoped that the House would reject the budget. [New York Times]
- The President scored an easy victory over Senator Edward Kennedy in the Kentucky and Arkansas presidential primaries, and won a narrow race in Nevada. But Mr. Carter fell short of the 1,666 delegates needed for renomination after Mr. Kennedy apparently picked up 17 delegates in Kentucky and Arkansas. [New York Times]
- Tightened security was demanded by Gov. Bill Clinton of Arkansas, who said he had given federal officials 72 hours to improve protection at Fort Chaffee, where more than 300 of the Cuban refugees being processed for relocation escaped. They were all returned today. The announcement came after the Governor activated National Guardsmen at the site, which is occupied by nearly 19,000 refugees. [New York Times]
- Illegal aliens may be granted amnesty under a new immigration policy that is being considered. A federal commission said it was nearing a consensus on policy goals, subject to legislation, that would include a disavowal of race as a factor in immigration policy and a new system for allocating visas to would-be immigrants. [New York Times]
- An earthquake rocked California, injuring at least seven persons, setting off landslides and causing a gas explosion. Seismologists said that the quake, which was the third and largest in a series of major earthquakes, measured 6.1 on the Richter scale. [New York Times]
- An indictment was handed up by a federal grand jury in Brooklyn against Representative Michael Myers of Philadelphia on charges of bribery, conspiring to defraud the United States and interstate travel to aid racketeering. Mr. Myers is the first member of Congress to be indicted on charges flowing from the Justice Department's undercover investigation of public corruption. Two Philadelphia lawyers and the mayor of Camden, N.J. were also indicted on the same charges as Mr. Myers. [New York Times]
- Medical tests were refused by hundreds of families in the polluted Love Canal neighborhood in Niagara Falls, N.Y. Spokesmen for six groups representing homeowners and renters said they would not permit the government to conduct the tests unless it agreed to purchase their homes. In Washington, the Environmental Protection Agency said that a large-scale study would proceed as scheduled. [New York Times]
- Cholesterol intake need not be cut by average healthy Americans, except to achieve and maintain a normal body weight, a nutrition board of the National Research Council said in a sharp departure from recent dietary recommendations. The board said that it found no clearcut evidence that a reduction of cholesterol intake can prevent coronary heart disease. [New York Times]
- A proposal for a new Defense Minister in Israel encountered opposition from several factions in the fragile governing coalition. Prime Minister Menachem Begin's proposals to appoint the current Foreign Minister, Yitzhak Shamir, to the defense post, and to replace him with a leading figure in the Liberal Party, Yitzhak Modal, met with objections from factions that disapproved the choices and felt they should have been consulted. [New York Times]
- South Korean leaders called for unity and a healing of national wounds following the attack that ended the student-led rebellion in the city of Kwangju. Western diplomats and prominent South Koreans expressed slim hope that unity was on the horizon, and predicted that the uprising would sharpen tension between those in power and the opposition. Victory in South Korea was won easily by the troops who used machine guns to wrest control of Kwangju from student-led rebels. The defeat of the rebels seemed a foregone conclusion since there apparently were about 10 paratroopers for every rebel.
Washington expressed concern that the South Korean military leaders, having quelled the civilian rebellion in Kwangju, might try to maintain a military dictatorship in the country. Administration officials said they were worried that South Koreans, having been promised an end to authoritarian rule, would not accept a new regime headed by military leaders.
[New York Times] - A former Ugandan President returned to his homeland after nine years of exile in Tanzania. The former President, Milton Obote, pledged to work toward reconstruction and reconciliation, and criticized recent Ugandan administrations for mismanagement and corruption. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 857.76 (+3.66, +0.43%)
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* |
| May 23, 1980 | 854.10 | 110.62 | 45.79 |
| May 22, 1980 | 842.92 | 109.01 | 41.02 |
| May 21, 1980 | 831.06 | 107.72 | 34.83 |
| May 20, 1980 | 832.51 | 107.62 | 31.80 |
| May 19, 1980 | 830.89 | 107.67 | 30.97 |
| May 16, 1980 | 826.88 | 107.35 | 31.71 |
| May 15, 1980 | 822.53 | 106.99 | 40.91 |
| May 14, 1980 | 819.62 | 106.85 | 40.84 |
| May 13, 1980 | 816.89 | 106.30 | 35.45 |
| May 12, 1980 | 805.20 | 104.78 | 28.21 |