News stories from Wednesday January 7, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A three-judge federal court in Washington unanimously upheld the constitutionality of the law giving the government control of the presidential papers and tapes of Richard Nixon. It reasoned that Congress had "an adequate basis for concluding that Mr. Nixon might not be a wholly reliable custodian" of the documents. It held that the public interest outweighed Mr. Nixon's rights of privacy. [New York Times]
- Ronald Reagan is drawing an encouraging but far from overwhelming response in New Hampshire to his Republican primary challenge to President Ford. Crowds in rural communities were large and generally supportive, but the town meeting format that Mr. Reagan usually followed brought out concern about some of his conservative positions and their implications for foreign policy and the taxpayer's pocketbook. [New York Times]
- At his first 1976 cabinet meeting President Ford said his budget for the next fiscal year would be below his $395 billion ceiling. According to the White House spokesman, Mr. Ford called it a good budget, meeting domestic and foreign needs, and said that "we are going to fight for it." Later the President paid his first visit to the President Ford Committee headquarters and seemed confident despite a drop from 46 to 39 percent in his latest Gallup poll "approval" rating. [New York Times]
- The Italian cabinet, led by Prime Minister Aldo Moro and dominated by Christian Democrats, resigned after the Socialist Party suddenly withdrew its parliamentary backing, charging that its views had been ignored. This crisis, which could lead to national elections this year, overshadowed reports of secret United States payments through the Central Intelligence Agency to individual anti-Communist political leaders. [New York Times]
- Grieving Protestants and Catholics visited the home in County Armagh, Northern Ireland, of one of 10 Protestants killed Monday night in apparent reprisal for the killing of five Catholics the night before. Belfast and London officials have stepped up anti-terrorist measures and have begun a frantic search for new political solutions to Ulster's sectarian violence. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 898.69 (+7.87, +0.88%)
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* |
| January 6, 1976 | 890.82 | 93.53 | 31.27 |
| January 5, 1976 | 877.83 | 92.58 | 21.96 |
| January 2, 1976 | 858.71 | 90.90 | 10.30 |
| December 31, 1975 | 852.41 | 90.19 | 16.97 |
| December 30, 1975 | 852.41 | 89.77 | 16.04 |
| December 29, 1975 | 856.66 | 90.13 | 17.07 |
| December 26, 1975 | 859.81 | 90.25 | 10.02 |
| December 24, 1975 | 851.94 | 89.46 | 11.15 |
| December 23, 1975 | 843.75 | 88.73 | 17.75 |
| December 22, 1975 | 838.63 | 88.14 | 15.34 |