News stories from Thursday January 15, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- In his Economic Report to Congress, President Ford will reiterate his stand against what he believes to he unnecessary meddling by the federal government by attacking the utility and effectiveness of several major federal programs dealing with health and safety. The draft of his report, scheduled to be submitted to Congress Jan. 26, contains criticism of the Occupational Safety and Health Administration, the Environmental Protection Agency and the Food and Drug Administration. [New York Times]
- Apparently under competitive pressures, the Ford Motor Company rescinded the major part of a price increase on its cars and light trucks that went into effect 10 days ago. The rollback wiped out an average of 2.2 percent, or $97, on base-model cars and 2.8 percent, or $123, on base-model light trucks. [New York Times]
- Sara Jane Moore was sentenced to life imprisonment for attempting to shoot President Ford in San Francisco last September. In passing sentence, Judge Samuel Conti of the Federal District Court in San Francisco said that she was "a product of our times, a product of a permissive society." Miss Moore, who had entered a guilty plea, said in a statement before she was sentenced that she believed assassination was sometimes "a valid political tool." [New York Times]
- With slightly lower prices, trading on the New York Stock Exchange soared to 38.45 million shares, surpassing all its previous records. Despite small losses for the day, such market leaders as General Motors, American Telephone and I.B.M. sold at their highest prices in more than a year. Brokers also reported a renewal of buying interest by small investors. [New York Times]
- Anxiety in the Treasury Department that Secretary of State Henry Kissinger might be too willing to "bend" American free-market principles to appease demands of the less developed countries for a "new world economic order," was reflected by a high Treasury official in a speech to the San Francisco World Affairs Council. Gerald Parsky, an Assistant Secretary of the Treasury, took a strongly negative attitude toward international commodity agreements while confirming previous indications that the United States would not sign the recently negotiated cocoa agreement designed to support world prices. He said United States policy must not "sacrifice economic principles for the sake of political gains." [New York Times]
- The United States has submitted a new proposal to the Soviet Union on limiting strategic nuclear arms that attempts to resolve a deadlock over two controversial weapons systems -- a Soviet bomber and American missile. The Soviet Union would be required to include some of its new Backfire bombers as being among the 2,400 missile launchers and bombers that it would be allowed under any new agreement. [New York Times]
- The Vatican has reaffirmed Roman Catholic teaching on sexual morality and at the same time has acknowledged widespread rejection of the church's precepts among behavioral scientists, educators and the general public. In a 3,500-word document, "Declaration on Certain Questions Concerning Sexual Ethics," the church explains its opposition to premarital intercourse, homosexual acts and masturbation. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 924.51 (-5.12, -0.55%)
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 14, 1976 | 929.63 | 97.13 | 30.34 |
| January 13, 1976 | 912.94 | 95.57 | 34.53 |
| January 12, 1976 | 922.39 | 96.33 | 30.44 |
| January 9, 1976 | 911.13 | 94.95 | 26.51 |
| January 8, 1976 | 907.98 | 94.58 | 29.03 |
| January 7, 1976 | 898.69 | 93.95 | 33.17 |
| 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 |