News stories from Tuesday February 24, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Republican presidential primary election in New Hampshire was a virtual standoff between President Ford and his challenger, Ronald Reagan. Former Gov. Jimmy Carter of Georgia won the Democratic primary, with Representative Morris Udall of Arizona the runner-up, followed by Senator Birch Bayh of Indiana, former Senator Fred Harris of Oklahoma and Sargent Shriver, the 1972 vice-presidential candidate. Mr. Carter said the result showed that "a progressive Southerner can win in the North." None of the Democratic losers is thought likely to drop out of the race before the Massachusetts primary, which takes place next Tuesday. [New York Times]
- On instructions from President Ford, the Secretary of Defense and Attorney General have invoked executive privilege to prevent the National Security Agency and Federal Bureau of Investigation from giving subpoenaed information about interception of telegraph messages to the House Subcommittee on Government Information and Individual Rights. Mr. Ford said the records sought would cover "the most sensitive national security information" that should not he disclosed. [New York Times]
- The Senate Finance Committee gave a strong hint that Congress will not increase the Social Security tax this year. [New York Times]
- A psychiatrist called by Patricia Hearst's defense testified that she took part in the bank robbery for which she is on trial because of "a classic case of coercive persuasion." Dr. Louis West, psychiatry chief at the University of California, Los Angeles, said she had done what she did so as to stay alive. [New York Times]
- The Senate voted 67 to 22 to give the northern Mariana Islands in the Western Pacific commonwealth status. This paves the way for the first territorial expansion of the United States since Swains Island off American Samoa was annexed in 1925. The covenant establishing political union was approved last year by a 78.8 percent plebiscite of eligible citizens of the Marianas last year and approved by the House of Representatives in July. The Senate vote permits administration of the northern Marianas separately from the Micronesian groups also included in the Trust Territory of the Pacific Islands -- the Micronesian group known as the Caroline islands and Marshall Islands, which have not yet decided whether to seek a change of status. [New York Times]
- Governor Carey indicated that the New York state Democratic chairman, Patrick Cunningham, would have to clear himself of charges of corruption before the National Democratic Convention in July or resign his post. "Nobody is going to get in the way of a Democratic victory as far as I'm concerned," he said in Washington. [New York Times]
- Leonid Brezhnev said the Soviet Union would continue to seek accommodation with the West but would not back down from its ideological struggle, including support for national liberation movements. In his address as party leader at the opening of the 25th Congress of the Soviet Communist Party in Moscow, he presented detente as "the way to create more favorable conditions for peaceful socialist and Communist construction." He disclosed that the Soviet side had proposed bans on further development of the American Trident submarine and B-1 strategic bomber "and similar systems in the U.S.S.R.'', but said the Americans had rejected the proposal, which still stood. The State Department in Washington said the Soviet proposal had been one-sided "because the Russians would not discuss what systems of their own they would ban." [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 993.55 (+8.27, +0.84%)
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* |
| February 23, 1976 | 985.28 | 101.61 | 31.46 |
| February 20, 1976 | 987.80 | 102.10 | 44.51 |
| February 19, 1976 | 975.76 | 101.41 | 39.21 |
| February 18, 1976 | 960.09 | 99.85 | 29.90 |
| February 17, 1976 | 950.57 | 99.05 | 25.46 |
| February 13, 1976 | 958.36 | 99.67 | 23.87 |
| February 12, 1976 | 966.78 | 100.25 | 28.61 |
| February 11, 1976 | 971.90 | 100.77 | 32.30 |
| February 10, 1976 | 968.75 | 100.47 | 27.66 |
| February 9, 1976 | 957.18 | 99.62 | 25.34 |