News stories from Friday December 8, 1978

Summaries of the stories the major media outlets considered to be of particular importance on this date:

Golda Meir died at the age of 80 in the Hadassah Hospital in Jerusalem, where she had been under treatment since August. A hospital spokesman said she had been suffering from liver infection and jaundice and that viral hepatitis had developed. Physicians disclosed that Mrs. Meir had suffered from leukemia for 12 years, including the 1969-74 period when she was Prime Minister of Israel.A re-dedication of Middle East peace efforts in memory of Golda Meir was urged by President Carter and Secretary of State Cyrus Vance. Mr. Vance started on a trip that will take him to Egypt and Israel in an attempt to conclude the Israeli-Egyptian peace negotiations by Dec. 17. [New York Times] Liberal Democrats sought backing at a meeting of party leaders in Memphis for a resolution stating that President Carter's budget proposals could cause a recession and would abandon the party's commitment to the poor.President Carter urged fellow Democrats at the national meeting in Memphis to help him adopt a broad agenda for 1979, including ratification of a strategic arms limitation agreement with the Soviet Union. He warned that the party's prospects for success in 1980 would depend on the battle against inflation. [New York Times] Bert Lance declined an invitation from the Justice Department to testify before a federal grand jury in Atlanta, according to sources close to the inquiry into Mr. Lance's financial dealings. The invitation, made a month ago, indicates that the department's investigation is nearly over. [New York Times] The People's Temple cult in San Francisco was riddled with bitter dissension between whites and blacks despite its proclamations of racial harmony, according to a confidential memorandum found in the cult's settlement in Guyana. The memorandum, addressed to the Rev, Jim Jones, was apparently written by Terri Buford, a former top aide, who said that racism "is obviously no small issue." [New York Times] Employment rose sharply in November, the Bureau of Labor Statistics reported, and the unemployment rate in November was unchanged, at 5.8 percent. Despite the apparently good news, business and labor economists said that they expected labor conditions to worsen under President Carter's anti-inflation program and other developments in the economy. [New York Times] Iran's government moved to avoid a showdown with its religious and political opponents by authorizing street processions by Shiite Moslems on Sunday and Monday during a period of religious mourning. The marches had been banned by the Prime Minister. Thousands of Moslems are expected to participate in ceremonies marking the assassination 1,300 years ago of a grandson of Mohammed. Because the Moslem leaders oppose the Shah, the ceremonies are expected to have political overtones.The White House decision to allow American civilian and military dependents to fly out of Iran at government expense went against the recommendations of the American Ambassador in Teheran, William Sullivan, administration officials said. Mr. Sullivan reportedly recommended a "business as usual" policy for the 45,000 Americans in Iran. [New York Times] President Carter sent a message to President Nicolae Ceausescu of Rumania, pledging support of Rumania in its dispute with the Soviet Union. The message was taken to Bucharest by Treasury Secretary Michael Blumenthal. Diplomats said it was the most forceful intervention by an American President in a dispute between Warsaw Pact countries. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 811.85 (-4.24, -0.52%)
S&P Composite: 96.63 (-0.45, -0.46%)
Arms Index: 1.28

	Issues	Volume*
Advances	535	4.92
Declines	860	10.16
Unchanged	466	3.48
Total Volume		18.56

* in millions of shares

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*
December 7, 1978	816.09	97.08	21.18
December 6, 1978	821.90	97.49	29.68
December 5, 1978	820.51	97.44	25.66
December 4, 1978	806.83	96.15	22.02
December 1, 1978	811.50	96.28	26.83
November 30, 1978	799.03	94.70	19.90
November 29, 1978	790.11	93.75	21.16
November 28, 1978	804.14	95.15	22.74
November 27, 1978	813.84	95.99	19.79
November 24, 1978	810.12	95.79	14.59