News stories from Thursday February 26, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Ford in an annual energy message to Congress proposed the authorization of $1 billion in federal assistance to help states and localities to deal with problems that might result from the development of energy resources on federal lands. This long-awaited offer by the administration of grants, loans and loan guarantees over a 15-year period was acknowledged by officials to be an opening negotiating offer that is intended to assuage state and local opposition to offshore drilling and the development of underground energy sources. [New York Times]
- President Ford said that former President Richard Nixon's trip to China "probably was harmful" to Mr. Ford's campaign in the New Hampshire primary. Mr. Ford said that the returns had not yet been fully analyzed, but when they are, he added. "I presume there will be evidence that it probably hurt." [New York Times]
- Well informed sources said that the Federal Bureau of investigation had halted over the last 10 years nearly all of its efforts to identify and seize spies employed by the Soviet Union and other foreign intelligence services operating in the United States. They said that the late J. Edgar Hoover, the F.B.I.'s former director in the late 1960's and early 1970's decided to concentrate on surveillance of radical organizations that were then gaining prominence. [New York Times]
- New Yorkers may obtain very substantial savings if they shop for bank loans for automobiles and appliances in New Jersey and Westchester County, according to a congressional study, which found a wide disparity in consumer loan rates in 10 metropolitan areas and the state of California. According to the study, it appeared to be considerably advantageous to seek loans at smaller banks in or near cities other than New York. The study was made by the House Banking Committee's subcommittee on domestic monetary policy. [New York Times]
- Leaders of Portugal's armed forces and the five main political parties signed an agreement to end military rule and establish a parliamentary democracy. The military Council of the Revolution, which assumed political power under an accord with the parties last April, will surrender that power to Portugal's first freely elected president and legislature in 50 years. [New York Times]
- Saudi Arabia has promised Egypt an immediate grant of $300 million and has reportedly agreed to join other oil-producing Arab countries in a joint assistance program for the Egyptian government. The cooperative effort, Arab diplomats said, would enable Egypt to pay back to the Soviet Union a debt that is understood to amount to about $4 billion, mainly for military supplies received before the Middle East war in October 1973. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 978.83 (-15.74, -1.58%)
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 25, 1976 | 994.57 | 101.69 | 34.68 |
| February 24, 1976 | 993.55 | 102.03 | 34.38 |
| 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 |