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Monday April 7, 1980
. . . where the 1970s live forever!

News stories from Monday April 7, 1980


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

  • Washington retaliated against Iran for holding the American hostages, severing diplomatic relations and imposing an embargo on American exports to Iran. American officials conceded that the steps were largely symbolic, but said they were intended to signal the start of a tougher phase in the 156-day crisis that President Carter warned could involve "increasingly heavy costs" for Iran if the captives are not freed soon. The White House was ambiguous about the possible future use of military force.

    Washington's stiffer policy toward Iran resulted from the latest setback of efforts to transfer control of the hostages from Islamic militants to the government of Abolhassan Bani-Sadr. Ayatollah Khomeini ruled that the hostages should not be turned over to the government but instead remain in the custody of the militants until their fate is decided by a parliament that has not yet been elected. [New York Times]

  • The settlement of claims against Iran by drawing on $8 billion in its assets frozen in the United States would be made possible by legislation that President Carter said he would seek in Congress. The plan would also allow families of the American hostages to sue for personal damages.

    Barring the entry of Iranians to the United States was among the initiatives announced by President Carter. Government officials said that the order would not immediately affect the status of Iranian citizens already in this country until their visas expire, except for diplomatic personnel, who will be expelled. [New York Times]

  • President Carter's political rivals reacted cautiously to his tougher position toward Iran, praising some of his actions, but charging that previous administration policies had helped to create the stalemate over the Americans held in Teheran. [New York Times]
  • John Anderson said he would wait "several weeks" more before deciding whether to abandon the Republican race and run for President as an independent candidate. The Illinois Representative said he felt obliged "to give the American people a real choice in this next election." [New York Times]
  • Local elections in Sumter County, Ga., the home of President Carter, and in Americus, Ga., the county seat, are racially discriminatory, a federal judge ruled. He said that the at-large election process unconstitutionally diluted the black vote. [New York Times]
  • Suspected Puerto Rican terrorists arrested in Evanston, Ill., on Friday were carried into court while kicking and shouting Puerto Rican nationalist slogans. The authorities have been unable to identify five of the 11 suspects. As they were arraigned on weapons charges, they asserted that they were prisoners of war and did not recognize the jurisdiction of the court. [New York Times]
  • A Palestinian terrorist attack on a kibbutz near Israel's border with Lebanon resulted in the deaths of five terrorists and three Israelis, including a boy. Four children were wounded slightly. Israeli troops stormed a dormitory where the terrorists were holding a group of small children hostage in an attempt to gain the release of guerrillas from Israeli prisons. [New York Times]
  • Seeking to speed Mideast peace talks, President Sadat flew to Washington in hopes of getting President Carter to persuade Israel to extend the stalled Palestinian autonomy negotiations beyond a slated May 26 cutoff. [New York Times]
  • Lower wage demands were reported to have been made by negotiators for the striking bus and subway workers in New York City as the talks entered a new and critical phase. But the executive board of the union reportedly continued to resist demands for givebacks of benefits and working conditions that the union had previously won. Both sides agreed to ban public comment on the status of bargaining, a tactic usually used at crucial stages in negotiations. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 768.34 (-15.79, -2.01%)
S&P Composite: 100.19 (-1.96, -1.92%)
Arms Index: 1.78

IssuesVolume*
Advances3423.71
Declines1,21723.44
Unchanged3231.98
Total Volume29.13
* 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
DateDJIAS&PVolume*
April 3, 1980784.13102.1527.96
April 2, 1980787.80102.6835.20
April 1, 1980784.47102.1832.03
March 31, 1980785.75102.0935.85
March 28, 1980777.65100.6846.71
March 27, 1980759.9898.2263.77
March 26, 1980762.1298.6837.35
March 25, 1980767.8399.1943.79
March 24, 1980765.4499.2839.22
March 21, 1980785.15102.3132.22


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