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Thursday April 15, 1976
. . . where the 1970s live forever!

News stories from Thursday April 15, 1976

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

  • Senator Henry Jackson's campaign for the Pennsylvania primary on April 27 lost momentum while he took time out in Philadelphia to try to raise money to keep his campaign moving. Like his rivals for the Democratic nomination for president, Senator Jackson has been stymied by Congress's delay on a bill that would reconstitute the Federal Election Commission, which disperses the matching government funds. He said: "We're damned tight. All our calculations are thrown to the far winds." [New York Times]
  • President Ford resolved a bitter inter-agency dispute in favor of a relatively fast buildup of the country's first strategic oil reserve as a protection against another foreign embargo. Such protection was put ahead of budgetary considerations, sources in the administration and Congress said. Mr. Ford reportedly rejected the advice of his Budget Office to extend beyond 1978 the purchase of the first 150 million barrels of crude oil that will go into the reserve. [New York Times]
  • West Point cadet Stephen Verr said that he would probably resign from the United States Military Academy because of harassment by officers and cadets who have objected to his being cleared of an honor-code violation. If he resigns he will become one of the dozens of cadets who leave West Point each year because they were guilty or "seem to be" guilty of violating the controversial code. [New York Times]
  • The Justice Department, in its first such action under a 1974 law, charged two mortgage lenders with discrimination against women. The suits against the Jefferson Mortgage Corporation of Cherry Hill, N.J., and the Prudential Federal Savings Association of Salt Lake City were based on a 1974 amendment to the Fair Housing Act of 1968 barring discrimination based on sex when prospective borrowers are considered for home loans. The suits would also require the companies to "correct the effects" of alleged past discriminatory practices. [New York Times]
  • The modernized Yankee Stadium was re-opened to a sellout crowd of 54,010 people. The paying portion which numbered 52,613 paid up to $5.50 for lower box seats to watch the Yankees defeat the Minnesota Twins 11-4. There were many well-known figures in politics and sports among the spectators. [New York Times]
  • Fighting in Lebanon's civil war increased despite the armed truce declared 13 days ago, and rival forces in Beirut bombarded each other with rockets, mortar rounds and light artillery fire. Skirmishing was also reported in the mountains to the east, where Christian rightists seized the village of Dhur el-Shuweir. [New York Times]
  • Syria's decision to send troops into Lebanon on April 9 was made more than 10 days earlier, immediately after an unsuccessful meeting in Damascus between President Hafez al-Assad and Kamal Jumblat, leader of the Lebanese leftist-Moslem alliance. Syrian officials said the purpose of the move was to make sure that Mr. Jumblat and the Lebanese Arab Army, the Moslem deserter force led by Lieut. Ahmed al-Khatib, would not defy a Syrian order against an all-out attack on Christian areas. [New York Times]
  • To ease the hostility that has kept diplomatic relations at a minimum, India announced that it was sending an ambassador to Peking for the first time in 15 years. The announcement was made in Parliament by External Affairs Minister Y.B. Chavan, who said that a similar move was expected from China. [New York Times]
  • The United States government's attitude toward Africa, which had been unfocused and drifting with events, has hardened since the crisis in Angola into a determination to eliminate superpower conflict in black Africa. To achieve this, the administration is doing two things: brandishing a verbal stick at the Soviet Union and Cuba to deter future Angolas and giving new emphasis on majority rule in southern Africa and African economic development. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 980.48 (+5.83, +0.60%)
S&P Composite: 100.67 (+0.36, +0.36%)
Arms Index: 0.76

Total Volume15.10
* 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
April 14, 1976974.65100.3118.44
April 13, 1976984.26101.0515.99
April 12, 1976971.27100.2016.03
April 9, 1976968.28100.3519.05
April 8, 1976977.09101.2820.86
April 7, 1976986.22102.2120.19
April 6, 19761001.65103.3624.17
April 5, 19761004.09103.5121.94
April 2, 1976991.58102.2517.42
April 1, 1976994.10102.2417.91

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