News stories from Tuesday April 20, 1976

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

The White House announced that President Ford paid more than $94,000 in federal income taxes for 1975 and received a refund of $11,600. Press secretary Ron Nessen suggested that Mr. Ford's challenger for the Republican nomination, Ronald Reagan, and the Democratic contenders match the scope of his disclosures. [New York Times] Contradictory accounts about the final illness of the late Howard Hughes include some evidence that the reclusive billionaire resisted or refused treatment that could have prolonged his life. The question whether he was competent to manage his affairs or was under the control of others could become important if a court battle develops over the disposition of his $1.5 billion estate. [New York Times] ABC News has offered Barbara Walters a five-year contract at $1 million a year to become co-anchor of "The Evening News with Harry Reasoner." She said she would decide this week whether to accept the ABC offer or sign a new contract with NBC, the network where she rose to stardom in television journalism. [New York Times] The Supreme Court ruled in a Chicago case that federal courts can order the creation of low-cost public housing for minorities in a city's white suburbs to relieve racial segregation in housing in the city. It said courts can do this even if the suburbs involved are clear of discriminatory housing practices. The decision was viewed as a landmark victory for civil rights groups. [New York Times] This year's Democratic voters -- at least the small minority who have turned out in early primary elections -- appear to have a more conservative hue than they did in 1972 in the absence of such a galvanizing political issue as the war in Vietnam. A series of surveys of primary voters suggests that the still inconclusive presidential race has been shaped mostly by economic and other domestic issues and an ill-defined yearning for new faces. [New York Times] Portugal is caught up in another frenzy of rallies, marches and interparty violence with the approach on Sunday, on the second anniversary of the revolution that threw out the old right-wing dictatorship, of the vote for the first freely elected Parliament in half a century. Only four parties are expected to obtain a significant vote. The Socialists are believed to be in first place, about equal to the liberal Popular Democrats and conservative Centralists combined, with the Communists forming a strong minority. [New York Times] Queen Elizabeth II, who celebrates her 50th birthday today, remains a symbol of stability after the decline of Britain as a world power and the erosion of its economic strength. Criticism is low-keyed, but there is discussion of the role and relevance of the royal family. The recent breakup of Princess Margaret's marriage underlined the blurred problems of the monarchy. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1003.46 (+15.35, +1.55%)
S&P Composite: 102.87 (+1.43, +1.41%)
Arms Index: 0.42

	Issues	Volume*
Advances	1,224	18.80
Declines	333	2.15
Unchanged	351	2.55
Total Volume		23.50

* 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*
April 19, 1976	988.11	101.44	16.50
April 15, 1976	980.48	100.67	15.10
April 14, 1976	974.65	100.31	18.44
April 13, 1976	984.26	101.05	15.99
April 12, 1976	971.27	100.20	16.03
April 9, 1976	968.28	100.35	19.05
April 8, 1976	977.09	101.28	20.86
April 7, 1976	986.22	102.21	20.19
April 6, 1976	1001.65	103.36	24.17
April 5, 1976	1004.09	103.51	21.94