News stories from Monday April 26, 1976

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

The Senate Select Committee on Intelligence Activities concluding its 15-month long investigation with a report urged Congress to adopt a new, omnibus law covering foreign and military intelligence gathering that would establish charters for the major agencies and sharply limit the use of covert action as a tool of foreign policy. The committee disclosed that the United States has conducted many covert operations -- some 900 major or sensitive operations -- in the last 15 years alone. The report made few other disclosures. [New York Times] The day before the Pennsylvania primary -- the most critical contest so far for the Democratic presidential candidates -- there were signs across the state that despite sizable commitments to Senator Henry Jackson from the state's traditional power blocs Jimmy Carter's strength in both a statewide preferential vote and a battle for convention delegates was substantial and growing. With 134 convention delegates at stake and a preferential vote among 2.8 million registered Democrats, Senator Jackson, Mr. Carter and Representative Morris Udall strongly appealed for support. [New York Times] The Wheeling-Pittsburgh Steel Corporation, the country's ninth largest steel maker, took the lead in announcing a long-expected increase In prices for flat-rolled steel, the most widely used form of steel in manufacturing. The increase of almost 8 percent on some products, effective June 1, is part of a general move to higher metals prices that has gathered force recently. [New York Times] Senator James Buckley, who was elected to the Senate as a Conservative Party candidate six years ago, announced his candidacy for a second term both as a Republican and a Conservative. However, he made it clear that he would continue to campaign against the federal bureaucracy. [New York Times] Marshal Andrei Grechko, the Soviet Minister of Defense and, for average Russians, the bridge between the celebrated Red Army of World War II and the modern Soviet Army, died at the age of 72. He was hailed as "a famous hero" of World War II and "a loyal son of the Communist Party" in an obituary signed by Leonid Brezhnev, the Soviet Communist Party chief, and other Kremlin leaders. Western diplomats found some Soviet officials unprepared for and even stunned by the announcement of the marshal's death. He had been active up to last week. Hardening of the arteries and a coronary insufficiency apparently were contributing causes of his death. [New York Times] Portugal's Socialist leader, Mario Soares, said that because of his party's strong showing in the parliamentary elections Sunday, the party was ready to form a minority government if it was called upon to do so. The Socialists won at least 106 of the 263 seats in the new National Assembly. With nearly all the votes counted, the Socialists were 26 seats short of a majority, but they apparently could pick up two more of the four seats still to he decided. Mr. Soares rejected any alliance with the Communist Party or the centrist or conservative parties. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1002.76 (+2.05, +0.20%)
S&P Composite: 102.43 (+0.14, +0.14%)
Arms Index: 0.65

	Issues	Volume*
Advances	714	7.79
Declines	755	5.34
Unchanged	410	2.39
Total Volume		15.52

* 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 23, 1976	1000.71	102.29	17.00
April 22, 1976	1007.71	102.98	20.22
April 21, 1976	1011.02	103.32	26.60
April 20, 1976	1003.46	102.87	23.50
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