News stories from Wednesday April 28, 1976

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

Senator Hubert Humphrey appeared poised for a limited effort to halt Jimmy Carter short of the Democratic presidential nomination, but few even among his friends thought he had much chance. Mr. Humphrey promised a quick decision to a committee to seek delegates for him.Voter surveys indicate that Mr. Carter and Mr. Humphrey -- to whom the Democratic presidential race has apparently narrowed -- represent contrasting streams within the party rank and file. The Carter backers are likelier to be younger, more middle class, with somewhat higher incomes, and slightly on the conservative side of many issues, including the size and role of the government. Humphrey supporters tend to be older and drawn from the old New Deal elements -- blue-collar, low-income, union-background city dwellers on the liberal hide of issues such as federal job guarantees. [New York Times] The General Motors Corporation, the world's largest automaker, reported a sharp rise in first quarter earnings to $800 million, or $2.78 a share, only slightly below its best first quarter in 1973. A year ago, while the industry was in a severe slump, the figures were $59 million, or 20 cents a share. [New York Times] A sharply worded report by the Senate Select Committee on Intelligence summarizing its examination of government spying within the country found that intelligence agencies, particularly the Federal Bureau of Investigation, repeatedly violated the laws. It found unconstitutional investigations of the political activities of hundreds of thousands of citizens, many of them law-abiding. It rebuked the agencies for investigating far too many people, often for the wrong reasons, for regularly using illegal or questionable techniques, and for acting largely without the scrutiny or knowledge of Presidents and Attorneys General. It called the four-decade pattern neither partisan nor the product of "a few willful men" but an inevitable result of the "excessive" growth of executive power unchecked by Congress. [New York Times] The Soviet Union made its long-awaited re-entry into the United States grain market with the purchase of 3.1 million tons of corn and 300,000 tons of wheat from three suppliers, the Department of Agriculture announced. The value of the deals was estimated at more than $400 million. More sales are expected, a department official said. [New York Times] The Supreme Court of India upheld the right of Prime Minister Indira Gandhi's government to imprison political opponents without court hearings. The ruling was a milestone in the dismantling of India's democratic institutions, starting with the declaration of a state of emergency last June. To her opponents, especially those who have been jailed in the last 10 months, it came as a major defeat. The court held that the traditional right of habeas corpus was suspended for the duration of the state of emergency, which can last as long as the government wishes. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1000.71 (+5.20, +0.52%)
S&P Composite: 102.13 (+0.27, +0.27%)
Arms Index: 0.76

	Issues	Volume*
Advances	636	6.89
Declines	771	6.34
Unchanged	456	2.56
Total Volume		15.79

* 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 27, 1976	995.51	101.86	17.76
April 26, 1976	1002.76	102.43	15.52
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