News stories from Tuesday May 4, 1976

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

Ronald Reagan won a narrow victory over President Ford in the important Republican presidential primary in Indiana. The challenger's performance was his best to date in a Northern state, adding momentum to his campaign against the incumbent. Jimmy Carter won the Indiana Democratic primary, a task made easier by the withdrawal of Senator Henry Jackson, whose name remained on the ballot. Gov. George Wallace of Alabama was running second, but with only a threadbare reprise of his 41 percent of the Democratic vote in 1972. [New York Times] Mr. Carter won the presidential preference primary in Georgia and all of the 50 Democratic delegates in a separate election, while Mr. Reagan won the Republican primary and all 48 delegates. In Alabama, Mr. Carter was trailing Gov. Wallace in early returns in the delegate contest, but in the District of Columbia he showed unexpected strength, with his delegate slate holding a narrow lead. [New York Times] The Senate passed the measure to revive the Federal Election Commission as the backlog of primary subsidies requested by candidates rose to nearly $3.8 million. The final vote was 62 to 29. White House sources indicated the President would decide within a day or two whether to sign or veto it, with approval likely. [New York Times] New Jersey's Environmental Protection Commissioner, David Bardin, said the state would try to block construction of the world's first floating nuclear plants, off Atlantic City, unless the federal government carefully analyzed the risks involved in the event of a major accident. Acknowledging that a major catastrophe was extremely unlikely, he nevertheless said the innovative technology "demands careful assessment both of benefits and of detriments, including any novel risks." [New York Times] James Schlesinger, the former Defense Secretary, said in a Washington speech that the Ford administration was undermining American "moral support" for Israel by undue pressure for Israeli concessions to the Arabs. He said that Israel, like South Vietnam in 1972-73, was being blamed for failure to make progress toward a settlement. Without mentioning Secretary of State Henry Kissinger, he seemed to be criticizing his negotiating tactics. [New York Times] The Treasury Department said Volkswagen, Volvo, Renault and other leading foreign car manufacturers had been selling cars in the United States for less than at home. But it said the companies would not be penalized for dumping if a satisfactory solution can be reached with the companies involved. Assessment of penalties might have led to cancellation of Volkswagen's plans to build an American plant and damaged relations with major partners. [New York Times] Prime Minister Ian Smith's bringing four African chiefs into his cabinet appears unlikely to aid a political settlement of the Rhodesian crisis. Opposition has come from blacks, liberals, the right wing and, reportedly, from the more conservative elements of his own ruling party, the Rhodesian Front. Insofar as the chiefs oppose both guerrilla warfare and more moderate aspirations for black majority rule, their installation is seen as a sign that Mr. Smith's own position has hardened. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 993.70 (+3.38, +0.34%)
S&P Composite: 101.46 (+0.54, +0.54%)
Arms Index: 0.66

	Issues	Volume*
Advances	838	9.94
Declines	570	4.49
Unchanged	465	2.81
Total Volume		17.24

* 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*
May 3, 1976	990.32	100.92	15.18
April 30, 1976	996.85	101.64	14.53
April 29, 1976	1002.13	102.13	17.74
April 28, 1976	1000.71	102.13	15.79
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