News stories from Wednesday May 5, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Ford ordered a major review of his campaign strategy following four straight primary losses to Ronald Reagan. Proposals reportedly under consideration included dropping the public question-and-answer sessions that often put him on the defensive, and an attempt to picture his challenger as a dangerous reactionary who could not be elected. As the Republican race narrowed, Jimmy Carter took a longer lead in the Democratic contest, with his strategists predicting a pre-convention delegate count big enough to win. [New York Times]
- A growing split between the conservative and moderate wings of the Republican Party is indicated in the New York Times-CBS News survey of voters in the Indiana Republican primary. Despite previous warnings of this danger, from President Ford's backers including Senator Barry Goldwater, the voters overwhelmingly rejected the idea that Mr. Reagan was splitting the party. But their own views showed a deep split along ideological lines. [New York Times]
- The Senate failed by three votes to override President Ford's veto of a $125 million bill on child day care that would have helped the centers to meet long-unenforced staffing and safety standards, Many centers are now in danger of closing. Senator Russell Long, the Finance Committee chairman, said that a compromise bill would be sought in a few days. [New York Times]
- The stock certificates controlling the Summa Corporation, which holds title to most of the $1.5 billion estate of Howard Hughes, were in the possession of the Bank of America at his death last month. This was disclosed in a court action in which a Hughes cousin, William Lummis, was appointed ancillary administrator of the estate. [New York Times]
- Gov. Arch Moore of West Virginia and his former top aide were acquitted by a federal jury in Charleston of conspiring to extort $25,000 from a businessman who was seeking a state bank charter. [New York Times]
- Egypt and the leadership of the Palestine Liberation Organization are reported to have reached a broad understanding for cooperation in Lebanon and elsewhere ending nine months of bitterly strained relations. The main purpose, according to sources close to Yasser Arafat, the P:L.O. leader, is to strengthen his hand against what they call "a Syrian attempt to bring the Palestinian resistance movement in Lebanon under the control of Damascus." Informed Arab officials said that Saudi Arabia, which has been mediating other Arab quarrels, helped smooth the Egyptian-P.L.O. relationship. [New York Times]
- Britain's Chancellor of the Exchequer and the head of the Trades Union Congress agreed on a tough new wage-control policy. Their unusual alliance has been tightened by a common anxiety over the fall of the pound and the continuing high inflation rate. The agreement restricts wage increases to 4.5 percent in the year starting Aug. 1 and sets a maximum increase of $7.32 for those earning more than $150 a week. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 986.46 (-7.24, -0.73%)
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 4, 1976 | 993.70 | 101.46 | 17.24 |
| 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 |