News stories from Tuesday May 11, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- In the Republican preferential race in Nebraska, Ronald Reagan was the winner over President Ford. On the Democratic side, Senator Frank Church of Idaho was maintaining a lead over Jimmy Carter, the former Governor of Georgia. [New York Times]
- In West Virginia, Mr. Ford defeated Mr. Reagan in the Republican presidential preference race. John D. Rockefeller IV won by a wide margin the Democratic nomination for the governorship with about half the tabulated vote in an eight-man race. [New York Times]
- Mr. Carter, with 33 percent, defeated Morris Udall, with 31 percent, in town-by-town voting in Connecticut for Democratic presidential candidates. [New York Times]
- President Ford signed into law the measure reviving the major powers of the Federal Election Commission, freeing the agency to authorize payment of a $2 million backlog of primary subsidies to presidential candidates. It will also let the commission resume investigation of complaints of election law violations and will make several significant changes in ground rules for political candidates and committees backing them. [New York Times]
- Senate leaders agreed on a compromise plan for a new committee with exclusive authority to monitor the activities of the Central Intelligence Agency and authorize funds for its operations. Approval by a large margin is expected. [New York Times]
- A federal judge in Brooklyn ruled that the retirement benefit provisions of the Social Security Act discriminate against men aged over 64 and for women and younger men. The ruling, which Judge Thomas Platt said applied to only one individual, noted a 1972 change in the law to compute benefits for all men and women who turn 62 after Dec. 31, 1974, under a single formula. Previously there were separate formulas that had favored women. [New York Times]
- The Senate Foreign Relations Committee moved quickly to approve a new foreign aid bill designed to avoid another presidential veto. The draft dropped many but not all of the policy restrictions that prompted Mr. Ford's veto of a previous bill last week. The House International Relations Committee also moved on a new substitute measure that was somewhat less conciliatory to the President than the Senate version. Both houses are expected to approve the measures and then set a joint conference to resolve the differences. [New York Times]
- Administration officials in Washington said the Ethiopian government was preparing a huge offensive against rebels in the northern province of Eritrea, using half the army and tens of thousands of armed peasant volunteers. Intelligence reports say "human wave" formations of Christian farmers armed with old Italian rifles and machine guns would be deployed against the predominantly Moslem rebels. The farmers have been promised "land grants" in Eritrea as an incentive. Virtually all foreigners have been evacuated from Eritrea and the neighboring Tigre province. [New York Times]
- The Bolivian Ambassador to France, Gen. Joaquin Zenteno, was shot and killed near his Paris residence. The assailant escaped. Agence France-Presse received an anonymous phone call saying that the "International Che Guevara Brigades" were responsible. Ambassador Zenteno headed the military region in which Ernesto "Che" Guevara, the revolutionary, was captured and killed in 1967, the informant said. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 1006.61 (-0.87, -0.09%)
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 10, 1976 | 1007.48 | 103.10 | 22.76 |
| May 7, 1976 | 996.22 | 101.88 | 17.81 |
| May 6, 1976 | 989.53 | 101.16 | 16.20 |
| May 5, 1976 | 986.46 | 100.88 | 14.97 |
| 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 |