News stories from Wednesday May 12, 1976

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

Senator Frank Church's upset victory over Jimmy Carter in the Nebraska Democratic primary gave fresh hope to Democrats opposing the front-runner, while Nebraska Republicans gave Ronald Reagan his fifth victory over President Ford in 10 days. Next Tuesday's primaries in Michigan, Mr. Ford's home state, will be acutely important to him while Mr. Carter will be seeking to regain his momentum. [New York Times] The House Ethics Committee voted in a closed meeting to investigate a complaint brought by Common Cause alleging conflict of interest in the affairs of Representative Robert Sikes, Democrat of Florida. While chairman of a subcommittee of the Appropriations Committee, overseeing military contracts, he was said to have had a personal involvement in business deals involving the armed services. Mr. Sikes has denied any wrongdoing, and his attorney expressed confidence that he would be exonerated. It will be the committee's first probe since it was created in 1967. [New York Times] The New York Offtrack Betting Corporation devoted an entire news conference to James Sullivan, who had bet $3 and won $128,844. He picked the winners of four races at Yonkers Raceway by converting the last four digits of his Army serial number into letters that matched the results. Over all, OTB patron lose about $200 million a year after taxes, commissions and surcharges. [New York Times] The United States and the Soviet Union quietly initialed in Moscow a treaty limiting the size of nuclear explosions for peaceful purposes, but plans for formal signing ceremonies today in both capitals were postponed. Some administration officials said the White House was nervous about giving Ronald Reagan something new to criticize before Tuesday's primary vote in Michigan. [New York Times] Russian Embassy officials in Washington have been frequently in touch with Jimmy Carter's aides and advisers, showing interest in the presidential race and implying that they could possibly pursue policies that might influence the outcome. The aides said the Soviet diplomats repeatedly said that President Ford was undermining detente, that they did not want to see Senator Henry Jackson elected President and that there would be mutual benefit in Mr. Carter's meeting the Soviet Ambassador. [New York Times] The Popular Movement for the Liberation of Angola, six weeks after it gained victory with Soviet and Cuban support over its rivals, is faced with overwhelming peace-time problems. The economy is virtually paralyzed by the destruction of the transportation and distribution systems, there is a desperate lack of technicians and shortages of equipment, spare parts and food. Angolan leaders are more concerned with what they consider economic sabotage and a relaxation of the revolutionary spirit. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1005.67 (-0.94, -0.09%)
S&P Composite: 102.77 (-0.18, -0.17%)
Arms Index: 0.94

	Issues	Volume*
Advances	629	7.09
Declines	797	8.46
Unchanged	439	2.96
Total Volume		18.51

* 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 11, 1976	1006.61	102.95	23.59
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