News stories from Tuesday July 1, 1980

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

A world record for the one-mile run of 3 minutes 48.8 seconds was set by Steve Ovett of Britain. His countryman, Sebastian Coe, the previous mile record holder, set a world mark of 2:13.40 in the 1,000-meter run. [New York Times] A major new step toward a tax cut was taken by the Democratic congressional leadership. Officials said that the House Ways and Means Committee would hold hearings on proposals for reductions soon after Congress returned July 21 from a recess. Senate Democrats, under Republican pressure, have already said they would have a tax cut plan ready for action by the full Senate in September. [New York Times] Speedy action against the recession was urged by Senator Edward Kennedy. He said that if the administration took such steps he "could" support President Carter in the November election, but that if the administration failed to act the Democratic presidential nomination should be worth little to either of them. [New York Times] An asserted slight against blacks led an aide of Ronald Reagan to redefine the presidential aspirant's trip to Mexico. He is to go there tomorrow on what is now called a working "retreat" rather than a vacation. Mr. Reagan's decision to make the trip rather than address the convention of the N.A.A.C.P. prompted Benjamin Hooks, president of the civil rights organization, to say that Mr. Reagan "has written off the black vote." [New York Times] A cutback in trucking regulation took effect under legislation signed by President Carter. He said that the new law would "eliminate the red tape and senseless overregulation that has hampered" the $41 billion interstate industry and could save consumers up to $8 billion a year. [New York Times] Wheat is dying in the worst drought in the Northwest in more than 40 years, causing millions of dollars in losses. Officials said that at least half the crop would be lost in eastern Montana. A major heat wave took more lives in the Southwest. [New York Times] Canada tried to bolster its unity at a ceremony in Ottawa proclaiming a 100-year-old song, "O Canada," the official national anthem. The song, for years an unofficial anthem, has generated a dispute over its words. Those sung at the ceremony are tentative because the political parties have not yet agreed on them and will try to resolve the phrasing next fall. [New York Times] Moderation by Israel was urged by 56 prominent American Jews, including present and former heads of organizations that have raised funds and lobbied for Israel. The leaders endorsed a statement advocating territorial compromise and criticizing extremists in the Israeli government. The statement was initiated by 250 prominent Israelis.Major bars to Israel's peace movement involve both the government's hard-line policies and the lack of a similar movement for moderation by Palestinians. For more than two years, the peace advocates in Israel have urged in vain an end to the occupation of the West Bank and Gaza. [New York Times] Possible East-West talks on missiles were indicated by Chancellor Helmut Schmidt of West Germany. He hinted that his two days of talks with Soviet leaders in Moscow might open the way to negotiations to limit medium-range missiles in Europe. But Mr. Schmidt said that the Kremlin had refused to halt Soviet missile deployment in Eastern Europe to get such talks started. [New York Times] Acts of piracy against "boat people" fleeing Vietnam have been punished for what is believed to be the first time. A Thai court has sentenced seven Thai fishermen to prison terms ranging from 8 to 24 years for the rape of five Vietnamese women and the robbery of more than 80 refugees. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 872.27 (+4.35, +0.50%)
S&P Composite: 114.93 (+0.69, +0.60%)
Arms Index: 0.57

	Issues	Volume*
Advances	834	20.15
Declines	641	8.83
Unchanged	419	5.36
Total Volume		34.34

* 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*
June 30, 1980	867.92	114.24	29.90
June 27, 1980	881.83	116.00	33.11
June 26, 1980	883.45	116.19	45.10
June 25, 1980	887.54	116.72	46.50
June 24, 1980	877.30	115.14	37.73
June 23, 1980	873.81	114.51	34.18
June 20, 1980	869.71	114.06	36.52
June 19, 1980	870.90	114.66	38.28
June 18, 1980	881.91	116.26	41.96
June 17, 1980	879.27	116.03	41.99