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Monday May 17, 1976
. . . where the 1970s live forever!

News stories from Monday May 17, 1976

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

  • The conviction of John Ehrlichman was unanimously affirmed by the United States Court of Appeals for his role in the 1971 break-in by the White House "plumbers" of the office of Dr. Daniel Ellsberg's former psychiatrist. The court also unanimously upheld the conviction of Mr. Ehrlichman's co-defendant, G. Gordon Liddy, who worked for both the White House, where Mr. Ehrlichman was President Nixon's chief domestic adviser, and the 1972 Nixon re-election campaign. But the court, by a 2-to-1 vote, reversed the convictions of two other defendants In the break-in trial, Bernard Barker and Eugenio Martinez, who carried out the break-in. [New York Times]
  • The 1976 presidential campaigns are the first in which political action committees of business corporations have operated on any scale following clearance by the Federal Election Commission last year. The amounts they are giving to the primary campaigns remain relatively small. The political committees have invested more than four times as much money in President Ford as they have in Ronald Reagan. Jimmy Carter has received more corporate funds than Mr. Reagan. [New York Times]
  • President Ford officially revived the Federal Election Commission, appointed five of the six commissioners to new terms and then filled the single vacancy with William Springer, a former Republican Representative from Illinois. Senate leaders agreed to vote confirmation of the five current commissioners today without committee hearings so that the commission can move promptly to authorize campaign subsidy payments. The commission's staff has audited claims totaling $2,171,364 filed by 11 candidates. The chief beneficiary of the funds will be President Ford. [New York Times]
  • Representative Bella Abzug announced her candidacy for the Senate, seeking to replace James Buckley, the Conservative-Republican, whom she called "Lord Buckley." "We can no longer afford to regard the United States Senate, as some do, as kind of House of Lords, where economic aristocrats preach sacrifice to the rest of us," she said at a news conference. She observed that there were no women among the 100 Senators. "People of both sexes and all parties can, and do, feel the injustice of that," she said. [New York Times]
  • On the third successive day of anti-Israeli rioting on the West Bank, an Arab youth was shot and killed by Israeli soldiers, the second Arab slain by the Israelis in two days. The youth was shot in Kalandia as he watched a fight between two Israeli soldiers and a crowd of Arabs that had attacked the Israelis' truck. The continuing disturbances tended to confirm the fear expressed recently by Israeli leaders that the riots are growing progressively worse and more difficult to control. In Nablus, where a girl was slain on Sunday, thousands of people thronged the streets, waving Palestinian flags, chanting slogans and shouting "murderers" at Israeli soldiers on patrol. [New York Times]
  • Libya, a supporter of the most extreme elements within the Palestinian camp, openly entered the Lebanese situation in an attempt to mediate between Syria and the various leaders of the Palestine Liberation Organization. Maj. Abdul Salam Jalloud, the Libyan Prime Minister, arrived in Beirut from Damascus with Yasser Arafat, the head of the P.L.O. Major Jalloud was understood to have brought Syrian assurances to Palestinian and leftist Moslem leaders that the Syrian intervention in Lebanon was not directed against them and would not deprive them of their freedom of action, contrary to what many of them have charged. [New York Times]
  • The British pound fell to less than $1.80 in London for the first time before making a slight recovery on the strength of modest purchases of pounds by the Bank of England. It dropped to $1.799 at noon before closing fractionally above $1.80. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 987.64 (-4.96, -0.50%)
S&P Composite: 101.09 (-0.25, -0.25%)
Arms Index: 1.15

Total Volume14.72
* 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
May 14, 1976992.60101.3416.80
May 13, 19761001.10102.1616.73
May 12, 19761005.67102.7718.51
May 11, 19761006.61102.9523.59
May 10, 19761007.48103.1022.76
May 7, 1976996.22101.8817.81
May 6, 1976989.53101.1616.20
May 5, 1976986.46100.8814.97
May 4, 1976993.70101.4617.24
May 3, 1976990.32100.9215.18

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