News stories from Thursday May 20, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- In an unexpected setback to the Pentagon, the Senate voted to delay a decision until next February on whether to produce the B-1 strategic bomber. Voting 44 to 37, the Senate adopted an amendment by Senator John Culver, Democrat of Iowa, that cuts off procurement funds for the bomber until Feb. 1, when the decision will be the responsibility of the next administration. [New York Times]
- The controversial supersonic Concorde jetliner carried President Valery Giscard d'Estaing of France to Texas where he was greeted in Houston by Gov. Dolph Briscoe, who had invited him to visit last fall. Mr. Briscoe made it clear that Texas had no objection to the Concorde. He told Mr. Giscard d'Estaing that "I would like to extend today an invitation for regularly scheduled flights of the Concorde from Paris to Texas." [New York Times]
- Jimmy Carter's prospects of winning the Democratic presidential nomination have been enhanced by a little-noticed series of endorsements from key Democratic officials in larger states. The endorsements appear to assure Mr. Carter of about 125 additional delegates and he stands to gain 25 more in other states where convention delegates are being selected. It is estimated that 712 delegates have previously been committed to Mr. Carter. The increased support he seems to be guaranteed would give him 1,085 delegates, without counting the New Jersey and Ohio primaries on June 8. [New York Times]
- Jimmy Carter was a strong political supporter of the Vietnam war and apparently was sympathetic to Lt. William Calley, who had been convicted by a military court of the murder of 22 Vietnamese civilians in My Lai. Mr. Carter said Lieutenant Calley was a "scapegoat." But at a news conference in Las Vegas today he said he had never condoned or supported Lieutenant Calley. The position illustrates a problem that has been conspicuous in Mr. Carter's presidential campaign: the question of his credibility and whether he is evasive on issues. [New York Times]
- New York Republican leaders, now uncommitted, are preparing to endorse President Ford to bolster his candidacy, state Republican officials said. Richard Rosenbaum,. the Republican State Chairman and close ally of Vice President Rockefeller, called a meeting in Albany Monday of the 154-member state delegation to the Republican National Convention. Mr. Rosenbaum strongly indicated that he would recommend Mr. Ford's endorsement. [New York Times]
- King Khalid of Saudi Arabia urged industrial nations to "freeze the prices of their exported products," hinting that Saudi Arabia might switch its stand to favoring oil price rises if this were not done. [New York Times]
- The allies of the North Atlantic Treaty Organization were promised by Secretary of State Henry Kissinger that the United States would support a firm defense of the West against Soviet military and ideological aggression no matter which candidate won the presidential election. In a speech in Oslo at a closed meeting of NATO's 15 foreign ministers, Mr. Kissinger called Soviet Union's military aid to Angola a transgression of any reasonable concept of peaceful co-existence, and said that Communist ideology was an assault on Western institutions and values. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 997.27 (+8.37, +0.85%)
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 19, 1976 | 988.90 | 101.18 | 18.45 |
| May 18, 1976 | 989.45 | 101.26 | 17.41 |
| May 17, 1976 | 987.64 | 101.09 | 14.72 |
| May 14, 1976 | 992.60 | 101.34 | 16.80 |
| May 13, 1976 | 1001.10 | 102.16 | 16.73 |
| May 12, 1976 | 1005.67 | 102.77 | 18.51 |
| 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 |