News stories from Wednesday June 16, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The newly arrived United States Ambassador was murdered in Beirut along with his economic counselor and their Lebanese driver. The Ambassador, Francis Meloy, was reportedly taken from his car and shot to death and dumped in a garbage pile. Also shot and dumped in the same garbage pile were Robert Waring, the embassy's economic counselor and their driver, Zoheir Moghrabi. [New York Times]
- Economic expansion continued in May as government reports showed gains in industrial production, personal income and housing starts. Housing construction, however, remained one of the few sluggish sectors, mainly because the cost of new homes has risen much faster than the average incomes, but housing starts did show a small increase over April. [New York Times]
- Attorney General Edward Levi told a news conference that he thought the courts had tried to follow the 1974 law that orders federal courts to impose school busing in desegregation cases only as a last resort. Mr. Levi's statement contrasts with the repeated assertions of President Ford that the courts would not have to impose busing if they followed the law. [New York Times]
- A bill to continue the Federal Energy Administration for 15 months and to require major energy companies to disclose costs and profits for major functions, such as oil production, was approved by the Senate and sent to conference with the House. The Senate wrote into the bill authorizations for federal subsidies and loan guarantees for energy conservation efforts by home owners. [New York Times]
- Jimmy Carter's apparently successful campaign for the Democratic presidential nomination has left his organization more than $1 million in debt. Aides to Mr. Carter, however, believe that the pace of private contributions will continue to accelerate, generating more federal matching funds and enabling him to pay off the debt. [New York Times]
- Baseball Commissioner Bowie Kuhn ordered a hearing on the mass sale of unsigned star players by the Oakland A's and told the players not to change sides until he had looked into the issues raised by the money "revolution." Charles Finley, the Oakland owner, sold Vida Blue, the pitcher, to the Yankees and Joe Rudi, outfielder, and Rollie Fingers, pitcher, to Boston for a total of $3.5 million. [New York Times]
- Two nurses were arrested and charged with the murders of five patients last summer at the Veterans Administration Hospital in Ann Arbor, Mich., the Federal Bureau of Investigation said. The two were also charged with 10 counts of introducing poison into the intravenous medicine of patients during a series of mysterious deaths from respiratory arrest at the hospital. [New York Times]
- Kenya will purchase 12 F-5 fighter planes from the United States in one of the largest single American arms deals in Africa, according to senior United States officials. The sale, which still needs congressional approval, was agreed to at a meeting between Defense Secretary Donald Rumsfeld and Kenya's Defense Minister. [New York Times]
- At least six persons were killed when a demonstration by 10,000 students in the black township of Soweto, 10 miles from Johannesburg, South Africa, turned into a riot. Two of the dead were students killed by police gunfire, and an official statement said two others were government officials pulled from their cars and killed by the students. The area was sealed off to whites and army units were standing by. [New York Times]
- The Bank of England, in its quarterly bulletin, identified the oil-producing nations as the likely agents behind the year-long decline of the pound. With tables, graphs and financial vernacular, Britain's central bank offered the first authoritative explanation of why the pound fell from $2.40 to $1.70 over the last year. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 988.52 (+2.60, +0.26%)
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 15, 1976 | 985.92 | 101.46 | 18.44 |
| June 14, 1976 | 991.24 | 101.95 | 21.25 |
| June 11, 1976 | 978.80 | 100.92 | 19.47 |
| June 10, 1976 | 964.39 | 99.56 | 16.10 |
| June 9, 1976 | 958.09 | 98.74 | 14.56 |
| June 8, 1976 | 959.97 | 98.80 | 16.65 |
| June 7, 1976 | 958.09 | 98.63 | 14.51 |
| June 4, 1976 | 963.90 | 99.15 | 15.96 |
| June 3, 1976 | 973.80 | 100.13 | 18.90 |
| June 2, 1976 | 975.93 | 100.22 | 16.12 |