News stories from Thursday June 17, 1976

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

Background checks by the Federal Bureau of Investigation of nominees for Vice President on the Democratic ticket have been all but ruled out by Jimmy Carter, who said "I'd be reluctant to do that." Attorney General Edward Levi made the offer several weeks ago to the presidential candidates of both parties, but Mr. Carter said he was not convinced of its legality. His aides said there also were questions of propriety. [New York Times] The Supreme Court unanimously upheld the President's authority to impose fees on imported oil when it is decided that oil imports must be limited for national security reasons and rejected challenges to the fees by nine states, 10 utility companies and a member of Congress. The decision reversed the United States Court of Appeals, which ruled last summer that the President had authority to limit imports only through "direct" methods, such as import quotas. [New York Times] Frank Fitzsimmons, president of the International Brotherhood of Teamsters, disclosed that he and other top union officials had been subpoenaed to appear in Washington. Other union sources said the subpoenas were issued by a joint investigative force of the Labor and Justice Departments, which is investigating alleged abuses in the union's Central States pension funds. [New York Times] Senator James Buckley was endorsed by a wide margin by the Republican State Committee for re-election this year over Representative Peter Peyser of Westchester County. Mr. Peyser said he would challenge Mr. Buckley in the Republican primary. If he gets on the ballot by means of designating petitions he will force the first state-wide Republican primary in 55 years, The winner of that primary would run against the Democrats who are seeking to replace Mr. Buckley. [New York Times] Rioting continued for a third day in Soweto, a black township near Johannesburg, with the rioters, mostly young people, directing their fury at government buildings and vehicles. The death toll increased as more than 1,000 policemen armed with rifles and sten guns moved into the streets. The official toll yesterday was 54 dead and 300 injured. [New York Times] Three Lebanese men who were said to have confessed an involvement in the slaying of Francis Meloy, the United States Ambassador to Lebanon, Robert Waring. the embassy's economic counselor, and their driver Wednesday were arrested in Beirut. Mahmoud Labady, an official of the Palestinian press service Wafa said at a news conference that the three men had been arrested by security agents of Al Fatah, the Palestinian guerrilla organization. He suggested strongly that the men had been in the employ of what he called an "outside power." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1003.19 (+14.67, +1.48%)
S&P Composite: 103.61 (+1.60, +1.57%)
Arms Index: 0.43

	Issues	Volume*
Advances	1,144	22.81
Declines	352	3.02
Unchanged	359	1.98
Total Volume		27.81

* 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 16, 1976	988.52	102.01	21.62
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