News stories from Monday June 28, 1976

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

President Ford and six other leaders of industrial democracies announced that they had agreed to pursue the objective of sustained economic growth with policies that seek to avoid reigniting worldwide inflation. They pledged this in a joint statement at the end of their economic summit meeting in Puerto Rico. [New York Times] The all-male tradition at the nation's service academies was broken with the entrance of 155 young women at the Air Force Academy in Colorado Springs. A law signed by President Ford last October abolished the all-male tradition starting with the class of 1980. The first women at West Point and Annapolis will arrive next week. The Air Force Academy now has a beauty parlor. One of the first things the freshmen had to do was to get a haircut. They had a choice of four very short styles. [New York Times] Ruling in a Pasadena, Calif., school case, the Supreme Court defined a new limit on the scope of the power of the courts to issue desegregation orders meant to bring about what is called a "unitary" school system desegregating an illegal "dual" system that segregates blacks from whites. In a 6-to-2 opinion, the Court said that even if school authorities have not yet complied with all aspects of a court-ordered desegregation plan, the court cannot require them to readjust their attendance zones each year in an effort to maintain the same racial mix despite changing population patterns. The Court said that if school officials initially complied with a court-ordered plan to revise their school attendance zones, thus achieving a "racially neutral" system of assigning children to schools, the court has "fully performed its function of providing the remedy for previous racially discriminatory attendance patterns." [New York Times] Government officials said that the Internal Revenue Service had revoked the tax-exempt status of the Teamster union's $1.4 billion Central States Pension Fund, the largest such fund in the union, citing mismanagement and questionable loan practices. The revocation is retroactive to Jan. 31, 1965, and if it survives an expected court challenge, the fund would be liable for taxes on its earnings from that date that might run to millions of dollars. [New York Times] The cure rate for persons with cancer of the rectum or colon is doubled when they are injected with an anticancer drug called 5-fluorouracil following surgery, according to two New York physicians, specialists in colorectal cancer, the second leading cancer killer in this country. [New York Times] Palestinian extremists who had seized an Air France plane allowed its 256 passengers and crew members to get off the plane at the Entebbe airport in Uganda, but kept them in custody. The plane was hijacked Sunday after it left Athens for Paris on a flight that originated in Israel. About 80 Israelis and at least nine Americans were aboard. [New York Times] A court in Angola sentenced an American and three Britons to be shot by a firing squad for their part as mercenaries in the Angolan civil war. One of the Britons had admitted ordering the execution of 14 other British mercenaries who had refused to fight. Two other Americans and seven other British subjects were sentenced to prison terms ranging from 16 to 30 years. The death sentences must be confirmed by President Agostinho Neto. In Washington, the State Department said the death sentence for the American, Daniel Gearhart, was "unwarranted by the facts as we understand them." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 997.38 (-2.46, -0.25%)
S&P Composite: 103.43 (-0.29, -0.28%)
Arms Index: 0.93

	Issues	Volume*
Advances	702	7.64
Declines	700	7.07
Unchanged	429	2.78
Total Volume		17.49

* 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 25, 1976	999.84	103.72	17.83
June 24, 1976	1003.77	103.79	19.85
June 23, 1976	996.56	103.25	17.53
June 22, 1976	997.63	103.47	21.15
June 21, 1976	1007.45	104.28	18.93
June 18, 1976	1001.88	103.76	29.71
June 17, 1976	1003.19	103.61	27.81
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