News stories from Tuesday July 6, 1976

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

Queen Elizabeth II, great-great-great-great-granddaughter of King George III, stepped ashore from the royal yacht Britannia at Penn's Landing, Philadelphia, to join the celebration of the independence of the former British colonies. Her ceremonial appearances included one at Independence Hall where the Declaration of Independence from her ancestor's rule was signed in 1776. Philadelphians gave her an enthusiastic reception. [New York Times] President Ford vetoed the $3.95 billion public works job bill. He said it epitomized the "empty promises and giveaway programs" of the opposition Congress and would produce larger deficits, higher taxes, higher inflation and, ultimately, higher unemployment rather than the 300,000 jobs predicted by its Democratic sponsors. [New York Times] Jimmy Carter said in a New York Times interview that he expected foreign policy to be a major issue in the presidential campaign. Unlike the Ford administration, he does not believe in the real possibility of a limited nuclear war, and he would be willing to deter potential Soviet intervention in the third world by a total withholding of trade, including food. [New York Times] Ronald Reagan made Jimmy Carter his target in a paid television broadcast foreshadowing his election strategy if he should win the Republican nomination from President Ford. He indicated the probable Democratic candidate was vague on issues and would fail to discipline "an irresponsible and wasteful Congress." [New York Times] The Internal Revenue Service, which revoked two weeks ago the tax-exempt status of the Central States Pension Fund of the International Brotherhood of Teamsters, has postponed at least part of its action until Aug. 31. The ruling appeared aimed at relieving the burden on employers who contribute and employees on whose behalf the contributions are made. The fund is also under investigation by Labor and Justice. [New York Times] The Supreme Court ruled 6 to 3 that federal courts may not give habeas corpus relief to prisoners who say illegally obtained evidence was used against them in trials in state courts. The only exception permitted was where defendants could show the state failed to provide a chance for full and fair litigation of their claim under the Fourth Amendment. Other decision on the final day of the Court year also took a restricted view of Fourth Amendment protection against "unreasonable searches and seizures." [New York Times] The language dispute that touched off rioting in which 176 people died in Johannesburg last month was resolved when the South African government bowed to black demands for an end to the compulsory use of Afrikaans as a teaching medium in black schools. The concession to black pressure was unprecedented in the country's recent history, but there was no sign of further concessions on other black demands. [New York Times] The Soviet Union launched a two-man Soyuz 21 spacecraft, apparently destined for a rendezvous with a space station put into orbit two weeks ago. An announcement nearly two hours later said it had attained earth orbit and that all onboard systems were functioning normally. [New York Times] Israel's rescue of hijacked hostages and crew members held by terrorists in Uganda has ended, at least emotionally, the self-doubt and deprecation that had been eating at many Israelis since the surprise Arab attack in October 1973. A renewed sense of national pride was reflected at the funeral in Jerusalem of the American-born officer who was killed leading the rescue, despite deepening political isolation, a worsening economic squeeze and diplomatic defeats at the United Nations and elsewhere. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 991.81 (-8.03, -0.80%)
S&P Composite: 103.54 (-0.57, -0.55%)
Arms Index: 1.25

	Issues	Volume*
Advances	644	5.40
Declines	737	7.74
Unchanged	464	2.99
Total Volume		16.13

* 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*
July 2, 1976	999.84	104.11	16.73
July 1, 1976	994.84	103.59	21.13
June 30, 1976	1002.78	104.28	23.83
June 29, 1976	1000.65	103.86	19.62
June 28, 1976	997.38	103.43	17.49
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