News stories from Tuesday September 28, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Jimmy Carter's new style in campaign speaking was unveiled in a stump speech in Evansville, Ind., using broader populist attacks on President Ford in evangelistic tones. Apparently he had been fired by an enthusiastic crowd response to tougher language in Portland, Ore., and he bore down on Mr. Ford's admitted golfing association with a lobbyist from United States Steel Company. [New York Times]
- President Ford's spokesman at the White House said that as a congressman Mr. Ford had been a golfing guest of a number of major corporations besides United States Steel. He said that Mr. Ford had stopped accepting such invitations after he became Vice President in 1973. He emphasized that Mr. Ford felt he had lived up to the spirit of the House Code of Ethics of 1968 forbidding acceptance of gifts of monetary value from anyone with an interest in current legislation. [New York Times]
- Under new fundraising laws limiting the size of campaign gifts, Senator James Buckley has had to spend nearly 60 percent of the $1.2 million he raised last month on fundraising, The Republican-Conservative candidate for re-election has received about half this money from out-of-state backers. His Democratic challenger, Daniel Patrick Moynihan, had a better return of $10 for each $3 spent on the solicitation of funds by mail. [New York Times]
- President Nixon's memoirs will maintain that he erred in judgment on the Watergate break-in and its aftermath but was not personally responsible for what he regards as a partisan scandal used by political enemies to bring him down. Publishing sources in Europe and the United States who have seen part of his manuscript said that Mr. Nixon wrote that he resigned only to prevent six months of national divisiveness in an impeachment trial. [New York Times]
- A new West Point panel of educators and former military men appointed by the Secretary of the Army met there to open a final inquiry into the cheating scandal at the Military Academy. They were asked to provide an independent analysis of the underlying causes and recommend improvements in the cadet honor system. [New York Times]
- Defying a court order, hundreds of off-duty New York City police officers blocked traffic near Yankee Stadium and encouraged roving youths to crash the gates to the Muhammad Ali-Ken Norton heavyweight championship fight. The off-duty men, protesting new work schedules and deferred raises, were frequently cheered by officers on duty despite orders to arrest disorderly demonstrators. No arrests were reported. The scene was called chaotic. [New York Times]
- Indicators are sharply down after 17 consecutive monthly increases, the Department of Commerce reported in its index for August of future economic trends. The 1.5 percent drop in the leading indicators fueled the recent judgment of some economists that there is a worrisome "pause" in the current economic recovery. Others were not upset. [New York Times]
- Wall Street fears of an economic downturn sent stock prices into their worst drop in four months. The Dow Jones industrial average declined 18.20 points to 994.93. Some analysts ascribed the slide to investor nervousness about further improvement and doubted that it meant a material flattening in the recovery of the economy. Bond prices reacted upward, and the Treasury Department was able to sell $2.5 billion of five-year notes at an average rate of 7.08 percent, better than the government had expected. [New York Times]
- The war in Lebanon stepped up with a tank-led offensive by the Syrian Army and local Christian militias against Palestinian units entrenched in mountain positions east of Beirut. Lebanon's new president, Elias Sarkis, was said to be saddened by this dashing of his hopes for a period of calm for a conciliation effort.
The Syrian government is stepping up political pressure on Yasser Arafat, leader of the Palestine Liberation Organization, to accept Syrian intervention in Lebanon and to support the new Sarkis administration.
[New York Times] - Secretary Kissinger's intervention ended a move in Congress to block the sale of aircraft missiles to Saudi Arabia. After he warned the Senate Foreign Relations committee that this action would undermine administration policy in the Middle East, the committee pigeonholed the measure, which it had approved 8-6 last Friday. [New York Times]
- The foreign aid bill already voted by the House passed the Senate 56 to 24. More than half of the $5.1 billion in the appropriations measure, which has White House backing, will go to Middle Eastern nations as part of the Sinai accords drawn up by Secretary of State Kissinger. [New York Times]
- The pound sterling fell again until buying by the Bank of England steadied it, at $1.64, an all-time low. Prime Minister James Callaghan's call for self-sacrifice in a speech to the Labor Party conference had not stopped the slide. Denis Healey, Chancellor of the Exchequer, canceled his departure for a Commonwealth meeting in Hong Kong and remained to face the critical situation in London. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 994.93 (-18.20, -1.80%)
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* |
| September 27, 1976 | 1013.13 | 107.26 | 17.43 |
| September 24, 1976 | 1009.31 | 106.80 | 17.40 |
| September 23, 1976 | 1010.80 | 106.92 | 24.21 |
| September 22, 1976 | 1014.05 | 107.46 | 32.97 |
| September 21, 1976 | 1014.79 | 107.83 | 30.30 |
| September 20, 1976 | 994.51 | 106.32 | 21.73 |
| September 17, 1976 | 995.10 | 106.27 | 28.27 |
| September 16, 1976 | 987.95 | 105.34 | 19.62 |
| September 15, 1976 | 979.31 | 104.21 | 17.57 |
| September 14, 1976 | 978.64 | 103.94 | 15.55 |