News stories from Thursday September 30, 1976

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

The Watergate special prosecutor's investigation into the diversion of campaign funds, President Ford told a group of reporters, will show him to be free of any wrongdoing. The President called for a swift conclusion to the inquiry. Mr. Ford also denied any improprieties in golfing outings as the guest of corporate executives. [New York Times] No criminal prosecution of President Ford is being contemplated as the special prosecutor's office winds up its investigation into the President's campaign finances, according to officials in Grand Rapids, Mich., and government sources in Washington. Several sources said that the prosecutor, Charles Ruff, would shortly make a public statement indicating that no basis had been found to file charges or continue the inquiry. [New York Times] President Ford's veto of the $56 billion appropriation bill for social programs was overridden by Congress. The Senate vote of 67 to 15 followed by several hours the House vote of 312 to 93. Conservative members of both parties joined with liberal Democrats in the rebuff to the President. [New York Times] A special recall election for Mayor Frank Rizzo of Philadelphia was ruled out by the Pennsylvania Supreme Court. The court, in its decision, reversed a lower court ruling that had placed the question on the November ballot. Mr. Rizzo, at his first news conference in several years, said that he had expected the decision. [New York Times] Swine flu immunizations will begin tomorrow in Boston and Indianapolis for the elderly and for adults with chronic diseases. Most communities, however. will not begin receiving the shots until next week or even later. [New York Times] The nation's economic recovery slowed more than had been predicted in the third quarter of 1976, according to many private economists. If the government's official third-quarter report, to be issued Oct. 19, confirms the assessments, the slowing could strongly affect the final two weeks of the election campaign. [New York Times] Surprising Wall Street, the nation's basic money supply fluctuated widely by falling a record $2.8 billion in the latest weekly report by the Federal Reserve Bank of New York. The drop, after a record rise a $4.5 billion in the preceding week, indicated that future Federal Reserve policy will he harder to analyze. [New York Times] Stock prices eased in slow trading and the Dow Jones industrial average lost one point in closing at 990.19. Credit market prices rose slightly in response to the $2.8 billion drop in a week in the basic money supply. [New York Times] African leaders were urged by Secretary of State Kissinger to avoid interracial war and shape their political future without outside interference. Addressing the U.N. General Assembly, he said the United States would "back no faction" in Rhodesia or elsewhere and not seek to impose solutions anywhere." [New York Times] Palestinian leaders met in a mountain village east of Beirut to decide whether to accept a Syrian offer of negotiations. The leaders, headed by Yasser Arafat, chief of the Palestinian Liberation Organization, also were assessing the military defeat that Syrian troops inflicted on their forces. [New York Times] New strategic arms discussions have taken place between the United States and the Soviet Union in an effort to break the deadlock in the search for a new agreement. American officials said they doubted that a breakthrough could occur before next year, but said they wanted to wait until President Ford met with Soviet Foreign Minister Gromyko before ruling out progress conclusively. [New York Times] The value of Britain's pound remained critical as Chancellor of the Exchequer Denis Healy sought support at the annual conference of his Labor Party for a government request for a $3.9 billion loan from the International Monetary Fund. The party supported London's request. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 990.19 (-1.00, -0.10%)
S&P Composite: 105.24 (-0.13, -0.12%)
Arms Index: 1.03

	Issues	Volume*
Advances	621	5.19
Declines	755	6.48
Unchanged	492	3.03
Total Volume		14.70

* 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*
September 29, 1976	991.19	105.37	18.09
September 28, 1976	994.93	105.92	20.44
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