News stories from Tuesday March 18, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Moscow Olympics will be held as scheduled next summer no matter how many countries follow the lead of the United States in boycotting them, according to Pravda, the Communist Party newspaper. A post-Olympics sports festival is to be held for athletes after the Games in Moscow. Plans for the festival were announced by a 12-nation meeting sponsored by the United States, Britain and Australia. [New York Times]
- President Carter was victorious in the Illinois presidential preference primary, trouncing Senator Edward Kennedy. But the separate contest for 152 delegates to the Democratic National Convention was unclear. In the Republican race, Ronald Reagan defeated Representative John Anderson of Illinois in the non-binding preferential contest, solidifying his lead over the Congressman in his home state and checking his recent surge.
Senator Kennedy pressed a drive to try to win the crucial Democratic presidential primary in New York state with a strong denunciation of President Carter. The Senator called Mr. Carter's refusal to disclose the impact of his planned budget cuts on the cities until after next Tuesday's primary "one of the most cynical aspects of the campaign."
[New York Times] - Budget cuts of about $15 billion proposed last week by a group of key members of Congress will be the basis for recommendations by the House Budget Committee, which is to make an announcement tomorrow of its first projection of how the next federal budget should be balanced. The proposals, endorsed by the administration, call for 50 categories of reductions and include a cut of 50,000 public service jobs and an end to Saturday mail deliveries. [New York Times]
- Mayor Koch again postponed comments on the impact of President Carter's proposed budget cuts on New York City's fiscal recovery plans. The Mayor acted at the urging of the White House and with the hope of hearing more details Wednesday on Mr. Carter's anti-inflation package. The Carter campaign fears that criticism by Mr. Koch would hurt the President's chances of a substantial victory in the New York Democratic presidential primary next week. [New York Times]
- Warnings about Agent Orange and Agent Blue were cited by two Congressmen, both Vietnam War veterans. They released copies of what they said was a Veterans Administration memorandum describing the carcinogenic and genetic-altering aspects of the two herbicides used in Vietnam to destroy enemy ground cover. [New York Times]
- A firm stand against captors of diplomats in Bogota was taken by the Colombian government. It rejected demands that it release prisoners in exchange for the hostages and said it would be "absurd" to resume negotiations as long as the guerrillas held to that objective. [New York Times]
- Possible Soviet germ warfare plans were suggested by Washington, which cited "disturbing indications" that many people in a major Soviet city may have been accidentally contaminated a year ago by a "lethal biological agent." The report, a State Department spokesman said, raises questions on whether Moscow has violated a 1975 accord that bans the development, production or stockpiling of such toxins. [New York Times]
- A U.S. vote at the U.N. against Israel apparently resulted from a misunderstanding between Secretary of State Vance and President Carter. The controversy will be the subject of public hearings opening Thursday before a Senate commmittee. [New York Times]
- Voluntary pension increases are being paid by a growing number of companies to help offset the effects of inflation on retired workers. The corporations are reacting in part to pressure from former employees and unions, but they also profess a desire to maintain a decent standard of living for the retired persons. [New York Times]
- A life sentence for a third felony was upheld by the Supreme Court. The Justices, in a 5-to-4 ruling, rejected a challenge to a Texas law that imposes such a sentence. The life term was imposed on a man convicted of stealing $120.75. He previously served prison sentences for an $80 credit card fraud and for forging a $28.36 check. [New York Times]
- Curbing Soviet power in Yemen has reportedly been achieved by Saudi Arabia, according to sources there. They said that the Saudis had reached an accord under which the Yemenis will accept no more Soviet military advisers and eventually remove the 100 now estimated to be there. In return, the sources said, Saudi Arabia pledged to resume badly needed aid to its neighbor. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 801.62 (+12.97, +1.64%)
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* |
| March 17, 1980 | 788.65 | 102.26 | 37.01 |
| March 14, 1980 | 811.69 | 105.43 | 35.18 |
| March 13, 1980 | 809.56 | 105.62 | 33.00 |
| March 12, 1980 | 819.54 | 106.92 | 37.99 |
| March 11, 1980 | 826.45 | 107.76 | 41.42 |
| March 10, 1980 | 818.94 | 106.51 | 43.54 |
| March 7, 1980 | 820.56 | 106.90 | 50.95 |
| March 6, 1980 | 828.07 | 108.65 | 49.61 |
| March 5, 1980 | 844.88 | 111.13 | 49.25 |
| March 4, 1980 | 856.48 | 112.78 | 44.31 |