News stories from Tuesday October 19, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A slowing of the growth rate of the American economy, from an annual rate of 4.5 percent in the second quarter to 4 percent in the third, was reported by the Department of Commerce. Jimmy Carter said the new figures showed a lackluster recovery that could come to a stop, while Ford administration spokesmen emphasized an improved inflation picture in the quarter just reported. [New York Times]
- Jimmy Carter was in Harlem for the first of three appearances in New York City aimed at shoring up traditional Democratic strength among blacks, Roman Catholics and Jews. "I need you" was his message to a chilled but enthusiastic street-corner crowd. He will address the Alfred E. Smith Dinner on Thursday and appear at a garment district rally next Wednesday. [New York Times]
- President Ford thrust at Jimmy Carter on defense policy by saying that those who preach cutting the defense budget by billions do not understand the armed forces' role as a bulwark of freedom throughout the world. He told a veterans' group at the White House that public support for the armed forces had swung back since the contentious days of involvement in Vietnam. [New York Times]
- September gains In housing starts reached the highest level since February 1974, the Department of Commerce said. The seasonally adjusted figure for new units started gave an annual rate of 1.81 million, up 17.6 percent over August. The surge was strongest in the apartment sector, an increase attributed to federal distribution of money and commitments for low-income housing. [New York Times]
- The Dow Jones industrial average, after dropping more than 4 points in the morning session, moved up for a gain for the day of 3.41 points, closing at 949.97. Bond prices dropped and a new Bell System $175 million issue marketed at a yield of 8.25 percent, were less than 25 percent sold at closing. [New York Times]
- The national public school census by race, sex and other factors to assess the progress of integration, mandated since 1964, will not take place this year. The Federal Office of Management and Budget has explained that the enforcement arm of the Department of Health, Education and Welfare has already taken on more reviews of local civil rights compliance than it can handle, and that the proposed survey would be an excessive burden on local school officials. [New York Times]
- An accidental waterfall prevented thousands from entering or leaving the North Tower of the World Trade Center for three hours during and after the lunch hour. A clogged pump for a new plaza fountain was blamed. Some office workers said pedestrian traffic congestion was unbearable in the building at lunchtime even with the passageway open. [New York Times]
- A triple veto in the U.N. Security Council by Britain, France and the United States blocked a resolution that would have embargoed arms shipments to South Africa in an effort to make that country yield control of South-West Africa. The three nations maintained that adoption of the resolution could upset Secretary of State Kissinger's efforts to induce South Africa to accept terms for a conference on the territory, which the U.N. calls Namibia. Voting for the embargo were the Soviet Union, China, Sweden and the seven sponsors of the resolution: Guyana, Benin (formerly Dahomey), Libya, Pakistan, Panama, Rumania and Tanzania. Japan and Italy abstained. [New York Times]
- A group of 12 Jewish dissidents in Moscow reported being taken to a forest outside Moscow and receiving a beating from plainclothesmen after a sit-in for two days at an administrative building of the Supreme Soviet. They all had been refused visas to emigrate to Israel and had gone to the legislative body to seek written explanations on the denial and on how long they would have to wait. [New York Times]
- Shelling continued in Beirut between Lebanese Christian and Moslem militia forces after a lull of several hours. The exchange made many doubt the prospects for any quick peace following the new agreement of six Arab leaders in Riyadh, Saudi Arabia. [New York Times]
- Peking strengthened its editorial attack on Chiang Ching, widow of Mao Tse-tung, and three other senior leftists. The party paper Jenmin Jih Pao, apparently seeking to reverse the leftists' anti-rightist campaign, said those who conspired and intrigued were the real "capitalist-roaders" in the party. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 949.97 (+3.41, +0.36%)
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* |
| October 18, 1976 | 946.56 | 101.47 | 15.71 |
| October 15, 1976 | 937.00 | 100.88 | 16.21 |
| October 14, 1976 | 935.92 | 100.85 | 18.61 |
| October 13, 1976 | 948.30 | 102.12 | 21.69 |
| October 12, 1976 | 932.35 | 100.81 | 18.21 |
| October 11, 1976 | 940.82 | 101.64 | 14.62 |
| October 8, 1976 | 952.38 | 102.56 | 16.74 |
| October 7, 1976 | 965.09 | 103.54 | 19.83 |
| October 6, 1976 | 959.69 | 102.97 | 20.87 |
| October 5, 1976 | 966.75 | 103.23 | 19.20 |