News stories from Thursday October 21, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A get-out-the-vote campaign in Ohio by the state's Labor Federation may spell the difference in the presidential election. Ohio is now the most closely contested large state and no Republican has ever won without carrying it. Jimmy Carter and President Ford are running fairly evenly in the rest of the Middle West and Ohio's 25 electoral votes could tip the balance for either candidate. [New York Times]
- Both presidential candidates appeared at the annual Alfred E. Smith Memorial Dinner in New York City to test their appeal before one of the most prominent Catholic audiences in the country. President Ford and Jimmy Carter interrupted their preparation for the last debate to go to the dinner, an indication of its importance. [New York Times]
- Daniel Patrick Moynihan's name was ordered removed from the Liberal Party's slate by a State Supreme Court justice who said the method by which Mr. Moynihan had obtained the party's nomination for Senator from New York was illegal. The decision arose from a suit filed by the head of the Conservative Party, who charged that the Liberals had run a "dummy" primary candidate. [New York Times]
- Consumer prices rose by the smallest amount for any month since April and food prices did not change at all in September, the Labor Department reported. The rise of four-tenths of 1 percent coupled with a reduction in the work week, however, combined to reduce purchasing power for the second straight month. [New York Times]
- Bank earnings are expected to be unchanged for 1976, although there was an upward trend in the second half of the year, according to bank industry analysts. The industry has been recovering slowly from the recession and the analysts think the worst is over. Big losses are still resulting from loans gone sour during the economic downswing, but they are expected to be manageable. [New York Times]
- A private nuclear fuel plant planned by an industrial consortium is undergoing a "reappraisal" because Congress failed to pass enabling legislation. The consortium, however, stopped short of saying that it was abandoning the project. The plant, which was to be built by Uranium Enrichment Associates, had been expected to provide fuel for up to 90 American and foreign nuclear power plants. [New York Times]
- Stock prices fell sharply after four days of modest gains. The Dow Jones industrial average lost 9.97 points to close at 944.90. Credit markets rose moderately early in the day, but then showed little reaction to the week's Federal Reserve figures. [New York Times]
- A revolt by Chinese leftists was "shattered" by the Central Committee of the Communist Party under the leadership of Hua Kuo-feng, the Chinese press agency announced. The announcement also confirmed that Mr. Hua had succeeded Mao Tse-tung as chairman of the party. The report said that Mao's widow was among the leaders of the revolt. [New York Times]
- Beirut was quiet as the first formal cease-fire in seven months took effect. There were occasional shots from snipers, and a few rounds of artillery fire fell in the Moslem residential area of the city. The leftist-Moslem alliance radio said at nightfall that the cease-fire was about 60 percent effective. Many residents of the city, however, seemed to be taking a wary attitude, avoiding the streets. [New York Times]
- Jewish dissidents resumed their sit-in at the Supreme Soviet reception office in Moscow after holding what their leaders said was an unsatisfactory meeting with the Minister of Internal Affairs. According to the leaders, the ministers would not take responsibility nor investigate the beating of protesters on Tuesday. [New York Times]
- Diplomatic recognition will not be granted to the Transkei, a "homeland" for 3 million blacks in South Africa, when it receives its official independence from South Africa next week, according to the State Department. The decision was expected since no other country has indicated it will recognize the Transkei either. But as recently as three days ago, the department said no decision had been reached. [New York Times]
- The Nobel Prize for Literature was awarded to Saul Bellow for what the Swedish Academy said was "the human understanding and subtle analysis of contemporary culture that are combined in his work." It was the first time in 76 years of the prizes that all the winners have been citizens of the same country -- the United States. Earlier, Americans had won the Prizes in chemistry, physics, medicine and economics. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 944.90 (-9.97, -1.04%)
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 20, 1976 | 954.87 | 101.74 | 15.86 |
| October 19, 1976 | 949.97 | 101.45 | 16.20 |
| 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 |