News stories from Thursday March 30, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Economic growth was held back in the first quarter of the year by cold weather, the coal strike and weak auto sales, according to the government's index of leading economic indicators. The index was unchanged in February after taking its largest drop in three years in January. Most economists expect a recovery in the second quarter, but prospects later in the year might not be so good. [New York Times]
- The Teamsters' union will attempt to match the 37 percent gain in wages and fringe benefits won by the coal miners. Frank Fitzsimmons, president of the International Brotherhood of Teamsters, said in New York that the miners got "37 percent increases," and he was not "going to the table for anything less." [New York Times]
- The oil spill on Brittany's coast may not leave long-term or irreversible damage, according to cautious predictions by ecologists in the area employed by a French marine biology laboratory. But some other scientists are not so optimistic about the consequences of the fourth major oil spill off the coast in the last 11 years. [New York Times]
- An increase of $5.50 a ton for all its products was announced by the National Steel Corporation, the nation's fourth largest steel producer. The rise was slightly less [sic] than half of the $10.50 per ton increase announced Wednesday by United States Steel and Wheeling-Pittsburgh Steel. These increases were needed, the companies said, to offset the higher costs of the recent coal settlement. They were described by President Carter as "very serious inflationary pressures." [New York Times]
- Stock prices declined slightly. Most of the market's weakness was attributed to a statement by Charles Schultze, chairman of the Council of Economic Advisers, that food price increases and the dollar's depreciation were contributing more to inflation than had been expected. The Dow Jones industrial average dropped 2.16 points to 759.62. Losing stocks outnumbered rising ones by a ratio of about 7 to 5. [New York Times]
- The Olin Corporation was ordered to pay $510,000 for charity programs in New Haven, where it employs 1,700 persons, in "reparations" for Olin's illegal arms sales to South Africa. The order was issued by Judge Robert Zampano of the Federal District Court in New Haven. Olin has its headquarters in Stamford. The illegal gun sales, which Olin did not deny, were made through its Winchester division. The maximum fine that could have been imposed was $510,000. [New York Times]
- There is no need for Congress to require oil companies to get out of the coal business, according to an analysis by the antitrust division of the Justice Department. This view, expressed by Assistant Attorney General John Shenefield, was endorsed by the chief antitrust officer of the F.T.C., Alfred Dougherty, who said, "We don't have the information to say that total divestiture is called for." [New York Times]
- Tension between Brazil and the United States appeared to have lessened as President Carter concluded talks with Brazilian leaders, but the two countries seemed still to be far apart on the issues of human rights and nuclear policy. Mr. Carter conceded that those differences existed, but he insisted that "major factors that bind us in harmony with Brazil are much more important." [New York Times]
- About 25,000 more Indochinese will be admitted to the United States under a new refugee policy approved by President Carter, This will provide an interim period for the admission of all Vietnamese "boat people" refused asylum in other countries and for those who have close family and political ties to the United States. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 759.62 (-2.16, -0.28%)
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 29, 1978 | 761.78 | 89.64 | 25.45 |
| March 28, 1978 | 758.84 | 89.50 | 21.60 |
| March 27, 1978 | 753.21 | 88.87 | 18.87 |
| March 23, 1978 | 756.50 | 89.36 | 21.29 |
| March 22, 1978 | 757.54 | 89.47 | 21.95 |
| March 21, 1978 | 762.82 | 89.79 | 24.41 |
| March 20, 1978 | 773.82 | 90.82 | 28.36 |
| March 17, 1978 | 768.71 | 90.20 | 28.47 |
| March 16, 1978 | 762.82 | 89.51 | 25.41 |
| March 15, 1978 | 758.58 | 89.12 | 23.33 |