News stories from Wednesday December 1, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Jimmy Carter was pessimistic about the immediate future of the economy after a discussion with a panel of advisers. He also met Tuesday night and this morning with Cyrus Vance, presumably to discuss the possibility of a high government post for him, The President-elect also discussed government reorganization with another panel of advisers. [New York Times]
- A Georgia Democrat closely allied with Mr. Carter predicted that the President-elect would move early in his administration toward federalization of welfare costs. This could save New York City $500 million a year. [New York Times]
- Gas bills are up an average of 6.5 percent all across the country following a Federal Power Commission decision in October to let producers charge much more. [New York Times]
- Economic indicators for October compiled by the Department of Commerce gave no clear signal after six months of very sluggish growth. A spokesman for the Council of Economic Advisers said the official forecast continued to call for a better growth rate in the first quarter next year. [New York Times]
- Stock prices registered a moderate advance, with Dow Jones industrials gaining 2.16 points to close at 949.38. Bond sales reflected the continued decline in interest rates as the market surged upward again. [New York Times]
- The steel price rise was to have received a disapproving spotlight from the Federal Council on Wage and Price Stability, but the news conference was called off following the return to Washington of the White House economic policy coordinator. The council's position for some time has been that such concentrated industries as steel should not raise prices to recover costs when demand is weak. [New York Times]
- The strategic cruise missile program is scheduled for a decision Jan. 6, before the Carter administration takes office. This could cause complications in future strategic arms talks with the Soviet Union. [New York Times]
- Republican county leaders in New York state are openly challenging Vice President Rockefeller's leadership for the first time in nearly two decades. This follows Republican defeats for the presidency and Senate seat, and losses in the state's congressional and legislative delegations. Perry Duryea, Assembly minority leader and longtime Rockefeller rival, appears the almost unstoppable prospect as nominee for governor in 1978. [New York Times]
- Mexico's new president, Jose Lopez Portillo, asked "an end to panic-stricken activity" in his inaugural address, with political unity and economic austerity to enable the country to overcome its crisis. Among the guests were Secretary of State Kissinger; Rosalynn Carter, wife of the President-elect; Jack Ford, son of the President; Lady Bird Johnson and Senator Mike Mansfield. [New York Times]
- Mozambique is committed under the governing party, Frelimo, to perhaps the most radical policies of any country in Africa, but its Portuguese colonial heritage lingers. The state has taken over key sectors of the economy, the press and other news media are subservient to the government, and the secret police apparatus is extensive. [New York Times]
- Objectivity on the Cyprus issue will be President-elect Carter's policy, according to a transcript of remarks he made to the Senate Foreign Relations Committee. He said he believed Turkish military bases were important to the United States. He also told the Senators the Navy presence in the Eastern Mediterranean was "crucial." [New York Times]
- Libya has bought 10 percent of Fiat, the giant Italian automobile company. The first major Arab investment in Italy will total about $415 million, the company said. The decision was taken by the family-controlled company without political demands from Libya, according to the chairman, Giovanni Agnelli. Italy's Communist Party has demanded a parliamentary debate on it. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 949.38 (+2.16, +0.23%)
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* |
| November 30, 1976 | 947.22 | 102.10 | 17.03 |
| November 29, 1976 | 950.05 | 102.44 | 18.75 |
| November 26, 1976 | 956.62 | 103.15 | 15.00 |
| November 24, 1976 | 950.96 | 102.41 | 20.42 |
| November 23, 1976 | 949.30 | 101.96 | 19.09 |
| November 22, 1976 | 955.87 | 102.59 | 20.93 |
| November 19, 1976 | 948.80 | 101.92 | 24.55 |
| November 18, 1976 | 950.13 | 101.89 | 24.00 |
| November 17, 1976 | 938.08 | 100.61 | 19.90 |
| November 16, 1976 | 935.34 | 100.04 | 21.02 |