News stories from Tuesday April 22, 1980

Summaries of the stories the major media outlets considered to be of particular importance on this date:

George Bush scored an upset victory over Ronald Reagan in Pennsylvania's Republican presidential primary, and Senator Edward Kennedy was in a very close race with President Carter in what the Senator's strategists had termed a critical test for his candidacy. Mr. Bush, who accumulated wide margins in Philadelphia's Main Line suburbs, proclaimed that he would "change the dynamics" of the remaining primary contests. Mr. Reagan predicted, however, that he would win most of the state's convention delegates, who are chosen in separate races. [New York Times] Higher food, clothing and housing costs helped keep the consumer price increase in March at the high monthly rate of 1.4 percent for the third successive month, the government reported. The annual rate of increase so far in 1980 is 18.1 percent and the increase in the last 12 months was 14.7 percent. The 47 percent rise in consumer energy prices in the last year has begun to affect other costs. [New York Times] Military registration of young men for a draft was backed in the House after a stormy debate. By a vote of 219 to 180, the chamber agreed to provide $13.3 million to reactivate the program. The bill now goes to the Senate, where it faces a possible filibuster. [New York Times] Black voters lost a key challenge as the Supreme Court, in a 6-to-3 decision, overturned rulings by two lower courts that the at-large system for electing city commissioners in Mobile, Ala., unconstitutionally diluted the ballots of blacks. At-large systems are common in the South, where bloc voting along racial lines often results in the shutting out of even a sizable black minority in citywide elections. [New York Times] A decade of environmental concern was commemorated as people across the nation celebrated Earth Day '80. In Manhattan nearly 250,000 people walked along an autoless Avenue of the Americas between 42nd Street and 52nd Street for three hours. [New York Times] A major chemical blast and fire in Elizabeth, N.J., spread a thick cloud of acrid smoke and ash over a 15-square-mile area. The fire broke out at a warehouse filled with 24,000 barrels of chemicals, including illegally stored toxic wastes. Officials fearing widespread contamination prepared to evacuate sections of Staten Island, Elizabeth and nearby towns, but favorable winds and atmospheric conditions caused the smoke to dissipate harmlessly. It took 10 hours to control the blaze, but no critical injuries were reported. [New York Times] Disruptive tactics by the F.B.I. were indicated in a court report on informers that accused the bureau of having used anonymous letters and bomb threats in harassing the Socialist Workers Party. The report was presented in the party's $40 million suit against government agencies. [New York Times] The boycott of the Moscow Olympics was buoyed as Lord Killanin, the president of the International Olympic Committee, effectively ruled out the prospect that American athletes might enter the Summer Games as individuals. He said that individual entries would be impractical. [New York Times] The wives or mothers of four hostages held in Iran flew to Europe to seek increased allied support for the release of the American captives. Meanwhile, the State Department sent telegrams to other families to try to deter them from visiting their relatives being held captive in Teheran.Increased Western European support was won by Washington in the Iranian crisis. The foreign ministers of the Common Market voted unanimously to impose full economic sanctions against Teheran on May 17 unless "decisive progress" is made by then to free the American hostages in Iran. In the meantime, the nine countries will take more limited economic and diplomatic measures. [New York Times] Violence at Iranian universities between leftist students and civilians following instructions from Islamic clergymen killed at least 10 people and injured more than 100 in the cities of Ahwaz and Resht. [New York Times] Thirteen Liberians were executed by a firing squad as thousands of soldiers and civilians cheered. A five-member military tribunal had declared the ministers and other leading officials of the government deposed on April 12 guilty of "high treason, rampant corruption and gross violation of human rights." The accused had been permitted no defense counsel. [New York Times] Tear gas dispersed 8,000 pupils who were marching in Cape Town to protest school segregation. More than 100,000 South African pupils have boycotted classes in the protest. The government threatened to close schools for children of mixed race. [New York Times] A power shift in Southern Yemen generated concern in neighboring Yemen about the prospects for eventual unity between the two often quarreling countries. The President in Aden resigned because of purported ill health and was replaced by the leader of another Marxist faction. The reference to illness evoked wide skepticism throughout the Arab world. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 789.85 (+30.72, +4.05%)
S&P Composite: 103.43 (+3.63, +3.64%)
Arms Index: 0.37

	Issues	Volume*
Advances	1,402	42.80
Declines	261	2.98
Unchanged	255	2.14
Total Volume		47.92

* in millions of shares

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*
April 21, 1980	759.13	99.80	27.55
April 18, 1980	763.40	100.55	26.88
April 17, 1980	768.86	101.05	32.77
April 16, 1980	771.25	101.54	39.72
April 15, 1980	783.36	102.63	26.67
April 14, 1980	784.90	102.84	23.06
April 11, 1980	791.55	103.79	29.96
April 10, 1980	791.47	104.08	33.95
April 9, 1980	785.92	103.11	33.02
April 8, 1980	775.00	101.20	31.69