News stories from Thursday December 16, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The oil price question was settled at least for the next six months at the meeting of the Organization of Oil Exporting Countries in Qatar with a 5 percent increase for Saudi Arabia and the United Arab Emirates, and a 10 percent rise for the 11 other member countries. This was a "temporary resolution," the Venezuelan oil minister said. All 13 ministers agreed to the settlement. [New York Times]
- The swine flu immunization program was suspended by federal officials because the shots may have been linked to recently reported cases of paralysis. The Federal Center of Disease Control in Atlanta, which was in charge of the flu shot program, was investigating reports from at least 14 states of 94 cases, four of them fatal, of a form of paralysis called the Guillain-Barre syndrome. [New York Times]
- Three more appointees to his administration, including its first black member, Representative Andrew Young of Georgia, were announced by President-elect Carter. Mr. Young was named chief United States delegate to the United Nations. Charles Schultze, senior fellow at the Brookings Institution, was named chairman of the Council of Economic Advisers, and Zbigniew Brzezinski, a Columbia University professor, will head the National Security Council. [New York Times]
- Blacks were among a number of prominent Americans who have declined high-level positions in his administration, Mr. Carter disclosed at a news conference in Plains, Ga. There seems to be some resentment among blacks that Mr. Carter appears to have given little consideration to naming a black as Secretary of the Treasury or chairman of the Council of Economic Advisers. Blacks who rejected jobs reportedly did not want appointments in the giant agencies that deal with social problems on the ground that the jobs held no future. [New York Times]
- Former President Richard Nixon and two members of his administration were ordered by a federal district court judge in Washington to pay damages to Morton Halperin, a former Nixon White House aide, and his family. Judge John L. Smith said that Mr. Nixon, former Attorney General John Mitchell and H.R. Haldeman, Mr. Nixon's White House chief of staff, had violated the constitutional rights of the Halperin family when the family telephone was tapped over a period of 21 months. [New York Times]
- Housing starts in the nation were down 6 percent in November, but permits for new home construction were up 6 percent in the month, the Commerce Department reported. Housing starts, mainly because of bad weather, were down in every section of the country except the Northeast, where building is least active. The Commerce Department also reported that personal income in November increased by $15 billion, or 1.1 percent, the largest increase since August 1975. The increase followed a large rise in industrial payrolls. [New York Times]
- This winter, which promises to be unusually cold, more interstate gas shipments will be needed to prevent a decline in industrial production and more job losses, natural gas sellers and industrial users repeatedly told the Federal Power Commission at a meeting in Washington. [New York Times]
- Stock prices were moderately lower, mainly because of profit taking, after six consecutive sessions of advances. The Dow Jones industrial average closed down 2.49 points at 981.30. Its low came at noon when the key indicator was off 6.48 points. Credit markets declined. Bond prices fell, then recovered, and declined again with the news that that the nation's money supply increased $800 million in the week ended Dec. 8. [New York Times]
- A "delicate" inquiry Into clandestine activities that have reportedly been conducted in the United States by intelligence agencies of "friendly" governments has been started by the Senate Select Committee on Intelligence, sources close to the committee said. The initial investigation is being focused on Chile, Iran and South Korea, but other friendly nations will eventually be included, too. [New York Times]
- Behind the dazzling glitter of big New York City stores in the Christmas season there is a lot of anxiety about profits. Shopping has been sluggish despite heavy price cutting. Sunday shopping days will undoubtedly help bolster sales and two more shopping days, 29 to 27 last year, will also be helpful. "The whole dynamics of the Christmas season are changing," an executive of Korvette said. His store was one of the first to open on Sunday, and Friday and Saturday shoppers, he finds, are now waiting until Sunday. [New York Times]
- Prime Minister Takeo Miki of Japan announced that he will resign next week when his successor will be chosen. The announcement had been expected. Mr. Miki's conservative party was a heavy loser in the Dec. 5 elections. [New York Times]
- The French government made what was regarded as a gesture to President-elect Carter and announced that until further notice France would not enter into contracts to deliver nuclear fuel reprocessing plants to other nations. France has been criticized, principally by the United States and Canada, for signing a contract last spring with Pakistan. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 981.30 (-2.49, -0.25%)
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* |
| December 15, 1976 | 983.79 | 105.14 | 28.30 |
| December 14, 1976 | 980.63 | 105.07 | 25.13 |
| December 13, 1976 | 974.24 | 104.63 | 24.83 |
| December 10, 1976 | 973.15 | 104.70 | 25.96 |
| December 9, 1976 | 970.74 | 104.51 | 31.80 |
| December 8, 1976 | 963.26 | 104.08 | 24.56 |
| December 7, 1976 | 960.69 | 103.49 | 26.14 |
| December 6, 1976 | 961.77 | 103.56 | 24.83 |
| December 3, 1976 | 950.55 | 102.76 | 22.64 |
| December 2, 1976 | 946.64 | 102.12 | 23.30 |