News stories from Monday January 3, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The 95th Congress convenes tomorrow. Before both houses hold largely ceremonial opening sessions at 2 P.M. Senate Democrats and Republicans will choose new leaders at separate party caucuses. Senator Robert Byrd, Democrat of West Virginia and majority whip since 1971, is regarded as the likely successor to Mike Mansfield as majority leader. [New York Times]
- Federal price and supply controls "would not work" if there were another oil embargo, according to an unpublished interagency task force report. The task force made a detailed study of the federal administration's regulations of crude oil and petroleum products and concluded that the cost of regulation to consumers exceeded the "few" benefits that controls brought. [New York Times]
- Douglas Fraser, a protege of the late Walter Reuther, became the virtual successor to Leonard Woodcock, president of the United Automobile Workers, when his principal potential rivals for the presidency said that they would not run and would back him. Further electoral steps are ahead and will culminate in a vote by delegates at the union's convention in May in Los Angeles. But for all practical purposes, the issue has been decided. [New York Times]
- Rupert Murdoch apparently moved closer to a takeover of the New York Magazine Company during a meeting of the company's board of directors, in which Clay Felker, the magazine's publisher, reportedly announced that he would seek an accommodation with Mr. Murdoch. Mr. Felker was quoted as saying, "If the staff wants me to, I'll talk to Murdoch about staying on." [New York Times]
- Stock prices closed mixed in the first session of 1977 as investors took profits following December's sharp advance. The Dow Jones industrial average closed down 4.90 points to 999.75. Rising stocks, however, outnumbered losers by 4 to 3. Credit markets declined slightly in light trading. In the money market federal funds tended to rise in rate, moving as high as 5 percent. This key short-term rate closed at 4¾ percent. [New York Times]
- Israel's Minister of Housing, whose name had been mentioned in a financial scandal, killed himself and put the shaky government of Prime Minister Yitzhak Rabin into further turmoil. Abraham Ofer, the official, was also a leading member of the governing Labor Party. His name had been mentioned in an investigation of alleged financial misdealings involving a construction company with close ties to the Labor Party. He left a note claiming innocence of misconduct. Before his death was announced, President Ephraim Katzir asked Prime Minister Rabin to form a new government to replace the coalition that was dissolved two weeks ago. [New York Times]
- Tens of thousands of Rhodesian blacks are housed by the government in groups of thatched huts surrounded by wire fencing and guarded by soldiers. These guarded compounds, the government says, protect their inhabitants against guerrilla attacks. The guerrillas fighting the governing white minority say they are almost the same as prison camps. The government took reporters to an area where guerrillas on New Year's eve razed 212 of 380 huts in one compound. [New York Times]
- A $3.9 billion loan to Britain in various currencies was approved by the International Monetary Fund and it was the largest single credit in the fund's 30-year history. The standby credit is to last two years. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 999.75 (-4.90, -0.49%)
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 31, 1976 | 1004.65 | 107.46 | 19.17 |
| December 30, 1976 | 999.09 | 106.88 | 23.70 |
| December 29, 1976 | 994.93 | 106.34 | 21.91 |
| December 28, 1976 | 1000.08 | 106.77 | 25.79 |
| December 27, 1976 | 996.09 | 106.06 | 20.13 |
| December 23, 1976 | 985.62 | 104.84 | 24.56 |
| December 22, 1976 | 984.54 | 104.71 | 26.97 |
| December 21, 1976 | 978.39 | 104.22 | 24.39 |
| December 20, 1976 | 972.41 | 103.65 | 20.69 |
| December 17, 1976 | 979.06 | 104.26 | 23.87 |