News stories from Tuesday April 5, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- In a compromise, the Carter administration proposed revised food stamp legislation that would eliminate the cash purchase price for the coupons. The new bill would cut about 1.5 million recipients from the program and reduce benefits paid to nearly one-third of present recipients, but it would also bring into the program 2.5 million others who are too poor to buy food stamps. A new formula would cut benefits disproportionately in the Northeast and Northwest. [New York Times]
- Voting 361 to 43, the House approved major changes in the Water Pollution Control Act opposed by most environmental groups and also a three-year, $17 billion extension of its program of grants for sewage treatment facilities. The vote came as Congress struggled to clear away before its Easter recess the hurdles it had put up to enactment of President Carter's $4 billion public works jobs bill. [New York Times]
- Consumer credit soared by $2.02 billion in February, the second biggest monthly rise on record, according to the Federal Reserve Board. The only larger increase was reported for February, 1973, when consumer debts rose $2.09 billion.
The advance in consumer credit was paced in large part by a rise in automobile credit. The nation's automakers sold more than one million cars last month -- the first time car sales have passed that mark since the Arab oil embargo in 1973. For the final third of March, the industry reported a 7 percent overall increase in sales, compared with a year earlier. Big cars showed the largest sales gains.
[New York Times] - Most stocks eased in listless trading on the New York Stock Exchange. The Dow Jones industrial average managed to add 0.53 point to 916.14, after falling in 11 of the previous 13 sessions. But declining issues outnumbered gainers by a ratio of nearly 9 to 5, and for every issue that showed a yearly high, there were 16 new lows. [New York Times]
- To improve the immunization status of American children, Joseph Califano, Secretary of Health, Education and Welfare, will announce tomorrow details of a major program. Dr. William Foege, a leader in the worldwide effort to eradicate smallpox, will have a major role in the effort. The government estimates that 20 million of the 52 million American children under age 15 are now inadequately immunized against major diseases for which vaccines are available. [New York Times]
- "A reasonable accommodation is possible" with the United States on nuclear arms control, Leonid Brezhnev said, if Washington seeks "mutually acceptable solutions not in words but by deeds." In his first public statement about the failure of last week's talks with Secretary of State Cyrus Vance, the Soviet leader blamed Washington for lack of progress, but held out hope for repairing relations and advancing toward a strategic arms limitation treaty. [New York Times]
- Henry Kissinger urged the Carter administration to avoid "rhetorical battles" with the Soviet Union over strategic arms talks and to speak out forcefully about the invasion of Zaire, which, he said, could not go on without Soviet support. Mr. Kissinger, in his first public speech since leaving office as Secretary of State, urged all Americans to support the new administration, but was implicitly critical of some of its policies in dealing with the Russians and human rights. [New York Times]
- Citing a growing concern over Soviet penetration into African countries, President Anwar Sadat asked the United States to start supplying Egypt with many arms, including F-5E fighters. The White House said that a military discussion between Mr. Sadat and President Carter had been "in general terms" and that "no commitments or decisions" were expected soon. [New York Times]
- Taiwan has secretly bought Gabriel surface-to-surface missiles from Israel, sources in Taipei disclosed, as part of a costly program to modernize its armed forces. In the last two years the Chinese Nationalist government in Taiwan has also purchased about $500 million worth of weapons from the United States. Nonetheless, the Nationalists appear to be growing resentful over what they feel are unfair curbs that Washington has placed on their weapons buildup. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 916.14 (+0.58, +0.06%)
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 4, 1977 | 915.56 | 98.23 | 16.25 |
| April 1, 1977 | 927.36 | 99.21 | 17.05 |
| March 31, 1977 | 919.13 | 98.42 | 16.51 |
| March 30, 1977 | 921.21 | 98.54 | 18.81 |
| March 29, 1977 | 932.01 | 99.69 | 17.03 |
| March 28, 1977 | 926.11 | 99.00 | 16.71 |
| March 25, 1977 | 928.86 | 99.06 | 16.55 |
| March 24, 1977 | 935.67 | 99.70 | 19.65 |
| March 23, 1977 | 942.32 | 100.20 | 19.36 |
| March 22, 1977 | 950.96 | 101.00 | 18.66 |