News stories from Wednesday February 9, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Carter visited the Departments of Commerce and Labor to talk informally with massed federal workers, stressing their role as a bridge between the bureaucracy and the rest of the people. [New York Times]
- American friends of Tongsun Park, a central figure in the Korean bribery charges in Washington, say that he has asserted that he was the force behind the organization of the Diplomat National Bank, now under federal investigation. He was said to have brought in the Rev. Sun Myung Moon and his followers and to have provided some of the original financing. Mr. Park's identification as a covert Korean government agent by some American and Korean sources raises further questions about the bank's functions. [New York Times]
- The Carter administration has apparently decided against additional stimulus for the economy to compensate for the depressing effects of cold weather. Key spokesmen believe that, although first quarter growth may be less than in a normal winter, lost production will be made up in the long run. Relief to the areas most seriously affected remains a possibility. [New York Times]
- Stock prices declined sharply, with Dow Jones industrials dropping 8.40 points to close at 933.84. Bond prices, both federal and corporate, rose slightly and then fell even more. [New York Times]
- A federal move to bring heating oil to the East Coast through unusual measures without driving up prices from their present record level was reported to be imminent. A cost-sharing arrangement to be announced tomorrow could even lead to lower fuel oil prices in New England and the Middle Atlantic states if the rest of the winter is just normally cold. The action would avoid reimposition of price controls on heating oil lifted last summer. [New York Times]
- Unofficial tallies gave Lloyd McBride, candidate of the present leadership in the United Steelworkers Union, victory over the insurgent, Ed Sadlowski, in the race for president. One strategist said Mr. Sadlowski had failed to get the margin he sought in the basic-steel locals. [New York Times]
- The Senate reorganization plan to reduce its committees from 31 to 15 collapsed domino-fashion from pressures to reinstate just one panel -- Veterans' Affairs. As other committee chairmen who were privately resigned to their demise revived their claims under pressure from the committee's backers, a total of 10 were revived and the major reform became a minor shift. [New York Times]
- Rubin Carter and John Artis, convicted a second time of murdering three persons in a bar in Paterson, N.J., received the same sentences as in the first trial 10 years ago -- for Carter, two consecutive life terms and one concurrent life term, and for Artis, three concurrent life terms. [New York Times]
- Spanish-Soviet diplomatic relations are being restored, ending a breach that began when Franco won the Spanish Civil War in 1939. Madrid also announced it would resume relations with Hungary and Czechoslovakia. The move is considered important for consolidating the position of Spain's government and is expected to ease the uncertain status of the Spanish Communist Party. [New York Times]
- A unanimous report by the Senate Government Operations Committee called congressional review of the federal agencies that regulate an increasing range of American life sporadic, haphazard, and incomplete. It gave among reasons for this failure the fear of reprisal by powerful regulated interests and the prevalence on some committees of members who share the agencies' background and values. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 933.84 (-8.40, -0.89%)
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* |
| February 8, 1977 | 942.24 | 101.60 | 24.04 |
| February 7, 1977 | 946.31 | 101.89 | 20.70 |
| February 4, 1977 | 947.89 | 101.88 | 23.13 |
| February 3, 1977 | 947.14 | 101.85 | 23.79 |
| February 2, 1977 | 952.79 | 102.36 | 25.70 |
| February 1, 1977 | 958.36 | 102.54 | 23.70 |
| January 31, 1977 | 954.37 | 102.03 | 22.92 |
| January 28, 1977 | 957.53 | 101.93 | 22.70 |
| January 27, 1977 | 954.54 | 101.79 | 24.36 |
| January 26, 1977 | 958.53 | 102.34 | 27.84 |