News stories from Wednesday April 20, 1977

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

A national energy policy designed to raise the cost of fuels, penalize waste and bring major changes in some of the ways that Americans live and work was proposed by President Carter. In a televised speech to a joint session of Congress in the House chamber, he said "the time has come to draw the line" on unfettered use of energy, but he said his program could lead to a "better life" for Americans rather than debasing it. The complex and controversial program would take billions of dollars from citizens to deter overuse of energy, but it would return much of the money in tax credits and rebates and in incentives to those who do most to conserve fuels. [New York Times] As criticism of the energy proposals has been rising, administration officials have already begun making concessions on it. For example, a White House "fact sheet" published in advance of President Carter's message showed a stretchout of the proposed tax on crude oil. [New York Times] Even before the President's address, administration officials were explaining the energy plan's effect on consumers. On the question of costs, they said that if Congress approved the entire program, federal gasoline taxes would rise at least 7 cents a gallon by 1980, and up to 17 cents a gallon more if the national use of gasoline continued to rise significantly. [New York Times] The nation's economic growth rose at an annual rate of 5.2 percent in the first quarter despite the cold winter to post the best gain in a year, the Commerce Department reported. The increase in output of goods and services, powered primarily by auto sales, confirmed that the economy was advancing strongly, leading to sharply higher employment. [New York Times] Energy-linked stocks and railroad issues led a market advance in a rally that began in mid-session. The Dow Jones industrial average closed 3.82 points higher at 942.59. [New York Times] Richard Nixon's presidential papers and tape recordings were discussed by the Supreme Court during arguments in his lawsuit challenging the 1974 statute that gave the federal government control over them. Several Justices expressed concern and doubt about aspects of the law, including misgivings about possibly unauthorized disclosure of confidential government information. [New York Times] Compliance with the Arab boycott against Israel by American companies would be prohibited by legislation approved by the House in a 364 to 43 vote. None of the 62 Representatives from New York, New Jersey or Connecticut voted against the bill. A similar measure faces the Senate. [New York Times] Pakistani opposition groups held strikes and turbulent protest marches in several cities in efforts to force the resignation of Prime Minister Zulfikar Bhutto. In the port of Karachi at least nine persons were killed in political clashes, and widespread work stoppages nearly paralyzed much commercial activity. The government imposed a 24-hour curfew there. [New York Times] In the Rhodesian controversy the United States and Britain are seeking to shape a constitution guaranteeing an immediate transfer of power to the black majority and assurances of financial aid to the white minority, diplomatic sources said. British and American diplomats are working on the details for a new constitutional conference. [New York Times] The first two prisoners taken by Zairian forces in the invasion by Katangan exiles were displayed in a stadium in Kinshasa before 60,000 people. The crowd cheered President Mobutu Sese Seko and urged the death of the two wounded captives, who later told reporters they had been trained in Angola and escorted into Zaire by Cuban instructors. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 942.59 (+3.82, +0.41%)
S&P Composite: 100.40 (+0.33, +0.33%)
Arms Index: 0.78

	Issues	Volume*
Advances	886	14.91
Declines	538	7.04
Unchanged	470	3.14
Total Volume		25.09

* 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 19, 1977	938.77	100.07	19.51
April 18, 1977	942.76	100.54	17.83
April 15, 1977	947.76	101.04	20.23
April 14, 1977	947.00	101.00	30.49
April 13, 1977	938.18	100.16	21.80
April 12, 1977	937.16	100.15	23.76
April 11, 1977	924.10	98.88	17.65
April 7, 1977	918.88	98.35	17.26
April 6, 1977	914.73	97.91	16.66
April 5, 1977	916.14	98.01	18.33