News stories from Tuesday November 18, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A spending ceiling of $631.7 billion and a $25 billion deficit were provided in a budget resolution for the current fiscal year adopted by the House in a party-line vote but with some Democratic defections. The Republicans had sought vainly to delay action until January, when a Republican President and Senate could participate in the deliberations, but the Democrats noted that the law mandated the present Congress to adopt the budget. [New York Times]
- Ronald Reagan spoke against busing for school desegregation during a hectic day in Washington in which he called on Democratic and Republican leaders of Congress. Speaking with reporters, Mr. Reagan said that as President he would sign the legislation that has been approved by Congress to prohibit the Justice Department from pursuing legal cases that would result in school busing orders. [New York Times]
- Mr. Reagan is wooing capital figures in a highly unusual manner. In two dinners, one last evening and one scheduled for Thursday, he is reaching out to members of Washington's business, cultural and political establishments with extraordinary speed. [New York Times]
- Enhancing the power of the states was sought by Republican governors. They sent to Mr. Reagan a list of proposals for transfering authority from Washington to the states. [New York Times]
- Upgrading the Secretary of State as a policy maker will be pressed by President-elect Reagan, according to senior Republican aides. They said that the functions of the national security adviser would be limited mainly to coordinating the views of the government departments and that Mr. Reagan was determined to end the infighting of recent years between the White House and the State Department. [New York Times]
- Later retirement under Social Security was proposed by a federal panel. It suggested a gradual increase in the retirement age for full benefits to 68 years by the year 2012. Under another recommendation, there would be no limits on the amount of money retired people may earn before losing Social Security benefits but the benefits would be taxed as income. [New York Times]
- The rising tax revolt in Massachusetts struck the Boston region's public transportation system, which was shut down briefly because it had run out of money. Representatives of 79 municipalities served by the system's subway, bus, trolley and rail lines precipitated the crisis by refusing to allow the system to overspend its budget as it has done repeatedly in previous years. [New York Times]
- A record November snowstorm as-saulted the Northeast, reportedly killing 16 people and crippling many communities unprepared for winter in mid-November. The snow, more than a foot deep in areas from Pennsylvania to New England, left thousands of homes without power. [New York Times]
- Willie Sutton, the bank robber, has died at the age of 79. The notorious thief who used ingenious disguises estimated that he stole more than $2 million in 35 years. [New York Times]
- The term "Mr. Justice" vanished without official explanation from Supreme Court announcements. Employees speculated that the change was made to accommodate the prospect of a woman joining the High Court and to avoid the awkward appellation "Madam Justice." [New York Times]
- Iraq reported gains by its forces in tightening their grip on the remaining pockets of resistance in the Iranian town of Susangird. Iran challenged the announcement, but Iraq's statement was thought to be accurate. [New York Times]
- U.S.-Korean ties would be harmed if Kim Dae Jung, the leading South Korean dissident, is executed on charges of sedition, according to a senior aide to President-elect Ronald Reagan. Officials in Washington said that the Seoul government had been warned quietly not to proceed with the execution of Mr. Kim, whose fate is expected to be decided by President Chun Doo Hwan. [New York Times]
- Eleven Palestinians were wounded by Israeli troops who fired on student protesters in the occupied West Bank. An official said that the demonstrators hurled stones and had ignored warning shots and pleas for calm. [New York Times]
- A drive to unseat Israel's government prompted Prime Minister Begin to cut short his visit to the United States and to fly home. Israeli officials predicted that Mr. Begin's coalition would withstand the latest challenge in Parliament arising from dissatisfaction over the economy and inflation. [New York Times]
- An attempt to seize power in China in 1976 was laid to three former high officials who, the authorities charged, "plotted an armed rebellion" in Shanghai soon after the death of Mao Tse-tung. The charges are to be used in the trial of 10 prominent radical leaders of the Cultural Revolution. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 997.95 (+11.69, +1.19%)
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* |
| November 17, 1980 | 986.26 | 137.75 | 50.30 |
| November 14, 1980 | 986.35 | 137.15 | 71.63 |
| November 13, 1980 | 982.42 | 136.49 | 69.33 |
| November 12, 1980 | 964.93 | 134.59 | 58.51 |
| November 11, 1980 | 944.03 | 131.26 | 41.52 |
| November 10, 1980 | 933.79 | 129.48 | 35.72 |
| November 7, 1980 | 932.42 | 129.18 | 40.06 |
| November 6, 1980 | 935.41 | 128.91 | 48.89 |
| November 5, 1980 | 953.16 | 131.33 | 84.29 |
| November 3, 1980 | 937.20 | 129.04 | 36.62 |