News stories from Tuesday July 12, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Carter supported the Supreme Court ruling that states do not have to spend federal Medicaid funds for elective abortions. Acknowledging that is not fair that there are many things in life that the rich can afford and the poor cannot, he argued that the federal government should not try to make all opportunities more equal, especially when there was a moral factor involved. [New York Times]
- A compromise on the minimum wage with organized labor, under which the administration will support a 35-cent-an-hour increase to $2.65 this year, was announced by Mr. Carter. It was reached after tough negotiation and apparently clears the way for congressional action. [New York Times]
- President Carter has asked the Senate Governmental Affairs Committee to waive the Dec. 31 deadline by which Bert Lance, his director of the Office of Management and Budget, is pledged to divest himself of his stock in the Atlanta bank of which he was head. Mr. Carter's letter said the deadline had depressed the value of the stock for all its holders. [New York Times]
- The campus police at Kent State University in Ohio and county sheriff's deputies peacefully arrested 194 persons protesting the university's plan to build a gymnasium addition. The planned building would occupy the site where four students were killed by National Guard troops on May 4, 1970, during a protest of the American invasion of Cambodia. [New York Times]
- A call for an oil price freeze during 1978 came jointly from representatives of Iran, usually an advocate of higher prices, and Saudi Arabia, in Sweden at the meeting of the Organization of Petroleum Exporting Countries. They cited the uncertain economic health of the Western industrial nations. [New York Times]
- Stock prices declined in cautious trading, with the Dow Jones industrial average down 2.12 points to 903.41. Petroleum shares dominated the market as traders watched the O.P.E.C. meeting, the debate over natural gas deregulation and the news of the extent of damage to the Alaska pipeline. [New York Times]
- Adela Holzer, an international businesswoman who became prominent in the theater world as a producer, was arrested on charges of grand larceny, falsification of business records and violation of state securities laws. She pleaded not guilty. The indictment accused her of defrauding investors of more than $800,000, selling securities without a broker's license, and falsifying a bank account statement. [New York Times]
- President Carter disclosed conciliatory gestures by President Anwar Sadat of Egypt that officials said Mr. Carter had sought in order to improve the climate for Middle East negotiations as he prepared for talks with Prime Minister Menachem Begin of Israel. Mr. Carter said at a news conference that Egypt was returning with full military honors the bodies of 19 Israeli soldiers killed in the 1973 war and was withdrawing some troops from the Sinai Peninsula. On Soviet criticisms of his policies, he said he had no apologies and no regrets. [New York Times]
- The neutron bomb should be "one of our options," Mr. Carter said, supporting its production but deferring his decision on deployment. He called the prospect of using nuclear weapons "horrifying" but said the neutron bomb would provide flexibility because of its less destructive effect. [New York Times]
- Carter administration concern over political and economic deterioration in many Western European countries is being expressed at the highest levels. An aide sees this as a hidden agenda when West German and Italian leaders visit Washington this month. This concern recalls the laments of former Secretary of State Henry Kissinger over the apparent paralysis of Western Europe after the Arab oil embargo of 1973-74. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 903.41 (-2.12, -0.23%)
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* |
| July 11, 1977 | 905.53 | 99.55 | 19.79 |
| July 8, 1977 | 907.99 | 99.79 | 23.82 |
| July 7, 1977 | 909.51 | 99.93 | 21.74 |
| July 6, 1977 | 907.73 | 99.58 | 21.23 |
| July 5, 1977 | 913.59 | 100.09 | 16.85 |
| July 1, 1977 | 912.65 | 100.10 | 18.16 |
| June 30, 1977 | 916.30 | 100.48 | 19.41 |
| June 29, 1977 | 913.33 | 100.11 | 19.00 |
| June 28, 1977 | 915.62 | 100.14 | 22.67 |
| June 27, 1977 | 924.10 | 100.98 | 19.87 |