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Tuesday November 7, 1978
. . . where the 1970s live forever!

News stories from Tuesday November 7, 1978


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

  • Election recap: Voters spurned the Republicans' call for sharp federal tax cuts and generally went along with the Democrats, giving the Republicans only modest gains across the nation. Still, Republicans ousted Democrats in governorships in seven states while Democrats won in Maine and South Carolina. Proposals to cut taxes and limit spending by state and local governments were approved by large margins in several states, incomplete returns showed. Such proposals were approved or were leading by wide margins in eight states.

    Bill Bradley, Democrat, handily won the New Jersey race for the Senate, even though the margin over his Republican opponent, Jeffrey Bell, was closer than had been expected. The former star of the New York Knicks took an early lead in the returns and continued building an ever-widening edge over Mr. Bell, who is a newcomer to the state.

    Gov. Ella Grasso won a second term after a campaign that focused on Connecticut state spending and opposition to a state income tax. The nation's first woman Governor elected in her own right announced victory over her Republican challenger, Representative Ronald Sarasin, about an hour after Connecticut polls closed.

    Edward Brooke lost his bid for re-election to the Senate from Massachusetts. He was defeated by his Democratic opponent, Representative Paul Tsongas. Senator Brooke's campaign suffered from disclosures about his personal life and finances. [New York Times]

  • An $18.7 billion tax cut was secretly signed into law by President Carter over the weekend, according to White House officials, who said the President had also signed other controversial bills before returning to the White House. His press secretary said there was no announcement of the presidential actions because the administration could be accused of "playing politics" on Election Day. [New York Times]
  • Death from lung cancer in Texas, particularly in the industrialized Houston area, has risen to what some health authorities term "epidemic proportions," according to a new study. From 1969 to 1976, the statistical study found, the number of deaths caused by lung cancer in the state increased by 53 percent. [New York Times]
  • Fabricated I.Q. tables were used by a renowned British psychologist to establish that heredity accounts for differences in intelligence, according to a new study by an Iowa professor. Reviewing the findings of the late Cyril Burt, the founder of educational psychology and longtime advocate of the heredity-basis theory, Prof. D. D. Dorfman said he had found much fabrication in Dr. Burt's work. [New York Times]
  • A remarkable renaissance In Detroit is giving its citizens the feeling that it is changing from a city of decay into one with an optimistic future. [New York Times]
  • The Tocks Island Dam planned on the Delaware River would be all but killed by a bill that awaits President Carter's signature. Meanwhile, Pennsylvania is considering federal court action to try to save the project. [New York Times]
  • Iran's military government followed the Shah's pledge to his opponents that he would deal harshly with corrupt officials and those who had abused power with the announcement that 14 former government figures and businessmen had been arrested. Among them was Gen. Nematollah Nassiri, the former head of SAVAK, the internal security agency, which has been accused of torture. The others were six former cabinet ministers and businessmen, who were charged with corruption. Government sources said that arrest warrants were issued for 52 persons. [New York Times]
  • Indira Gandhi easily won a seat in a parliamentary by-election in a coffee-growing region 1,000 miles south of New Delhi. The former Prime Minister's decisive victory was an important step in her attempt to make a political comeback. [New York Times]
  • Western arms sales to China are now acceptable to the United States, which has told Britain that it had no objections to a sale of British engines for Chinese ships. The new American policy, described as a neutral position on such sales, could clear the way for further Western arms deals with Peking even though the United States will not participate. [New York Times]
  • A South African scandal widened. Cornelius Mulder, the second-ranking government minister, resigned over the secret activities of the Information Ministry, which portfolio was taken from him two months ago. Prime Minister Botha moved to limit further disclosures, ending a judicial inquiry that revealed last week that officials had misappropriated at least $15 million in public funds and had secretly funded a pro-apartheid newspaper in Johannesburg and lied about the issue in Parliament. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 800.07 (-14.81, -1.82%)
S&P Composite: 93.85 (-1.34, -1.41%)
Arms Index: 1.54

IssuesVolume*
Advances2061.98
Declines1,42121.03
Unchanged2672.31
Total Volume25.32
* 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
DateDJIAS&PVolume*
November 6, 1978814.8895.1920.45
November 3, 1978823.1196.1825.99
November 2, 1978816.9695.6141.03
November 1, 1978827.7996.8550.45
October 31, 1978792.4593.1542.72
October 30, 1978811.8595.0659.48
October 27, 1978806.0594.5940.36
October 26, 1978821.1296.0331.99
October 25, 1978830.2197.3131.38
October 24, 1978832.5597.4928.88


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