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Tuesday August 9, 1977
. . . where the 1970s live forever!

News stories from Tuesday August 9, 1977


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

  • Investigation of the finances of Budget Director Bert Lance has been broadened. The Comptroller of the Currency will look into not only his loans from major banks but also a wide range of activities by two banks he headed in Georgia, according to sources close to the investigation. [New York Times]
  • As Atlantic City prepares for gambling, resorts in New Jersey's neighboring states of Pennsylvania and New York are increasingly nervous. The president of a major resort in the Poconos said his establishment was already losing big convention bookings to Atlantic City, drawn by the glamour of gambling there although it has not begun. A public information official in the Catskills said big hotels there called the authorization of gambling in the area essential. [New York Times]
  • Stock prices showed gains for computer and special issues but remained indecisive, closing with the Dow Jones industrial average exactly where it stood Monday -- 879.42, a 19-month low. Many technical experts believe that if the Dow holds there, the market could subsequently move upward, but that any further weakening could bring a new slide in stocks. [New York Times]
  • All records of drug-testing activities of the Central Intelligence Agency will be available to the Department of Justice, the Director of Central Intelligence, Adm. Stansfield Turner, told reporters. He pledged cooperation if the department decides that an investigation into any aspect of the matter is warranted. Justice Department officials said later that no decision had been made. [New York Times]
  • Striking Dayton firefighters watched from their picket lines as three major fires spread out of control, destroying the homes of 13 families. A judge in the city has ordered the men to end their two-day stoppage, but the union decided to continue the strike for wage and hour demands. The firemen said they would respond only if a life was in danger. [New York Times]
  • Grand jury changes to curb abuses by prosecutors and to give witnesses more protection were urged on Congress and the states by the house of delegates of the American Bar Association. The proposed code would limit the circumstances for granting a witness immunity and permit witnesses to have their attorneys in the grand jury. [New York Times]
  • Gulf Oil purchased 68 percent of voting control of Kewanee Industries, raising its final bid to a purchase price for all shares of $446 million. This topped the competing offer of Crown Central Petroleum and Hamilton Brothers Petroleum for the producer of oil, natural gas and chemicals. No merger is expected until potential opposition indicated earlier by the Federal Trade Commission has been satisfactorily cleared up. [New York Times]
  • Israeli leaders told Cyrus Vance, the visiting Secretary of State, they remained strongly opposed to yielding any territory on the Jordan's West Bank and in the Gaza Strip. They also took the expected hard-line position against any Palestinian homeland on Israel's borders and to any part for the Palestine Liberation Organization in an eventual negotiation at Geneva. One reason for the effort to appear unrelenting was concern in Israel at reports that the United States was seeking ways of persuading the P.L.O. to accept a key United Nations Security Council resolution and thereby start a dialogue with the United States. [New York Times]
  • Americans who reside in the Canal Zone seem resigned to changes in the status of the United States-controlled area along the Panama Canal where many have spent their lives. As a result, they went about their normal work and play while in Panama's capital, as what may be the final round of treaty talks continued under strict security. [New York Times]
  • President Carter was attacked by Tass, the Soviet press agency, for allegedly having approved the appropriation of funds to manufacture a new neutron warhead, opening the way for "a new round of the arms race" and creating grave dangers for peace. Tass signaled the Kremlin's concern by failing to distinguish between Mr. Carter's signing a measure including standby funding pending further study by the White House and actual authorization. [New York Times]
  • The killing in Belfast of a Catholic boy and a British soldier came on the eve of the first visit of Queen Elizabeth II to Northern Ireland in more than a decade. She will travel for the first time by helicopter to avoid possible ambushes and no one without a special pass will be allowed within a mile. Local authorities were puzzled by the timing of her visit, which comes in a week that includes anniversaries of bitter events in Ulster's sectarian quarrels. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 879.42 (0.00, 0.00%)
S&P Composite: 98.05 (+0.06, +0.06%)
Arms Index: 0.80

IssuesVolume*
Advances6828.82
Declines6877.14
Unchanged5153.94
Total Volume19.90
* 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*
August 8, 1977879.4297.9915.87
August 5, 1977888.6998.7619.94
August 4, 1977888.1798.7418.87
August 3, 1977886.0098.3721.17
August 2, 1977887.3998.5017.91
August 1, 1977891.8199.1217.92
July 29, 1977890.0798.8520.35
July 28, 1977889.9998.7926.34
July 27, 1977888.4398.6426.44
July 26, 1977908.18100.2721.39


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