News stories from Wednesday January 9, 1980

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

Pessimism about the early release of American hostages in Iran has led Washington to prepare the public for a crisis that might continue for additional weeks or even months. President Carter and Secretary of State Vance have told 80 members of Congress and a group of leading Americans that no resolution seemed likely soon despite many attempts through various channels to obtain the safe release of the captives.Soviet opposition to sanctions against Iran was indicated by an official Tass dispatch. It appeared to signal Moscow's intention to veto any resolution in the United Nations Security Council that would impose sanctions proposed because of Iran's refusal to free American hostages. [New York Times] Grain market prices quickly plunged as far as rules permit in a response by traders to President Carter's curtailment of exports to the Soviet Union. After a two-day government-imposed suspension of trading and a delayed opening on the Chicago Board of Trade, the nation's largest commodity exchange, prices sank in seconds under a flood of selling orders.Farmers disgruntled about curtailment of grain sales to the Soviet Union were wooed by Agriculture Secretary Bob Bergland. He sped through the farmlands of Iowa on a four-day, 23-stop mission to bolster President Carter's re-election campaign. [New York Times] A boycott against Soviet ships and car-goes was announced by the longshoremen's union, which directed its members to stop handling them in ports from Maine to Texas and in Puerto Rico. But government officials noted that much cargo carried on Soviet ships goes to or comes from countries other than the Soviet Union and that such cargoes would probably now be diverted to ships of other flags. [New York Times] A demand for Soviet troop withdrawal from Afghanistan was sent to the United Nations General Assembly by the Security Council, blocked by a Soviet veto on Monday. The action was supported by 12 countries. The Soviet Union and East Germany were opposed and Zambia abstained. [New York Times] Saudi Arabia beheaded 83 persons for their part in the November assault on the Grand Mosque in Mecca. Beheading by the sword is the traditional punishment for sacrilege under Islamic law. The Saudi government announced that the executions had been ordered by King Khalid. [New York Times] Honors to Duke Snider and Al Kaline were announced by the Baseball Hall of Fame, which admitted the noted hard-hitting outfielders. The former Brooklyn Dodgers star was elected in his 11th year on the ballot, and the former Detroit Tigers player was chosen in his first year. [New York Times] A storm pelted the Northwest with freezing rain and snow, closing schools and highways in Washington and Oregon and virtually paralyzing the Portland area, where more than 100,000 homes were without electricity. In southern California, a rainstorm caused mudsides, road flooding and fatal auto accidents. [New York Times] The so-called women's vote may be the key to victory in the elections this year, according to many women's rights activists, but some political scientists and pollsters say that no such monolithic vote exists. Efforts are under way, in any case, to organize a feminist voting bloc. [New York Times] Cutbacks in hospital beds are sought by Detroit-area planners who, armed with a tough state law aimed at holding down health-care costs, have issued a plan prescribing specific reductions. The drive to eliminate about 15 percent of the hospital beds in the Detroit area is probably the broadest effort of its kind in the country. [New York Times] Death penalty bills were pressed by leaders in both houses of the New York state legislature with the new session barely underway. Both the Republican-controlled Senate and the Democratic-led Assembly may vote as early as Monday on restoring capital punishment, the first major issue of this election-year session. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 850.09 (-1.62, -0.19%)
S&P Composite: 109.05 (+0.10, +0.09%)
Arms Index: 1.37

	Issues	Volume*
Advances	1,034	34.98
Declines	524	24.27
Unchanged	359	6.01
Total Volume		65.26

* 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*
January 8, 1980	851.71	108.95	53.38
January 7, 1980	832.00	106.81	44.50
January 4, 1980	828.84	106.52	39.16
January 3, 1980	820.31	105.22	50.47
January 2, 1980	824.57	105.76	40.61
December 31, 1979	838.74	107.94	31.53
December 28, 1979	838.91	107.84	34.42
December 27, 1979	840.10	107.96	31.40
December 26, 1979	838.14	107.78	24.95
December 24, 1979	839.16	107.66	19.15