News stories from Friday August 8, 1980

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

Moslems marched in Washington -- hundreds of Iranian, Arab and American Moslems. They said it was a pro-Palestinian demonstration, organized by the Muslim Students Association, but they were chanting support for Ayatollah Khomeini. Furious onlookers pelted them with eggs and shouted insults. [New York Times] Defeat for Carter forces on some platform issues during the debate Tuesday at the Democratic National Convention was predicted by Robert Strauss, the Carter campaign chairman. But his acceptance of defeat on some planks was called a tactical maneuver by Senator Kennedy's aides. [New York Times] John Anderson's sudden cooling of his rapprochement with Senator Kennedy has left backers of both presidential contenders confused and annoyed. After a week of avoiding questions about the meaning of his promise to reassess his independent candidacy if Mr. Kennedy takes the nomination from President Carter, Mr. Anderson said in Pittsburgh Thursday that he would not withdraw if Mr. Kennedy is nominated. [New York Times] Hurricane Allen was heading toward the Texas-Mexico coastline, traveling west by northwest at 15 miles m.p.h. and regaining the strength it had lost in the jungles of the Yucatan. Forecasters said the storm would hit Brownsville and Corpus Christi, Tex., by tomorrow afternoon. [New York Times] General Motors failed to notify car buyers of engine and transmission defects in more than four million of its vehicles manufactured since 1975, the Federal Trade Commission charged. General Motors said the charges were "unwarranted." [New York Times] Restoration of the Three Mile Island nuclear plant will cost considerably more and take longer to complete than was estimated a year ago by the plant's operator, the General Public Utilities Corporation. The revised cost estimate totals $760 million and the estimated completion time is six years. [New York Times] Army qualification test scores long used to establish mental categories for soldiers were ordered removed from field records by Secretary of the Army Clifford Alexander on the ground that they were unscientific and unfair. He said the scores had little relation to the ability of soldiers to perform their duties. [New York Times] Nigeria will order major oil companies to give it up to 182.9 million barrels of crude oil as a penalty for alleged breaches in their production contracts. The companies affected are Gulf, Mobil and the Royal Dutch/Shell Group. [New York Times] Twenty-two rightist Turkish militants were sentenced to death at a military trial that had lasted more than a year. They were among 835 people who had been charged with "armed insurrection and massacre" at riots at Karamanmaras in 1978 in which more than 100 people were killed. [New York Times] Senate approval of the arms pact is crucial to United States interests, Secretary of State Edmund Muskie said in a speech in San Francisco, indicating that the administration is determinated to make approval of the treaty a major issue in the presidential campaign. [New York Times] Continuing army rule in South Korea is necessary, according to the General who led a coup in December against more moderate officers. Gen. Chan Too Hwan indicated in an interview that he sees himself as a future president. The general has held real power in South. Korea since May, when he invoked martial law to break up student demonstrations and to arrest leading politicians and opposition leaders. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 954.69 (+3.75, +0.39%)
S&P Composite: 123.51 (+0.21, +0.17%)
Arms Index: 0.94

	Issues	Volume*
Advances	907	31.42
Declines	635	20.59
Unchanged	379	6.85
Total Volume		58.86

* 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*
August 7, 1980	950.94	123.30	62.37
August 6, 1980	938.23	121.55	45.02
August 5, 1980	929.78	120.74	45.51
August 4, 1980	931.06	120.98	41.57
August 1, 1980	931.48	121.21	46.43
July 31, 1980	935.32	121.67	54.60
July 30, 1980	936.18	122.23	58.06
July 29, 1980	931.91	122.40	44.84
July 28, 1980	925.43	121.43	35.33
July 25, 1980	918.09	120.78	36.25