News stories from Thursday April 3, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Iranian crisis worsened as the Revolutionary Council failed to reach agreement after a bitter five-hour debate over a transfer of the American hostages to the council from the Islamic militants. The crucial issue seemed to be President Abolhassan Bani-Sadr's failure to obtain a formal, public pledge from President Carter to keep silent about the captives until the yet-to-be-elected Iranian Parliament decides their fate.
The special American envoy on Iran is Hamilton Jordan, the White House chief of staff. In recent weeks, he has flown surreptitiously to Paris, Algiers and other capitals in his new and largely unpublicized post.
[New York Times] - Two hostages were freed in Bogota, leaving 25 still held by the guerrillas who seized the Dominican Embassy on Feb. 27. The guerrillas held the third negotiating session with Colombian officials in three days. [New York Times]
- More than 7,000 people were evacuated from homes, schools and businesses in Somerville, Mass., as a cloud of toxic fumes released in a rail-switching accident spread over the city and parts of downtown Boston and Cambridge. Hospital officials said that more than 150 people sought treatment, but that most had suffered minor eye and respiratory tract irritations. Five persons were hospitalized. [New York Times]
- Bert Lance gained a court victory as the judge in the bank fraud and conspiracy trial of the former federal budget director and three Georgia associates indicated that he would dismiss the conspiracy count in the multi-count indictment. The judge ruled that the government could not use charts from which witnesses could track the huge checking overdrafts of 18 persons in 35 bank accounts. [New York Times]
- The accident at Three Mile Island was not a major nuclear disaster and experts still consider one unlikely, according to a House science committee study. The 70-page report cited testimony that even if all the reactor core fuel had melted in the accident a year ago "there would still have been two or three days available for the public to be evacuated." [New York Times]
- John Anderson is under rising pressure to run for President as an independent in the November election and to signal his intention to do so before the Republican National Convention opens in July. The Representative of Illinois, still running as a Republican, said he would try to make a decision during a vacation this weekend. [New York Times]
- A barely balanced federal budget totaling $612.9 billion for the next fiscal year was drafted by the Senate Budget Committee, which reduced domestic programs to offset a substantial increase in military spending. The committee's proposal would provide a $100 million surplus. [New York Times]
- No New York City transit settlement is imminent, according to the chief mediator, who said after a brief resumption of talks that the positions of both sides had hardened. Mayor Koch began a court action seeking millions of dollars in damages from the 33,000 striking subway and bus workers and their union leaders above the penalties of the Taylor Law, which bars walkouts by public employees.
A four-day workweek in Manhattan to help reduce traffic during the transit strike was proposed by Mayor Koch. His proposal, on the third day of the walkout, came as traffic flowed more smoothly into the city but was more congested outbound. Marked declines were reported in major department store sales and Manhattan restaurant customers.
[New York Times]
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Stock Market Report
Dow Jones Industrial Average: 784.13 (-3.67, -0.47%)
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* |
| April 2, 1980 | 787.80 | 102.68 | 35.20 |
| April 1, 1980 | 784.47 | 102.18 | 32.03 |
| March 31, 1980 | 785.75 | 102.09 | 35.85 |
| March 28, 1980 | 777.65 | 100.68 | 46.71 |
| March 27, 1980 | 759.98 | 98.22 | 63.77 |
| March 26, 1980 | 762.12 | 98.68 | 37.35 |
| March 25, 1980 | 767.83 | 99.19 | 43.79 |
| March 24, 1980 | 765.44 | 99.28 | 39.22 |
| March 21, 1980 | 785.15 | 102.31 | 32.22 |
| March 20, 1980 | 789.08 | 103.12 | 32.58 |