News stories from Monday October 31, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A deadlock on abortions financed by Medicaid was eased when House and Senate conferees reached tentative accord on medical treatment for victims of rape and incest. But a stalemate continued on whether to permit Medicaid-paid abortions in cases in which serious health damage to a mother would result if a pregnancy were carried to term. [New York Times]
- The Senate passed an energy bill, voting 52 to 35, after weeks of making revisions, and the measure differs markedly from President Carter's original package. While Mr. Carter asked, and the House accepted, many new taxes, the Senate approved tax credits to spur conservation and new production and only one new tax -- a modest levy on the use of oil and natural gas by business. A House-Senate conference has been seeking to reconcile differences, but has made little progress. [New York Times]
- Stock prices fell moderately, ending a three-day advance, amid investors' uncertainty over the economy and interest rates. The Dow Jones industrial average, which stayed in the minus column most of the session, lost 4.33 points to 818.35. [New York Times]
- Richard Helms pleaded no contest to a criminal information charging the former Director of Central Intelligence with two misdemeanor counts of having failed to testify fully and accurately before a Senate inquiry. Mr. Helms told a court he had not intended to lie to or mislead the Senate Foreign Relations Committee in 1973, when he testified about his agency's covert operations in Chile. He entered the plea after the Justice Department, with President Carter's approval, had asked the court to suspend any jail sentence. Sentencing was deferred. [New York Times]
- The right to sue insurance companies will be reviewed by the Supreme Court. The issue involves whether the companies violate antitrust laws when they jointly refuse to sell a certain kind of policy to anyone seeking such protection. Insurance companies are usually exempt from alleged conspiracies in restraint of trade, but a group of Rhode Island physicians persuaded the courts that refusal to sell them broader malpractice insurance constituted an illegal "boycott." [New York Times]
- The liberated pound soared by more than 6 cents to $1.84 in international money markets after the British government relaxed its tight grip on the currency. It was the most dramatic evidence so far of Britain's improved finances, which only a year ago required London to get massive emergency loans from private banks and the International Monetary Fund. [New York Times]
- Tough penalties on South Africa failed to gain approval in the United Nations Security Council because of vetoes of three African-sponsored resolutions by the United States, Britain and France. Canada and West Germany also voted against the proposals. They would have called for a ban on foreign investments and credits, a prohibition on arms sales, an end of cooperation in nuclear development and a move toward punitive measures. The 10 other Council members voted for the resolutions. The Western nations said in speeches they wanted to use their political influence and economic leverage to bring about change in South Africa. [New York Times]
- U.S. withdrawal from the I.L.O. will be announced tomorrow by President Carter, according to administration sources. He made the decision after considering opposing views from members of his cabinet over the scheduled withdrawal from the International Labor Organization. Washington has criticized the agency as a propaganda forum for the Soviet Union and the Arab bloc. [New York Times]
- Delaying President Carter's trip overseas is being seriously considered in the White House. The postponement would symbolize his commitment to energy legislation above all other immediate concerns. Present plans call for Mr. Carter to leave Washington Nov. 22 on a 25,000-mile journey to nine countries in eleven days. [New York Times]
- U.S. arms sales to Saudi Arabia face trouble because of a shortage of skilled technicians to handle the increasingly advanced weapons, according to Pentagon and congressional sources. [New York Times]
- A bomb blast attributed to terrorists caused extensive damage at a court building in Zweibrucken, West Germany. No one was hurt. The latest explosion was believed to be meant as a new warning that the underground extremists were still active. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 818.35 (-4.33, -0.53%)
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* |
| October 28, 1977 | 822.68 | 92.61 | 18.05 |
| October 27, 1977 | 818.61 | 92.34 | 21.92 |
| October 26, 1977 | 813.41 | 92.10 | 24.86 |
| October 25, 1977 | 801.54 | 91.00 | 23.59 |
| October 24, 1977 | 802.32 | 91.63 | 19.21 |
| October 21, 1977 | 808.30 | 92.32 | 20.23 |
| October 20, 1977 | 814.80 | 92.67 | 20.52 |
| October 19, 1977 | 812.20 | 92.38 | 22.03 |
| October 18, 1977 | 820.51 | 93.46 | 20.13 |
| October 17, 1977 | 820.34 | 93.47 | 17.34 |