News stories from Tuesday November 8, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Seeking public support for his energy policy, President Carter in a television address said he would sign only that energy legislation that met the criteria of his earlier proposals to Congress. He sought to ease tension with Congress that has grown during the long months of debate. [New York Times]
- An object orbiting the sun that could be a new class of asteroid or the solar system's 10th and smallest planet has been discovered by astronomers. The discovery, by Charles Kowal of the Hale Observatories in Pasadena, Calif., has been confirmed by other astronomers. Because it is only about one-tenth the size of Mercury, the smallest known planet, scientists are provisionally calling it a "mini-planet." [New York Times]
- A $15 billion personal income tax cut will be needed in 1978 to head off a second-half slowdown in the economy, according to Juanita Kreps, the Secretary of Commerce. She said such a cut should be combined in a single bill with business tax cuts and those reforms that have the broadest support, leaving the more complicated tax issues to come up later. [New York Times]
- Representative Edward Koch was elected New York City's Mayor, the culmination of an uphill campaign he began 10 months ago. He established an early 5-to-4 lead over his Liberal Party opponent, Mario Cuomo, who was losing in every borough except on Staten Island. Mr. Koch's Democratic running mates, both elected by landslides, were state Senator Carol Bellamy, chosen City Council President and the first woman elected to a citywide office, and Comptroller Harrison Goldin, who won re-election. He is the only carryover from the administration of Mayor Beame, which foundered on the city's fiscal crisis. [New York Times]
- Governor Byrne was easily re-elected in New Jersey, overwhelming his Republican challenger, state Senator Raymond Bateman despite weather conditions that made voting more difficult for New York City commuters and the elderly, who were generally pro-Byrne. The winner, who started as the underdog, compared his comeback to President Truman's in 1948. The income tax issue, which had seemed to hurt him earlier, turned out to be the key issue in his favor. [New York Times]
- Detroit re-elected Coleman Young to a second four-year term as mayor by a wide margin in a race between two black candidates. In Cleveland, Dennis Kucinich, a 31-year-old political maverick, defeated the regular Democratic organization candidate to become the youngest mayor of a major American city. Virginia chose as its governor a conservative Republican with old-line Democratic backing, Lt. Gov. John Dalton, over the populist Democrat Harry Howell. [New York Times]
- Competition among larger banks for making business loans has sharpened, with interest rates cut in some cases and lending terms made more generous in others. Some of the smaller business concerns that have rarely if ever been approached by many of the larger New York, Chicago and regional banks are being wooed these days. This reflects slack demand on the part of their regular customers, the bigger corporations, and, as with other types of business operation, the prices of loans tend to be reduced. [New York Times]
- Stock prices ended their three-day advance, finishing mixed, apparently reflecting Wall Street's uncertainty over President Carter's energy program. The Dow Jones industrial average closed at 816.27 points, down 0.17. But advances on the New York Stock Exchange outscored declines in prices by a 7 to 5 ratio. [New York Times]
- U.S. air fare policy came under intensified criticism from the head of the International Air Transport Association. Addressing its annual meeting, Knut Hammarskjold suggested that the airlines consider a one-year moratorium on fare agreements to test American theories "in the real world." This would be no worse, he said, "than the present threats of deregulation and stop-go changes." [New York Times]
- Israeli guns shelled Palestinian guerrilla concentrations in southern Lebanon, the military command in Tel Aviv announced, calling it retaliation for new rocket attacks on northern Israel which have killed three persons In the town of Nahariya. The chief of staff said that the cease-fire since Sept. 26 between Israeli-supported Lebanese Christian militiamen and the leftist alliance of Palestinian guerrillas and Lebanese Moslems could be considered broken now. [New York Times]
- France will not deliver to South Africa two submarines and two corvettes under construction for that country, in keeping with the United Nations Security Council ban on arms sales. Until recently, France maintained a lucrative arms trade and commercial relations with South Africa while also keeping strong ties with black African nations, notably her ex-colonies. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 816.27 (-0.17, -0.02%)
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* |
| November 7, 1977 | 816.44 | 92.29 | 21.27 |
| November 4, 1977 | 809.94 | 91.58 | 21.70 |
| November 3, 1977 | 802.67 | 90.76 | 18.09 |
| November 2, 1977 | 800.85 | 90.71 | 20.76 |
| November 1, 1977 | 806.91 | 91.35 | 17.17 |
| October 31, 1977 | 818.35 | 92.34 | 17.07 |
| 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 |