News stories from Thursday November 17, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The economy is stronger than it seemed only a few weeks ago, according to government figures, including a sharp upward revision by the Commerce Department of the third quarter's output of goods and services. The statistics will be among those weighed by President Carter when he decides in the next two months whether to ask Congress to cut taxes in 1978. [New York Times]
- Japan's enormous volume of exports to this country -- expected to total $18 billion this year -- is developing into a severe test of the United States' commitment to free trade. The Japanese surplus, the cause of a United States deficit, is expected to reach $8 billion in 1977. As a result, the dollar is falling, the yen is soaring, American manufacturers are complaining and government officials in both countries are attempting to deal with a disruptive international problem. [New York Times]
- Stock prices declined slightly. Concern over an increase in the nation's money supply, which is usually followed by Federal Reserve credit-tightening moves, depressed prices for the second consecutive session. The Dow Jones industrial average dropped 5.20 points to 831.86. [New York Times]
- Roman Catholic bishops adopted new guidelines for religious instruction in this country. Its concepts and goals, reflecting the reforms adopted at the Second Vatican Council of 1962-65, differ sharply from the largely unused 1885 Baltimore Catechism, which had served for decades as the church's primary instructional guide. [New York Times]
- The C.I.A.'s evacuation from South Vietnam in 1975 has been described by a former analyst for the agency as "an institutional disgrace" that abandoned thousands of Vietnamese employees and collaborators and exposed them to North Vietnamese retaliation. Frank Snepp, who was the C.I.A.'s principal analyst of North Vietnamese politics, makes further allegations in a book to be published next week without government clearance, that the C.I.A. later prevented an investigation into the evacuation. He says that United States officials ignored intelligence reports that the North Vietnamese would directly attack Saigon. [New York Times]
- Government reform of electric utility rates proposed by the administration was rejected by a House-Senate conference committee, giving the President's energy program another substantial setback. The conferees agreed only to require that state rate-setting commissions "consider" new rate concepts, such as "time of day" pricing that penalizes usage in peak hours, and seasonal rates, which similarly penalize consumption when demand is heaviest. President Carter maintains that reordering electric rates could save substantial energy by creating incentives against waste. [New York Times]
- Ignoring an uproar among Arab nations and in his own government, President Anwar Sadat of Egypt formally accepted Prime Minister Menachem Begin's invitation to visit Israel. He will arrive in Jerusalem Saturday night and address the Israeli Parliament Sunday afternoon. [New York Times]
- President Carter urged Prime Minister Begin to take a conciliatory position in his talks with President Sadat this weekend to insure that Mr. Sadat does not return home empty-handed. Administration officials said that the President, concerned about an angry Arab reaction to Mr. Sadat's visit, telephoned Mr. Begin to emphasize the importance it has for an eventual Arab-Israeli agreement. Mr. Begin thanked the President "from the bottom of my heart" for his efforts in the negotiations, Mr. Carter's aides said. [New York Times]
- Prime Minister Begin announced acceptance of President Sadat's plan to arrive in Israel Saturday night. He said the Egyptian leader planned to pray on Sunday in Al Aksa mosque in the walled Old City of Jerusalem, captured by Israel in 1967, before addressing the Israeli Parliament. [New York Times]
- Important concessions have been made by the Soviet Union at the strategic arms talks in Geneva on the issue of cruise missile testing and deployment, administration officials said in Washington. The concessions, the officials said, would enable the United States to develop and test long range sea and ground-launched cruise missiles and to use air-launched cruise missiles with ranges exceeding 1,500 miles. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 831.86 (-5.20, -0.62%)
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 16, 1977 | 837.06 | 95.45 | 24.95 |
| November 15, 1977 | 842.78 | 95.93 | 27.47 |
| November 14, 1977 | 838.36 | 95.32 | 23.22 |
| November 11, 1977 | 845.89 | 95.98 | 35.26 |
| November 10, 1977 | 832.55 | 94.71 | 31.98 |
| November 9, 1977 | 818.43 | 92.98 | 21.33 |
| November 8, 1977 | 816.27 | 92.46 | 19.21 |
| 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 |