News stories from Friday November 18, 1977

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

Egyptians landed in Israel on an Arab airliner, something that has never happened before, and Israelis at the airport applauded as the 60 Egyptian officials and technicians emerged to join the preparations for the historic visit of President Anwar Sadat tomorrow.A wave of protest broke out in Arab countries over President Sadat's visit to Israel, taking the form of student demonstrations, bombings, calls for strikes and denunciations in newspapers and on radio and television. Libya, which had been near a reconciliation with Egypt, took the lead and its General People's Congress, the policy-making body, called for Egypt's expulsion from the Arab League and the removal of the league's headquarters from Cairo if Mr. Sadat made the trip. [New York Times] The Egyptian Embassy in Athens was stormed by Palestinian students and a rocket attack on Egypt's Embassy in Beirut, Lebanon, killed a security guard and wounded two guards and six Saudi Arabian soldiers. The storming of the embassy in Athens by about 30 students set off a panic at a rally of nearly 100,000 people gathered nearby to hear Prime Minister Constantine Caramanlis give his final speech in the Greek election campaign. Shooting broke out as the students entered the embassy grounds. Eight of them were shot, and 17 were arrested. The attack on the Beirut embassy followed a bombing at the Egyptian state airline office. [New York Times] Robert Chambliss, a former Ku Klux Klansman, was found guilty of first-degree murder in the bombing in 1963 of the 16th Street Baptist Church in Birmingham, Ala. The explosion killed four young black girls. Mr. Chambliss, 73 years old, was indicted on four counts of murder, but the verdict was concerned only with the death of 11-year-old Denise McNair. He was convicted by a jury of three blacks and nine whites and was sentenced to life imprisonment. His lawyers said they would appeal. Prosecution lawyers said they would seek additional indictments in the bombing. [New York Times] The C.I.A. accused a former agent of violating his security oath and his word by publishing an unauthorized analysis of the agency's role in South Vietnam. An official statement said that Adm. Stansfield Turner, Director of Central Intelligence, met last May 17 with Frank Snepp to discuss his book, which subsequently was printed in great secrecy by Random House. The C.I.A. statement said that when Mr. Snepp promised to abide by his security oath and to provide a copy of his work for clearance, Admiral Turner gave him some unclassified materials. [New York Times] Japan was urged by the United States to take "drastic measures" to reduce its rapidly growing trade surplus at the opening of a new series of discussions in Tokyo between Japanese and American trade officials. The United States dollar, meanwhile, dropped to a another post-World War II low against the yen. It was reported that the American negotiators demanded a Dec. 15 deadline for definite Japanese proposals to correct the trading surplus. [New York Times] United States Steel tentatively endorsed the Carter administration's reference-price formula intended to protect the domestic steel industry against dumping by foreign producers. David Roderick, the company's president, suggested that if the plan is implemented fairly his company might withdraw the multi-billion anti-dumping suits it has been preparing against foreign producers. [New York Times] Stock prices rose slightly as tensions over short-term interest rates eased. Advancing issues outnumbered declines by a ratio of more than 4 to 3 and the Dow Jones industrial average, on a see-saw for most of the week, finished up 3.90 points at 835.76. Its loss for the week totaled 10 points. [New York Times] Prediction of sudden events through a mathematical concept called "catastrophe theory" is being sharply debated among experts In many fields of science. Its proponents say that the theory is the greatest revolution in mathematical thought since the discovery of calculus. Topology, the mathematical study of shapes of surfaces, is the science from which the theory was developed. There are eminent mathematicians on both sides of the argument. The critics seem to be in a stronger position. [New York Times] Girls have the right to play on boys' baseball and soccer teams, the New York State Regents ruled, and told secondary schools that they must allow girls to do so. But the ban on mixed competition in some of the rougher sports such as basketball, football and wrestling was continued. The board's ruling on baseball and soccer brought the state into compliance with Title IX of the Federal Education Amendment of 1972 against sex discrimination. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 835.76 (+3.90, +0.47%)
S&P Composite: 95.33 (+0.17, +0.18%)
Arms Index: 0.83

	Issues	Volume*
Advances	821	12.59
Declines	586	7.47
Unchanged	446	3.87
Total Volume		23.93

* 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*
November 17, 1977	831.86	95.16	25.11
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