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Monday November 21, 1977
. . . where the 1970s live forever!

News stories from Monday November 21, 1977


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

  • "No more war" was pledged repeatedly by President Anwar Sadat and Prime Minister Menachem Begin as Mr. Sadat ended his historic visit to Israel. They pledged in a communique to continue the talks they had begun in both public and private meetings held since Saturday when Mr. Sadat arrived. At a news conference they also told hundreds of reporters that they would be working for the reconvening of the Geneva peace conference in "the very near future." [New York Times]
  • Egypt welcomed President Anwar Sadat home from Israel with a massive turnout along the route from the Cairo airport to his home beside the Nile. He stood in an open car smiling and waving. An official statement said his main purpose, making preparations for the Geneva peace conference, had been achieved but gave no details. [New York Times]
  • Energy Secretary James Schlesinger conceded that the administration would have to compromise on its energy bill and that the eventual legislation would contain higher natural gas prices, more tax credits for businesses converting to coal, and more revenues for the oil industry than it had proposed. But in return for accepting these changes, Mr. Schlesinger indicated that the administration was determined that the legislation include a wellhead tax on domestic oil, extension of gas price controls to the intrastate market and a tax on use of oil and natural gas by industry. [New York Times]
  • Japan was warned by American officials that its continuing large trade surpluses with the United States and other countries seriously threaten relations with Washington. The officials, headed by Richard Rivers, general counsel to Robert Strauss, President Carter's special trade representative, left Tokyo following five days of talks without announcing specific agreements. Sources said, however, that the United States had strongly "suggested" that Japan publicly announce within three weeks its commitments to drastically cut its current account surplus and other steps towards reorganizing its trade programs. [New York Times]
  • The National Women's Conference adopted a platform for national action before ending its meeting in Houston, but rejected a proposal for a cabinet-level women's department. In the closing minutes, 300 of the 2,000 delegates, describing themselves as pro-life and pro-family left the floor singing "God Bless America." They opposed the equal rights amendment, legalized abortion and lesbian rights, all of which were approved at the meeting. [New York Times]
  • A new anti-pneumonia vaccine for a potentially fatal type of the disease, pneumococcal pneumonia, was approved by the Food and Drug Administration. It is intended primarily for older people and those with chronic illnesses. Called Pneumovax, the vaccine was developed by Merck Sharp & Dohme and will be available to physicians Feb. 1. It is not intended for mass inoculation programs, but some health departments may be expected to offer it to older people in public clinics. [New York Times]
  • At least 3,000 people died In a cyclone that struck southeastern India over the weekend, according to official estimates, and the final total might be as high as 5,000 or 6,000. The storm was described as a "national calamity" by Chief Minister Vengal Rao of Andhra Pradesh, a rice-growing state along the coast of the Bay of Bengal, where whole villages were submerged by tidal waves. [New York Times]
  • Sharp Arab divisions that could unsettle the search for an overall Middle East peace settlement may have been provoked by President Sadat's visit to Israel, according to Arab political and diplomatic sources in Beirut, whose concern is growing. The tone of Syria's state-controlled press and radio has been far angrier than at the time of the 1975 Israeli-Egyptian disengagement accord in Sinai, which triggered an open breach among the Arab states bordering Israel. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 836.11 (+0.35, +0.04%)
S&P Composite: 95.25 (-0.08, -0.08%)
Arms Index: 1.03

IssuesVolume*
Advances7048.22
Declines6818.19
Unchanged4933.70
Total Volume20.11
* 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
DateDJIAS&PVolume*
November 18, 1977835.7695.3323.93
November 17, 1977831.8695.1625.11
November 16, 1977837.0695.4524.95
November 15, 1977842.7895.9327.47
November 14, 1977838.3695.3223.22
November 11, 1977845.8995.9835.26
November 10, 1977832.5594.7131.98
November 9, 1977818.4392.9821.33
November 8, 1977816.2792.4619.21
November 7, 1977816.4492.2921.27


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