News stories from Tuesday July 29, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The exiled Shah of Iran was buried in a Cairo mosque at a regal ceremony led by the only leader who remained loyal to him, President Sadat of Egypt. The funeral was elaborate but a pale copy of the pageantry that had long surrounded the deposed ruler. [New York Times]
- The President pledged full cooperation with the Senate panel investigating his brother Billy's dealings with Libya. President Carter said he was "eager to respond in person" to questions, he promised to give a complete report to the panel by early next week and said that he would answer any further questions the panel might have "the sooner, the better." He said that at no time had his brother influenced administration policy toward Libya. [New York Times]
- An easing in oil price increases for consumers was predicted by industry specialists as at least three major companies, faced with slumping demand, lowered crude oil prices. It marked the first broad reduction in the prices since the mid-1960's and other companies are expected to follow suit. [New York Times]
- Ford reported a record loss of $467.9 million for the second quarter of this year. The loss by the nation's second-largest auto maker was due primarily to poor domestic sales as profits from overseas operations ebbed. The American industry's loss for the quarter is expected to total $1.5 billion. [New York Times]
- The drive to free delegates from commitments to presidential aspirants at next month's Democratic National Convention was joined by Gov. Ella Grasso of Connecticut, who said that President Carter should release his delegates. However, party officials expressed doubts whether any effort to deny the President renomination could succeed at so late a date.
Carter strategists tried to ease concern among the President's backers over the new Democratic convention rules being pressed by the White House. They said that the delegates would be free to vote as they pleased except on the presidential roll call.
[New York Times] - Gains by social conservatives were vividly reflected in this year's Republican Party plat form. A loose coalition of single-issue groups is beginning to form to work toward what its leaders call "pro-family" goals. These include opposition to abortion, the proposed equal rights amendment, the drafting of women, homosexuality and support for prayer in the schools. [New York Times]
- Health risks from low-level radiation are not great, according to a panel of the National Academy of Sciences. The issue has caused a deep dispute among scientists and led the academy to withdraw a report last year. The rewritten version scales down the cancer risk rate to about half what the panel estimated in 1972. [New York Times]
- The trial of two prominent ranchers accused of robbing and torturing three young Mexican aliens ended as a jury in Tucson, Ariz., said it was hopelessly deadlocked. A mistrial was declared five days after the jury began deliberations in the case against Thomas and Patrick Hanigan. [New York Times]
- The start of a wild burro roundup in the Grand Canyon generated optimism that the costly private effort to save the animals might succeed. There are at least 300 wild burros in the region and evidence has been mounting that they are overgrazing and destroying vegetation needed by animals endemic to the canyon. The Park Service warned that if the burros could not he removed, they would have to be killed. [New York Times]
- The formation of a Palestinian state was overwhelmingly urged again by the third-world countries and the Soviet bloc. The proposal, debated for six days at a special session of the United Nations General Assembly, was approved by a vote of 112 to 7, with 24 abstentions. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 931.91 (+6.48, +0.70%)
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* |
| July 28, 1980 | 925.43 | 121.43 | 35.33 |
| July 25, 1980 | 918.09 | 120.78 | 36.25 |
| July 24, 1980 | 926.11 | 121.79 | 42.42 |
| July 23, 1980 | 928.58 | 121.93 | 45.90 |
| July 22, 1980 | 927.30 | 122.19 | 52.23 |
| July 21, 1980 | 928.67 | 122.51 | 42.74 |
| July 18, 1980 | 923.98 | 122.04 | 58.04 |
| July 17, 1980 | 915.10 | 121.44 | 48.87 |
| July 16, 1980 | 904.44 | 119.63 | 49.13 |
| July 15, 1980 | 901.54 | 119.30 | 60.90 |