News stories from Tuesday November 29, 1977

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

A 1976 plan of South Korea's Central Intelligence Agency to influence both overtly and covertly the Ford administration, Congress, news organizations, academics and the clergy to Seoul's advantage was disclosed by a House of Representatives subcommittee. It was the most detailed document seen in the investigation into Korean influence peddling. [New York Times] Minimum prices for imported steel may be recommended by the Executive Commission of the European Common Market, following the apparent failure of its earlier rescue plan for Europe's steel producers. This protective measure is considered all the more likely if in the meantime President Carter proposes minimum steel import prices for the United States. [New York Times] Frank Johnson asked withdrawal of his nomination by President Carter as Director of the Federal Bureau of Investigation because of health problems, reopening the administration's long efforts to fill the post. Attorney General Griffin Bell said that he had no new candidate in mind and planned to wait two weeks to let the dust settle and rethink the selection process. [New York Times] Dock workers voted acceptance of a new master contract and local agreements, ending a strike that had paralyzed container shipping at ports from Maine to Texas for 60 days. The president of the International Longshoremen's Association said the vote, with returns almost completed, was 15,116 to 3,906. Longshoremen went back to work almost immediately at container ports in the Newark area. [New York Times] Stock prices plummeted following a report of a proposal by experts of the Organization of Petroleum Exporting Countries for a substantial 1978 increase in oil prices. The Dow Jones industrial average fell 12.30 points to close at 827.27. The transportation average showed a proportionately greater drop, down 3.36 points to 214.16. Virtually every sector of the stock market shared in the setback, although gold-mining stocks posted fractional gains. [New York Times] Federal permission to drill exploratory oil wells off the New York and New Jersey coasts as early as Jan. 3 has gone from the Environmental Protection Agency to 10 major oil companies. The companies and observers of the long battle over the issue believe that, for all practical purposes, the struggle is over. [New York Times] Roles and relations for women and men are changing, but experts have not yet reached a consensus on whether they will share equally someday in life's pursuits. Sociologists believe women will continue for some years to achieve greater parity with men, but even some staunch feminists fear biological differences may leave men forever dominant. [New York Times] The Soviet Union will not take part in the informal Cairo talks, it told the United States, which announced that it would attend the talks in preparation for convening a Geneva conference on Middle East peace. The differing decisions by the two co-chairmen of the Geneva conference had been expected, and Secretary of State Vance, who had urged Soviet participation at Cairo, was told that the Soviet Union still strongly supports a Geneva conference. [New York Times] An informal Turkish warning -- that unless there is progress toward congressional approval of a $1 billion defense cooperation agreement by early spring, American military forces will probably be expelled from Turkey -- presents the Carter administration with a difficult problem. The White House finds it politically difficult to send the accord to Congress, while several officials say the warning accurately reflects Turkish bitterness over its reluctance to move. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 827.27 (-12.30, -1.47%)
S&P Composite: 94.55 (-1.49, -1.55%)
Arms Index: 1.88

	Issues	Volume*
Advances	361	2.88
Declines	1,169	17.53
Unchanged	389	2.54
Total Volume		22.95

* 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 28, 1977	839.57	96.04	21.57
November 25, 1977	844.42	96.69	17.91
November 23, 1977	843.30	96.49	29.15
November 22, 1977	842.52	96.09	28.30
November 21, 1977	836.11	95.25	20.11
November 18, 1977	835.76	95.33	23.93
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