News stories from Tuesday December 6, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The stalemate over abortion continued as the House of Representatives defeated, by 200 to 170, the latest compromise effort. For the first time liberals who found the draft too stringent joined conservatives who found it too permissive in voting the compromise down. A compromise by Friday morning is needed if the appropriations bill for the Departments of Labor and of Health, Education and Welfare is to be passed in time to pay their employees before Christmas. [New York Times]
- The Carter administration plan to aid steel, protecting the depressed industry against competition from imports and helping it raise more capital through loan guarantees, tax breaks and other assistance for modernization, was unveiled in Washington. The balanced package drew general endorsement from Japan, Western Europe, the domestic industry and the United Steelworkers of America. [New York Times]
- Stock prices plummeted amid concern over the dollar's slump in foreign exchange markets and warnings of a liquidity squeeze facing domestic banks. The Dow Jones industrial average suffered its biggest decline since July, dropping 14.12 points to close at 806.91. [New York Times]
- Union members and local leaders of the International Association of Machinists at the Lockheed plant in Sunnyvale, Calif., are working in defiance of the nationwide strike called by the union's leadership against the company. Rebellions are also taking place within several other major unions. Each case is individual, but together they may be a warning of changing attitudes among the rank and file and local union leaders. [New York Times]
- A unanimous Supreme Court ruled that a female employee may not be deprived of accumulated seniority because she takes an uncompensated maternity leave. It held that the employer had not only refused women a benefit that men cannot and do not receive but had imposed on women "a substantial burden that men need not suffer." The Court also reaffirmed its 1976 finding that an employer is not required to let a worker use accumulated sick leave to remain on the payroll when taking a maternity leave. [New York Times]
- Japanese proposals to liberalize trade are taking shape in preparation for an envoy's visit to Washington to case tensions in this field. Contents of the tentative economic package as adopted by the cabinet were not made public, but early indications were that thus far it falls far short of the "drastic" measures Washington officials have been demanding. [New York Times]
- President Sadat of Egypt said that if other Arab countries refused to take part in later stages envisaged for a conference in Geneva he would carry peace negotiations "through to the end" with Israel alone. He accused the Soviet Union of using the Palestinians and Syrians as "agents" against a settlement and said he had a surprise in store to "teach the Soviets a lesson" but that it would not be the severing of relations. [New York Times]
- Reflecting Washington's concern, Secretary of State Vance criticized the Soviet Union for denouncing Egypt's diplomatic initiatives, saying this had raised questions about ultimate Soviet objectives in the Middle East. He said the Soviet Union shared responsibility with the United States as co-chairman of the Geneva Middle East peace conference but that its recent comments had not been helpful to the cause of peace. [New York Times]
- President Castro of Cuba rejected Washington's recent statements that Cuban involvement in Africa prevented re-establishment of full relations with Havana. He said the presence of Cuban troops in Angola had nothing to do with Cuban-American relations and was not negotiable. His remarks came In conversations in Havana with two visiting Congressmen and then with reporters accompanying them. [New York Times]
- Portugal's Prime Minister gave the three opposition parties a choice of supporting his minority government with a vote of confidence or forming a new government without his Socialist Party. Addressing Parliament, Mario Soares asserted that the Socialist government provided the only buffer between the Communists and two rightist parties that appear to have decided to vote against him. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 806.91 (-14.12, -1.72%)
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* |
| December 5, 1977 | 821.03 | 94.27 | 19.16 |
| December 2, 1977 | 823.98 | 94.67 | 21.16 |
| December 1, 1977 | 825.71 | 94.69 | 24.22 |
| November 30, 1977 | 829.70 | 94.83 | 22.67 |
| November 29, 1977 | 827.27 | 94.55 | 22.95 |
| 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 |