News stories from Wednesday July 2, 1980

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

Supporters of affirmative action won a major victory in the Supreme Court. In a 6-to-3 ruling, the Court upheld the constitutionality of a federal public works program in which 10 percent of spending was reserved for minority contractors. It marked the first time that the Court had explicitly backed the awarding of federal benefits on the basis of race. [New York Times] A major budget battle erupted as an unruly House and an angry Senate voted final approval for $16.9 billion in supplemental appropriations for the current fiscal year. The House sharply cut a proposal to add $528 million in foreign aid and the Senate bitterly accepted the cut, which marked a defeat for President Carter and Democratic congressional leaders.A public works plan lost momentum, according to congressional sources. They said that the administration, under pressure from key Senators, had retreated from supporting a House proposal to authorize $2 billion for anti-recessionary local projects. [New York Times] Military registration will begin later this month for four million young men under a proclamation signed by President Carter. Mr. Carter said he was "not in favor of a peacetime draft," but a large and growing number of people, both proponents and opponents of the draft, say that registration will inevitably lead to conscription. [New York Times] Mistreatment of Haitian refugees was found by a federal judge who rebuked the immigration service and accused it of having knowingly violated the constitutional and legal rights of thousands of the refugees seeking political asylum in the United States. The judge ordered that the service take no further action against the Haitians until the government had presented him with an acceptable plan for reconsidering their claims for asylum. [New York Times] Open court proceedings were upheld by the Supreme Court, which ruled, 7-to-1, that the free speech and free press guarantees of the First Amendment to the Constitution give the public and the press an all but absolute right to attend criminal trials. [New York Times] The Pope deplored poverty in Brazil and exhorted the wealthy to aid the millions of Brazilians who suffer chronic hunger and live in misery. John Paul II climbed up a hillside to visit a slum of Rio de Janeiro and was so stirred by the overwhelming welcome accorded him by thousands of residents that he spontaneously gave a valued golden ring to the community. [New York Times] A British plan for Northern Ireland sought to restore a measure of self-government through an 80-member assembly elected under proportional representation. But the proposal gave no specific recommendation on exactly how the Roman Catholic minority would be represented. [New York Times] Foreign influences on Soviet life have appeared to be largely material and superficial. Since the Stalin era, the number of Westerners visiting the Soviet Union has increased markedly, and about 3,000 Americans and at least 70,000 other foreigners, half from non-Communist countries, are to attend the Summer Olympics in Moscow. Many Russians embrace the trappings of Western culture, but remain unexposed to its underlying values. [New York Times] An eased stand by Moscow on missiles planned for Western Europe was reported. United States officials said that West Germany had informed the administration that the Kremlin had dropped its demand that NATO abandon its plan to deploy medium-range missiles before any new arms control negotiations could begin. The officials said that the shift was disclosed during the visit to Moscow by Chancellor Helmut Schmidt. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 876.02 (+3.75, +0.43%)
S&P Composite: 115.68 (+0.75, +0.65%)
Arms Index: 0.75

	Issues	Volume*
Advances	926	26.62
Declines	540	11.57
Unchanged	417	4.76
Total Volume		42.95

* 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*
July 1, 1980	872.27	114.93	34.34
June 30, 1980	867.92	114.24	29.90
June 27, 1980	881.83	116.00	33.11
June 26, 1980	883.45	116.19	45.10
June 25, 1980	887.54	116.72	46.50
June 24, 1980	877.30	115.14	37.73
June 23, 1980	873.81	114.51	34.18
June 20, 1980	869.71	114.06	36.52
June 19, 1980	870.90	114.66	38.28
June 18, 1980	881.91	116.26	41.96