News stories from Tuesday July 24, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Approval of energy legislation by fall will satisfy President Carter, if the administration's package is not seriously weakened, he informed congressional leaders. Mr. Carter stressed that a "windfall" profits tax on which the entire program depends for financing should not be trimmed to reduce its potential revenue.
Sharp oil company profit rises were announced. The Gulf Oil Corporation reported that its profits increased 65.3 percent for the second quarter over a year ago and the Standard Oil Company of Ohio reported a 70.1 percent increase.
[New York Times] - A new Federal Reserve Board chief is expected to be named soon by President Carter, according to White House officials. They said that Mr. Carter had received a "short list" of recommended candidates after what an aide termed "exhaustive contacts" by the White House staff with a wide range of financial figures. [New York Times]
- Ripples from the cabinet shake-up continued as Senator Henry Jackson asserted that it had given the Carter administration an image of "instability" and predicted that the President's chances for renomination would be "very, very difficult." The Washington Democrat predicted that Senator Edward Kennedy would eventually enter the presidential race. [New York Times]
- School busing gained a new reprieve as the House rejected a proposed constitutional amendment that would ban the practice for desegregation. The proposal is now dead for this session and perhaps for good. The vote was 209 for the amendment and 216 against. Passage of a constitutional amendment requires a two-thirds vote. [New York Times]
- The economic gap between blacks and whites has been widened by five recessions in the last 25 years, according to studies by the National Urban League. A report said that the black jobless rate of 11.9 percent in 1978 was 2.3 times the rate for whites -- the largest gap since the government began recording unemployment data by race. [New York Times]
- Ted Bundy was convicted of murder in the 1978 deaths of two women in a sorority house at Florida State University in Tallahassee. The former law student was also found guilty of attempted murder in assaults on three other young women. He could be sentenced to death. [New York Times]
- The withdrawal of the U.N. peace force separating Egyptian and Israeli troops in the Sinai was agreed on by the Security Council, but it acted to insure that unarmed observers would remain to monitor a phased Israeli pullout. Israel argued that the small observer force was inadequate to perform the mission; Moscow has refused to extend the mandate for the 4,000-member peace force that expires at midnight. [New York Times]
- "Boat people" suffered a grim voyage for two and a half months to reach Indonesia from Vietnam. Twenty of the 380 people aboard what other refugees call the "unlucky boat" died, fresh water ran out and there was almost no food. There were 23 boardings by Thai fishermen-turned-pirates who raped and robbed passengers. [New York Times]
- Support for the arms treaty was affirmed by the Joint Chiefs of Staff, but one of them, the Chief of Naval Operations, said that if the United States did not match Soviet military spending, he saw no value in the pact and would not recommend Senate approval. [New York Times]
- A Chinese was slain by Soviet troops in a clash on the Xinjiang border on July 16, Peking and Moscow said, and each accused the other of violating the frontier and causing the incident. A week before the clash, China agreed to a Soviet proposal to discuss normalization of relations, and the talks are set to open in mid-September. [New York Times]
- A break in India's governing impasse seemed closer as key parties and independent legislators announced commitments to the two leaders seeking to become Prime Minister. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 829.78 (+4.27, +0.52%)
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 23, 1979 | 825.51 | 101.59 | 26.86 |
| July 20, 1979 | 828.07 | 101.82 | 26.37 |
| July 19, 1979 | 827.30 | 101.61 | 26.78 |
| July 18, 1979 | 828.58 | 101.69 | 35.95 |
| July 17, 1979 | 828.50 | 101.83 | 34.27 |
| July 16, 1979 | 834.90 | 102.74 | 26.62 |
| July 13, 1979 | 833.53 | 102.32 | 33.07 |
| July 12, 1979 | 836.86 | 102.69 | 31.77 |
| July 11, 1979 | 843.86 | 103.64 | 36.64 |
| July 10, 1979 | 850.34 | 104.20 | 39.73 |