News stories from Tuesday January 17, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Carter is losing popularity, according to the latest New York Times and CBS News poll. The survey showed his overall approval rating continuing a steady, year-long downward drift from 66 percent last January to 51 percent this month. The poll also shows that 50 percent of Americans consider themselves worse off than a year ago or are dissatisfied with their economic situation, compared with 44 percent who feel better off or are at least satisfied with holding their own. [New York Times]
- Opposition to a tax cut totaling $25 billion planned by President Carter has been expressed by the National Urban League, which issued a report calling the condition of American blacks "somber." Vernon Jordan, president of the league, said that a swollen deficit would become "an excuse for not implementing vitally needed urban and social programs." [New York Times]
- Doubts of a severe oil shortage in the 1980's, predicted by the Carter administration, are being expressed by many leading energy experts. They contend that world oil supplies, now in abundance, may remain adequate at least through 1990, reducing the likelihood of a new high jump in prices. The major reason for their optimism is an unexpectedly large drop in projections for oil demand, based largely on increasing conservation and slowing industrial growth. [New York Times]
- A bullish stock market produced its best rally of 1978. The market was encouraged by improved fortunes of the dollar in world currency markets. The Dow Jones industrial average rose 7.28 points to 779.02. [New York Times]
- Egypt and Israel began seeking an accord on principles for an overall Middle East peace settlement. Their foreign ministers publicly reiterated the two countries' differences but privately started to discuss possible compromises. After the opening day of the conference in Jerusalem attended by Moshe Dayan of Israel, Mohammed Ibrahim Kamel of Egypt and Secretary of State Cyrus Vance, officials of all three countries expressed satisfaction on the direction of the talks. [New York Times]
- Israelis seemed reflective but still hopeful that the decades of enmity between the Jews and the Arabs might be replaced by peace. Random interviews with 32 Israelis as the foreign ministers talks began reflected an awareness among most of them that tough bargaining lay ahead. [New York Times]
- "Caning" young offenders is an illegal form of "degrading punishment," the European Human Rights Commission charged. As a result, the commission brought a case against Britain and the Isle of Man at the European Court of Human Rights in Strasbourg, France. Because it is a crown possession, the isle has its own parliament and wide local autonomy. The practice of beating youths with a whip made of birch twigs was outlawed in Britain in 1948, but it was retained on the island. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 779.02 (+7.28, +0.94%)
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* |
| January 16, 1978 | 771.74 | 89.43 | 18.76 |
| January 13, 1978 | 775.73 | 89.69 | 18.01 |
| January 12, 1978 | 778.15 | 89.82 | 22.73 |
| January 11, 1978 | 775.90 | 89.74 | 22.88 |
| January 10, 1978 | 781.53 | 90.17 | 25.18 |
| January 9, 1978 | 784.56 | 90.64 | 27.90 |
| January 6, 1978 | 793.49 | 91.62 | 26.15 |
| January 5, 1978 | 804.92 | 92.74 | 23.57 |
| January 4, 1978 | 813.58 | 93.52 | 24.09 |
| January 3, 1978 | 817.74 | 93.82 | 17.72 |