News stories from Friday October 10, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Libya declared its support for Iran as Iraqi forces were reportedly preparing a new bid to end the stalemate in the Khurramshahr area. Col. Muammar Qaddafi, the Libyan leader, sent messages to rulers of several Arab countries, saying it was their "Islamic duty" to support the Moslems of Iran. He also called on Saudi Arabia to oust four radar command planes that the United States has stationed there. [New York Times]
- A call for a limited cease fire to permit merchant ships trapped in the Shatt al Arab waterway to leave was made by Secretary General Kurt Waldheim. He made his appeal in cables to Presidents Abolhassan Bani-Sadr of Iran and Saddam Hussein of Iraq. If the proposal is accepted, it could be a first step in ending the war, diplomats say. [New York Times]
- The nation's recession is over, a group of top business leaders concluded at a meeting in Virginia. Members of the Business Council warned, however, that any recovery would probably be extremely sluggish. The chairman of Citicorp predicted that interest rates would decline "between now and Christmas," as a result of a slow recovery. [New York Times]
- Thousands of jobless Britons protested outside the hall where the Conservative Party was holding its annual meeting in Brighton, England. Prime Minister Margaret Thatcher, addressing the delegates inside, referred to the plight of the country's 2 million unemployed workers as "a human tragedy" and stoutly defended her policies. [New York Times]
- The Pennsylvania vote for President appears likely to be an unenthusiastic referendum for Jimmy Carter, though many have expressed a decision to give Ronald Reagan a chance and 23 percent remain undecided. Working against the President is the state of the economy, particularly the 7.7 percent statewide unemployment, and the stalled status of the American hostages in Iran. However, Mr. Reagan has failed to win over labor and to meet fundraising goals in the state. [New York Times]
- An inquiry into a cruise ship fire that started in the engine room of the liner Prinsendam as it sailed through the Gulf of Alaska last weekend was formally opened in Saddle Brook, N.J. Shipping inspectors from the Dutch Ministry of Transport began questioning 20 members of the engine room and deck staff about the cause of the fire. The proceedings are expected to continue through the weekend. [New York Times]
- The slaying of six Erie County blacks over a three week period has alarmed the black population and prompted an intensive investigation by law enforcement officials. Four of the murders were reportedly committed by a white male, leading to concern that they were racially motivated. The victims range in age from 14 to 71. They were killed in Buffalo and its suburbs and in Niagara Falls. [New York Times]
- Racial disorder in a New York City high school forced the cancellation of classes. Black students were escorted from New Dorp High School by policemen as white students stood in the streets surrounding the school, situated in a mostly middle-class neighborhood along the southeast shore of Staten Island. This ended a week of gradually escalating unrest among the 2,900 white and 100 black students. [New York Times]
- Two earthquakes struck in Algeria, destroying 80 percent of Al Asnam, a town of 80,000 situated about 100 miles southwest of Algiers. The government television station reported that thousands of people had been killed by the quakes, one of which registered as high as 7.5 on the Richter scale. [New York Times]
- A forgotten war goes on in Ethiopia, though it officially ended 30 months ago. As of the beginning of the month, 848,000 refugees had fled to Somalia from the Ogaden region of eastern Ethiopia, where Somali regulars and guerrillas have been engaged in battles with Ethiopian troops. Scattered in 32 camps, some with populations of 60,000, the refugees form the world's largest mass of homeless people in a single nation. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 950.68 (-8.28, -0.86%)
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* |
| October 9, 1980 | 958.96 | 131.04 | 43.98 |
| October 8, 1980 | 963.99 | 131.65 | 46.58 |
| October 7, 1980 | 960.67 | 131.00 | 50.31 |
| October 6, 1980 | 965.70 | 131.73 | 50.12 |
| October 3, 1980 | 950.68 | 129.33 | 47.50 |
| October 2, 1980 | 942.24 | 128.09 | 46.16 |
| October 1, 1980 | 939.42 | 127.13 | 48.71 |
| September 30, 1980 | 932.42 | 125.46 | 40.29 |
| September 29, 1980 | 921.93 | 123.54 | 46.40 |
| September 26, 1980 | 940.10 | 126.35 | 49.43 |