News stories from Monday February 6, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- An end to the coal strike was in prospect as a result of a tentative agreement between the United Mine Workers and the Bituminous Coal Operators Association. Whether the union's approval would come soon enough to avert some electric power dislocations because of coal shortages was uncertain. The prospects for approval by the union's bargaining council, scheduled to meet tomorrow morning, were also in doubt. [New York Times]
- Bert Lance is a frequent visitor to the White House, and the White House acknowledges that the Carter administration's former Budget director, despite an investigation of his financial affairs by the S.E.C., is still advising President Carter on economic policy, programs and appointments.
Mr. Lance began a new career as an Atlanta television station commentator on world, national and local affairs. Officials of WXIA-TV, an affiliate of the American Broadcasting Company, said they hoped he would increase the station's ratings. His salary will be about $50,000 a year, according to unconfirmed reports.
[New York Times] - The highest General Motors earnings in history were reported by the company, both for the fourth quarter of 1977 and for the entire year. Despite the disappointing sales of its 1978 model cars, the company said that it had a 17.4 percent profit gain in the fourth quarter, and 15.2 percent gain for all of 1977 over 1976. [New York Times]
- Stock prices declined slightly. Trading was slow in a session that ended at 2 P.M., two hours early, because of a snowstorm. The Dow Jones average dipped 2.34 points to 768.62. [New York Times]
- Arthur Krim and the four other top officers of United Artists who resigned last month in a dispute with Transamerica Corporation, U.A.'s parent company, announced that they will form their own film company with the backing of Warner Communications. Mr. Krim and his associates said that their company will be a participant in a joint venture with Warner Bros., and that Warner Communications, owner of Warner Bros. and a group of banks, have agreed to provide the new film company with initial financing of $90 million. [New York Times]
- "I have given Israel everything," President Anwar Sadat said in Washington in an appeal for American support. He said Israel had failed to reciprocate and in fact had hardened its position in its peace maneuvers with Egypt. Speaking to the National Press Club, Mr. Sadat said he was disappointed by the failure of his mission to Israel last November, but he promised to persevere, saying, "I am willing to give the experiment every possible chance until I reach the conclusion that enough time has elapsed without achieving any tangible progress." His remarks, Israeli diplomats said later, were "uncompromising." [New York Times]
- David Begelman resigned as president of the film and television divisions of Columbia Pictures Industries Inc. Columbia said that it expected him to become an independent producer of motion pictures for the company. The film executive became involved in a controversy when Columbia announced last fall that it was investigating "certain unauthorized financial transactions" involving Mr. Begelman. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 768.62 (-2.34, -0.30%)
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* |
| February 3, 1978 | 770.96 | 89.62 | 19.40 |
| February 2, 1978 | 775.38 | 90.13 | 23.05 |
| February 1, 1978 | 774.34 | 89.93 | 22.24 |
| January 31, 1978 | 769.92 | 89.25 | 19.87 |
| January 30, 1978 | 772.44 | 89.34 | 17.40 |
| January 27, 1978 | 764.12 | 88.58 | 17.60 |
| January 26, 1978 | 763.34 | 88.58 | 19.60 |
| January 25, 1978 | 772.44 | 89.39 | 18.69 |
| January 24, 1978 | 771.57 | 89.25 | 18.69 |
| January 23, 1978 | 770.70 | 89.24 | 19.38 |