News stories from Wednesday February 8, 1978

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

Exchanging goodbyes, President Carter and President Anwar Sadat of Egypt concluded their talks and pledged to continue efforts to reach a Middle East peace providing security for Israel and a solution to the Palestinian problem. Mr. Sadat, hailed by Mr. Carter as "the world's foremost peacemaker," said he had been "disheartened and discouraged," when he arrived, but was returning "with much more perseverance for reaching peace." [New York Times] The Senate began debating the Panama Canal treaties, with leaders on both sides saying the outcome was still in doubt. The debate, the first to be carried on radio, is expected to become heated when the Senate reconvenes after the week's adjournment that begins Friday. [New York Times] Looting in Boston accompanied the worst snowstorm in the city's history. More than 100 people have been arrested, roving bands smashed their way into stores, harassed city ambulance crews and hurled chunks of ice at National Guard troops. [New York Times] Consumer activists lost a major congressional battle when the House of Representatives rejected a bill to establish a federal consumer protection agency. The vote was 227 to 189 and appeared to settle the issue for the foreseeable future. [New York Times] Talks on natural gas prices stalled in Senate negotiations as forces favoring deregulation of natural gas prices suggested a new compromise plan that opponents denounced as "grossly excessive." As a result, hopes for a quick solution were dashed. [New York Times] Kodak cameras were introduced as part of an aggressive new marketing strategy by the Eastman Kodak Company in the instant and consumer photography field. Two motorized instant units, with the trade name Colorburst, are to be shipped immediately, and four new instant cameras, named Ektra, are due in April. [New York Times] An investigation of two Congressmen, Representatives Daniel Flood and Joshua Eilberg, both Pennsylvania Democrats, has been started by the House Ethics Committee. The committee is looking into allegations that Mr. Eilberg influenced legislation on behalf of a Philadelphia hospital and that Mr. Flood pushed for aid to Haiti and the Bahamas. [New York Times] Stock prices rose on the New York Stock Exchange as the Dow Jones industrial average increased 3.81 points to close at 782.66. The increase was attributed to hopes for a congressional compromise on natural gas prices and reports of higher corporate earnings. [New York Times] New hope for heart attack victims may be found in an old drug, according to researchers, who said tests indicated that the drug -- Anturane -- could cut sudden heart attack deaths by more than 50 percent among people who have suffered previous attacks. The drug, which has been used to treat gout since 1959, is scheduled for further tests. [New York Times] Charging "political harassment," John Byington, the embattled chairman of the Consumer Product Safety Commission, said he was resigning effective June 30. Mr. Byington said the harassment included a Civil Service Commission report accusing him of a wide range of misconduct. He attributed the accusations to his refusal to hire Carter campaign aides. [New York Times] Financing for South African trade -- through the government's Export-Import Bank -- has drawn criticism from some members of Congress who say the bank's continuing activities in South Africa are inappropriate in view of the Carter administration's official disapproval of South African racial policies. Those policies will be the subject of congressional hearings. [New York Times] Threats of war would be heightened by upgrading Egyptian arms, Israel's Prime Minister Menachem Begin said on a visit to Geneva. Mr. Begin, who expressed hope that the United States would reject a request by President Sadat of Egypt for sophisticated new weapons, said that such a sale would have "a very negative effect on the peacemaking process". [New York Times]

Stock Market Report

Dow Jones Industrial Average: 782.66 (+3.81, +0.49%)
S&P Composite: 90.83 (+0.50, +0.55%)
Arms Index: 0.84

	Issues	Volume*
Advances	959	13.02
Declines	451	5.17
Unchanged	442	3.11
Total Volume		21.30

* 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*
February 7, 1978	778.85	90.33	14.73
February 6, 1978	768.62	89.50	11.63
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