News stories from Thursday March 16, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A Panama neutrality treaty was approved by the Senate. Noting that the 68 to 32 vote had reached the constitutionally required two-thirds majority with just one vote to spare, opponents of the canal treaties, largely from the South and West and largely Republican, vowed to continue their fight against ratification of the second treaty, which would give Panama control of the canal by the year 2000. [New York Times]
- In a kidnapping in Rome, former Prime Minister Aldo Moro of Italy was abducted by left-wing guerrillas who killed his five bodyguards in a street ambush and then demanded the release of 15 members of their Red Brigades within 48 hours. If their demands are not met, said the abductors, whose organization has killed or maimed dozens of Italians, the 61-year-old Christian Democratic politician will be "finished off." [New York Times]
- The Humphrey-Hawkins bill won House approval on a vote of 257 to 152. The measure, which sets national employment goals and authorizes government action to lower unemployment to 4 percent among all Americans of working age, faces an uncertain fate in the Senate. [New York Times]
- Miners' union leaders lobbied for ratification of a new coal contract to end the 101-day-old strike. The ratification vote is set for next Friday. [New York Times]
- Gun control regulations that would help Treasury agents trace guns used in crimes and monitor gun sales more effectively were proposed by the Treasury Department. It expects considerable opposition during the 60-day waiting period before the new rules take effect. They would establish a new system of serial numbers, centralize records and require prompt dealer reports of lost and stolen guns. [New York Times]
- Accused of supplying drugs to the late Howard Hughes, two long-time Hughes aides were indicted by a federal grand jury in Las Vegas. The men are charged with conspiring to provide Mr. Hughes with illegally obtained supplies of codeine. [New York Times]
- The C.I.A. spied on Black Panthers in the late 1960's and early 1970's, according to first-hand accounts of the operations. The sources say American blacks were recruited for the effort, which was one of the agency's most closely guarded programs and included spying in the United States and Africa. [New York Times]
- Industrial output rose in February and housing starts gained, the government reported. The record, achieved in the face of heavy snows across much of the country, was cited by economists as evidence that economic expansion is reasserting itself after a period of sluggishness in January. [New York Times]
- The dollar fell sharply on world markets, reaching a new low against the Japanese yen despite a $400 million purchase by the Bank of Japan to steady the price. Dealers said that the decline showed that the dollar remained vulnerable to the least uncertainty despite support efforts, which were having little effect. [New York Times]
- Stocks rose a bit on the New York Stock Exchange as the Dow Jones Industrial Average gained 4.07 points to 762.65. Cheering news included a rise in industrial production and retail sales. [New York Times]
- J.P. Stevens, the big textile maker, faces renewed union efforts to isolate the company from major boardrooms. Just last week, clothing workers forced the chairman of Stevens to resign from the Manufacturer's Hanover Trust Company's board. New targets include Stevens' ties to the New York Life Insurance Company, Avon Products and the Dry Dock Savings Bank. [New York Times]
- After 96 days in space, two Soviet astronauts landed their Soyuz 27 capsule on the steppes of Central Asia and claimed a new duration record for space flight. [New York Times]
- Israel mopped up in southern Lebanon, sending troops and tanks against some pockets of Palestinian resistance where guerrilla groups fought on against the two-day old invasion.
Seeking an Israeli withdrawal from southern Lebanon, the United States suggested that an international peacekeeping force replace the Israeli troops. In its first comprehensive statement on the crisis, the United States stopped short of demanding an immediate Israeli withdrawal as Arab nations have demanded.
[New York Times]
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Stock Market Report
Dow Jones Industrial Average: 762.82 (+4.24, +0.56%)
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* |
| March 15, 1978 | 758.58 | 89.12 | 23.33 |
| March 14, 1978 | 762.56 | 89.35 | 24.30 |
| March 13, 1978 | 759.96 | 88.95 | 24.07 |
| March 10, 1978 | 758.58 | 88.88 | 27.09 |
| March 9, 1978 | 750.00 | 87.89 | 21.82 |
| March 8, 1978 | 750.87 | 87.84 | 22.04 |
| March 7, 1978 | 746.79 | 87.36 | 19.90 |
| March 6, 1978 | 742.72 | 86.90 | 17.23 |
| March 3, 1978 | 747.31 | 87.45 | 20.12 |
| March 2, 1978 | 746.45 | 87.32 | 20.29 |