News stories from Thursday December 4, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The United States has asked Iran, through the Algerian intermediaries, to speed the talks for the release of the American hostages, according to a Carter administration official. He said that Washington sought to avoid new delays if the crisis is not resolved by the time the Reagan administration takes office on Jan. 20. [New York Times]
- A flash fire killed 26 persons and injured dozens in a Westchester County hotel 10 miles north of New York City. It was the worst blaze in the county's history and the nation's second major hotel fire in two weeks. The fire occurred at Stouffer's Inn as several meetings of corporate executives were underway. Most of the dead were executives. [New York Times]
- Citizenship for illegal aliens was urged in a 400-page report by the staff of a federal commission. The report also recommended stiff new measures designed to reduce future illegal immigration, including the issuing of work permits to all Americans and laws forbidding the employment of anyone lacking such a permit. [New York Times]
- An increasingly tight credit squeeze was signaled by the Federal Reserve Board, which increased to 13 percent from 12 percent the basic interest rate it charges for loans to financial institutions. The move was expected to further weaken housing construction and sales and automobile sales and bring about a renewal of this year's recession. [New York Times]
- Two rights issues jeopardized plans for congressional adjournment tomorrow. President Carter said he would veto a crucial government appropriation because the bill would bar the Justice Department from intervening in lawsuits involving busing to desegregate schools. Meanwhile, Senate Democrats agreed to remain in session until a vote is taken on a measure to curb housing discrimination. [New York Times]
- Record federal aid for public transit is provided in a $22 billion bill to expand such systems as well as the nation's highways over 10 years that was approved in the House by a vote of 346 to 33. The measure would ease the burden on municipalities for making transit facilities more accessible to the elderly and handicapped. The bill was drafted to conform closely to a Senate version so that action could be completed before Congress adjourns. [New York Times]
- Ella Grasso said she would resign as Governor of Connecticut on Dec. 31, acknowledging that her battle with cancer was too great for the rigors of her post. The 61-year-old Democrat was the first woman in the United States to be elected a governor without succeeding her husband. [New York Times]
- A right to seek intervention as a last recourse was declared by a leading Polish Communist Party official. He said that, although the authorities felt they could handle their problems themselves, they would request military aid from their allies in the Soviet bloc if Communism in Poland was threatened.
Washington assured Moscow that it accepted the "geographic realities" of postwar Europe and had no intention of trying to take advantage of the labor crisis in Poland. Seeking to deter any possible Soviet intervention, the White House said it believed that all parties would "exercise restraint, moderation and compromise."
[New York Times] - Iranians appear optimistic and proud after 11 weeks of war with Iraq. The military and the revolutionary militia have bogged down the Iraqi offensive and, amid shortages and hardships, young men are volunteering for military service and women are collecting relief supplies for the refugees from bombed-out towns. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 970.48 (-1.79, -0.18%)
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* |
| December 3, 1980 | 972.27 | 136.71 | 43.44 |
| December 2, 1980 | 974.40 | 136.97 | 52.35 |
| December 1, 1980 | 969.45 | 137.21 | 48.17 |
| November 28, 1980 | 993.34 | 140.52 | 34.27 |
| November 26, 1980 | 989.68 | 140.17 | 55.34 |
| November 25, 1980 | 982.68 | 139.33 | 55.83 |
| November 24, 1980 | 978.75 | 138.31 | 51.13 |
| November 21, 1980 | 989.93 | 139.11 | 55.93 |
| November 20, 1980 | 1000.17 | 140.40 | 60.17 |
| November 19, 1980 | 991.04 | 139.06 | 69.24 |