News stories from Tuesday May 16, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Governor George Wallace of Alabama announced that he would not run for the United States Senate, a decision that appeared to indicate that Mr. Wallace's colorful political career would end when his term as Governor expires early next year, Earlier, Mr. Wallace had announced that he would run for the United States Senate seat that is being vacated by Senator John Sparkman, Democrat of Alabama. [New York Times]
- Alleged Nazi war criminals once served as informants for the Central Intelligence Agency and the Federal Bureau of Investigation, according to a General Accounting Office report. It found no "widespread conspiracy" to block investigations into charges that such criminals had entered the United States as refugees, but said there may have been isolated cases of obstruction by government agencies. [New York Times]
- Representatives would lose large stipends if a bill limiting earned outside income goes into effect, These legislators include some members of the House Rules Committee who are leading an effort to rescind the measure, which would limit such income to $8,625 a year, beginning next Jan. 1. The committee has voted 9 to 6 to reopen the issue of earned outside income in a new ethics bill. [New York Times]
- Ethiopia has begun a major offensive against the secessionist guerrillas who control much of Eritrea province. Heavy fighting has erupted around the provincial capital of Asmara and two coastal cities surrounded by the rebels. On of the two major guerrilla groups fighting for the independence of the strategic Red Sea province said that 20,000 Ethiopian troops had broken through rebel lines outside the besieged capital. [New York Times]
- A plan for evacuation of Americans from the combat area of Zaire was readied by the Defense Department. The Pentagon announcement of an "increased alert status" for rescue units was made after President Carter told leaders of the Senate and House that he needed increased authority to send economic and military assistance to friendly governments that are under pressure, such as Zaire. [New York Times]
- Continued support for Israel was pledged by the Carter administration after the Senate had cleared the way for the package sale of advanced fighter planes to Saudi Arabia, Egypt and Israel. President Carter and his top aides made scores of phone calls to key Senators and leaders of the American Jewish community in an effort to reduce any negative political impact over the arms package.
Chances of major Israeli concessions in Middle East peace talks were probably reduced by the Senate's approval of the military plane sales package, in the view of Carter administration officials and diplomats. Israeli leaders deplored the Senate's approval of the Carter administration's military plane sales package to the Middle East. Some Israeli editorial writers accused the Begin administration of mishandling the controversy in a way that resulted in a stunning defeat for Israel.
[New York Times] - The Red Brigades has intimidated Italy and paralyzed its political leadership. Within a few months, the terrorist group has established itself with a wave of murders and woundings as an effective military and political power. The terrorists are seeking to create a climate of civil war and, thus, a revolutionary situation in which the present social and political order could be overthrown in favor of an ultra-leftist Communist regime. [New York Times]
- American withdrawal from South Korea has already begun, the United States military commander in Seoul said. The controversial troop withdrawal, started quietly, is to proceed at the reduced pace that President Carter announced last month. A total of 2,600 support troops will have left by summer, and the first combat battalion of 800 men is to depart in December. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 854.30 (+7.54, +0.89%)
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* |
| May 15, 1978 | 846.76 | 98.76 | 33.93 |
| May 12, 1978 | 840.70 | 98.07 | 46.60 |
| May 11, 1978 | 834.20 | 97.20 | 36.64 |
| May 10, 1978 | 822.16 | 95.92 | 33.33 |
| May 9, 1978 | 822.07 | 95.90 | 30.86 |
| May 8, 1978 | 824.58 | 96.19 | 34.68 |
| May 5, 1978 | 829.09 | 96.53 | 42.68 |
| May 4, 1978 | 824.41 | 95.93 | 37.52 |
| May 3, 1978 | 828.83 | 96.26 | 37.60 |
| May 2, 1978 | 840.18 | 97.25 | 41.40 |