News stories from Friday June 2, 1978

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

A record number of Americans looked for work in May, when the number employed passed 100 million for the first time, but the Labor Department said that the jobless rate rose slightly to 6.1 percent.. This was one-tenth of a percentage point higher than the April rate. It was, however, not considered a statistically significant increase. [New York Times] Nine killings in Columbus, Ohio, have been traced to the same gun since December, and the police say they have no clues. The victims, from various backgrounds, were shot from 10 to 17 times in the head and face at close range. All the murders occurred on a weekend and the killer or killers used a .22-caliber gun. The shootings are being investigated by five separate law enforcement jurisdictions. [New York Times] Strict limits on searches of newspaper offices would be imposed under legislation introduced by Representative Robert Drinan, Democrat of Massachusetts. He said the bill was needed to counteract the Supreme Court's decision this week that police with a search warrant could make unannounced searches of newspaper offices for material relating to a criminal investigation. [New York Times] New York City was charged by a federal judge with racial discrimination in the assignment of violent, emotionally disturbed children to special schools. The judge said that as a result, most disturbed black and Hispanic children attended special public schools, while similar white children attended more desirable government-subsidized special private schools. [New York Times] The United States will send planes to Zaire tomorrow to take out the remaining French paratroopers who, administration officials said, eventually will be replaced with up to 2,500 troops from Morocco and French-speaking West African countries. King Hassan of Morocco announced that he would send troops to Zaire to help protect the country from further attacks by Angolan-based invaders. [New York Times] President Carter reasserted his commitment to a strategic arms limitation treaty with the Soviet Union, saying that it was this country's policy "to proceed aggressively" with the discussions. He made the statement to reporters he had summoned to the Oval Office, where he denounced as "totally inaccurate" a newspaper report that the United States had decided to "freeze" the negotiations. [New York Times] An F.B.I. agent testified that an American suspect in the assassination of Orlando Letelier, a Chilean exile leader, had given the F.B.I. details of the 1976 slaying in Washington and his part in it. Special Agent Carter Cornick told United States Magistrate Serena Perretti in Newark that he had accompanied Michael Townley, the suspect, when Mr. Townley was expelled from Santiago in April. [New York Times] Leaders of Egypt's New Wafd Party dissolved it rather than submit to President Anwar Sadat's campaign against dissent. The party, which won legal recognition a few months ago, Provided the most active conservative opposition to the government. Legislation adopted this week by the People's Assembly would have removed three of the party's leaders. [New York Times] Thousands of Moslem refugees from Burma are seeking food and shelter in Bangladesh, one of the world's poorest countries. In the past few weeks, about 150,000 Moslems have fled from what they say is religious persecution, and their number is growing daily by several thousand. They reported rape, harassment and plunder by Burmese soldiers and other members of Burma's Buddhist majority. [New York Times] An explosion in a Jerusalem bus killed five persons, including an American, and injured at least 20. The bus was on its way to a Jewish section of the city. A news agency in Beirut reported that Palestinian guerrillas had claimed responsibility. [New York Times] American diplomats in Moscow were ordered to keep silent about the discovery of electronic intelligence-gathering devices in the embassy. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 847.54 (+6.84, +0.81%)
S&P Composite: 98.14 (+0.79, +0.81%)
Arms Index: 0.54

	Issues	Volume*
Advances	927	21.29
Declines	541	6.70
Unchanged	423	3.87
Total Volume		31.86

* 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*
June 1, 1978	840.70	97.35	28.75
May 31, 1978	840.61	97.24	29.07
May 30, 1978	834.20	96.86	21.04
May 26, 1978	831.69	96.58	21.41
May 25, 1978	835.41	96.80	28.41
May 24, 1978	837.92	97.08	31.46
May 23, 1978	845.29	98.05	33.23
May 22, 1978	855.42	99.09	28.68
May 19, 1978	846.85	98.12	34.36
May 18, 1978	850.92	98.62	42.27