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Monday June 12, 1978
. . . where the 1970s live forever!

News stories from Monday June 12, 1978


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

  • A new nuclear arms policy was announced by President Carter. It said that Washington would give up the right to use such weapons against countries pledged not to develop them or which are not allies of a nuclear power. The policy is designed to meet complaints by third-world nations that nuclear powers had pressed them not to develop nuclear arms without promising in return not to use such arms against them. [New York Times]
  • David Berkowitz was sentenced to a maximum prison term of 25 years to life for each of the six "Son of Sam" slayings. The 25-year-old former postal clerk seemed subdued as he entered the same Brooklyn courtroom he had thrown into turmoil three weeks ago in a wild-eyed tirade against his victims and their families. [New York Times]
  • American Nazis can march through the heavily Jewish Chicago suburb of Skokie. The Supreme Court cleared the way for the march in a one-sentence order denying the town's request for a temporary stay against the parade, scheduled for June 25. Several thousand survivors of Nazi concentration camps live in Skokie. [New York Times]
  • Newspapers may no longer acquire radio or television stations in their own communities, the Supreme Court ruled unanimously. But the Court said that existing combinations of newspapers and broadcasting outlets may continue, thus reversing a lower court order requiring all papers to divest themselves of stations. The new policy had been developed by the government to promote diverse views and restrict economic power. [New York Times]
  • Restrictions on daytime sedatives that would end over-the-counter sales was urged by the Food and Drug Administration. The agency also proposed to end the use of a chemical ingredient common to some highly popular nighttime sleeping aids because it might cause cancer. It may be a year or more before final standards go into effect. [New York Times]
  • The Consumer Product Safety Commission was assailed by the General Accounting Office, which said that it had failed to act promptly and effectively to protect consumers from hazardous products. The report, which followed a 15-month inquiry, focused on a smoke detector shown to be a fire hazard and on asbestos used in artificial fireplace ash. [New York Times]
  • Workers facing layoffs in Marin County, Calif., were confused and saddened and some were angered at the state's voters. The county has ordered 30 percent of the jobs in all departments cut, elimination of a few agencies and 10 percent wage cuts for many because of the approval last Tuesday of a proposition reducing property tax revenues for counties, cities and school districts by nearly 60 percent. [New York Times]
  • New York City was rebuffed when major banks and municipal pension funds refused to pledge increased lending to the city despite pressure from the Senate Banking Committee. Senator William Proxmire, the chairman, said that the panel would vote Thursday on the city's loan request, but that a filibuster on labor law made it unlikely that the Senate would act before June 30, when the present federal lending program expires. [New York Times]
  • The White House was aware of Fidel Castro's contention that he had tried to halt the invasion of Zaire's Shaba Province by Angola-based Katangans, but chose not to make it public, Jody Powell, President Carter's press secretary said. [New York Times]
  • Mutual troop cuts in central Europe may now be possible, Carter administration officials said, because of a new Soviet proposal. Moscow has agreed for the first time that any accord to reduce Eastern and Western units in the region should set equal ceilings on the troops that remain. Until now, Moscow has sought mutual cuts that would keep its advantage. [New York Times]
  • Moscow said that an American diplomat was arrested last July as she placed a cache of spy equipment, including poison, on a bridge over the Moscow River for pickup later by a Russian working for the C.I.A. Martha Peterson, who had been assigned to the American Embassy, was accused of complicity in the poison-murder of a Soviet citizen, but was allowed to leave the country because she had diplomatic immunity. [New York Times]
  • Israeli units have left Lebanon in advance of tomorrow's deadline, turning over the positions to Lebanese Christian right-wing militia units, diplomatic sources reported. The United Nations commander complained that the positions should have been relinquished instead to the U.N. peacekeeping force in southern Lebanon. [New York Times]
  • Israeli settlers repulsed Arab raiders in the Jordan Valley village of Mehola and killed one of them, the Israeli military reported. Three other Arabs apparently fled back to Jordan. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 856.72 (-2.51, -0.29%)
S&P Composite: 99.55 (-0.38, -0.38%)
Arms Index: 1.12

IssuesVolume*
Advances64810.18
Declines83114.56
Unchanged4374.70
Total Volume29.44
* 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
DateDJIAS&PVolume*
June 9, 1978859.2399.9332.47
June 8, 1978862.09100.2139.38
June 7, 1978861.92100.1233.06
June 6, 1978866.51100.3251.98
June 5, 1978863.8399.9539.59
June 2, 1978847.5498.1431.86
June 1, 1978840.7097.3528.75
May 31, 1978840.6197.2429.07
May 30, 1978834.2096.8621.04
May 26, 1978831.6996.5821.41


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