News stories from Monday July 17, 1978

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

The Defense Department, the nation's largest employer, expects some changes in various affirmative action programs in light of the Supreme Court's Bakke decision, but has also concluded tentatively that the ruling will not substantially affect the department's equal opportunity efforts. Officials of the department and the service branches are holding meetings to assess the impact of the ruling on programs designed to benefit members of minority groups. [New York Times] Thirty-three Haitians, including eight children, landed by boat at Key Biscayne, Fla., the latest arrivals in a tide of illegal immigrants from the poorest country in the hemisphere. The group wandered about the island resort, the former home of Richard Nixon, until the police rounded them up. [New York Times] The slaying of six people in a $1,000 robbery had the Oklahoma City police looking for at least two gunmen who held up a steakhouse. They herded six employees into a freezer and killed them one by one with single bullets through the head. Four of the victims were teenagers. The robbers fled from what the local police chief called the "most horrendous crime" he had ever encountered. [New York Times] Businessmen across the country are being bombarded with out-of-state advertising campaigns telling them that the grass is greener elsewhere. Local business promoters are spending millions of dollars as well as privately contributed funds on advertisements meant to attract new companies. Chicago calls itself "Fund City," awash with funds for business expansion. New York, a target of business pirates, has undertaken a vigorous campaign to protect itself. [New York Times] Transportation Secretary Brock Adams called a news conference to deny a New York Times report that he was looking for a chance to leave office because he was frustrated with the White House. "We all have our frustrations," he said, "but I have no thought of resigning." [New York Times] Moves to combat unemployment "without rekindling inflation" were announced by the leaders of the seven leading industrialized nations at the end of their summit meeting in Bonn. All seven, including President Carter, praised the results of their fourth annual economic conference. The key commitments were from the United States to strengthen the dollar by saving oil and fighting inflation, from Japan to import more and export less and from West Germany to prime its economy to spur world economic growth. [New York Times] To combat terrorism, the leaders at the Bonn economic summit meeting resolved to cut off air traffic to any country that failed to extradite hijackers or to return aircraft promptly. The leaders pledged to intensify efforts against international terrorism and asked others to cooperate. [New York Times] A defense expert in the Senate, Sam Nunn, Democrat of Georgia, warned that the United States might soon have to spend "huge" amounts to protect American missiles from Soviet attack because arms negotiators failed in talks in Geneva to solve this potential problem. [New York Times] The $8.4 billion foreign aid program of the Carter administration, already cut by more than a billion in the House, faces further deep cuts, prohibitions on aid to certain countries and possibly outright defeat. "It doesn't look too good," said the House Majority leader Jim Wright. [New York Times] Cambodia's Deputy Prime Minister, ending an official visit to Thailand, declared at a Bangkok news conference that his country had "heavily defeated the Vietnamese enemy, annexationists and swallowers of territory." Embarrassing his Thai hosts, Ieng Sary hurled a torrent of Cambodian propaganda against his country's former ally, which has been engaged in fighting with the Cambodians. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 839.05 (-0.78, -0.09%)
S&P Composite: 97.78 (+0.20, +0.20%)
Arms Index: 1.08

	Issues	Volume*
Advances	914	14.54
Declines	590	10.13
Unchanged	416	4.51
Total Volume		29.18

* 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*
July 14, 1978	839.83	97.58	28.37
July 13, 1978	824.76	96.25	23.62
July 12, 1978	824.93	96.24	26.64
July 11, 1978	821.29	95.93	27.47
July 10, 1978	816.79	95.27	22.47
July 7, 1978	812.46	94.89	23.49
July 6, 1978	807.17	94.32	24.99
July 5, 1978	805.79	94.27	23.74
July 3, 1978	812.89	95.09	11.57
June 30, 1978	818.95	95.53	18.11