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Friday August 4, 1978
. . . where the 1970s live forever!

News stories from Friday August 4, 1978


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

  • The nation's jobless rate rose to 6.2 percent of the nation's work force in July after falling to 5.7 percent in June. The Bureau of Labor Statistics said that June's figure was a statistical fluke. It said that unemployment had been basically steady for several months. [New York Times]
  • Building may resume at Seabrook nuclear power plant. The Environmental Protection Agency has approved the plant's open-ocean cooling system, which had been opposed by environmentalists, clearing the way for reinstatement of the plant's construction permit by the Nuclear Regulatory Commission. The commission suspended work on the plant in New Hampshire on June 30 to give the agency time make a decision. [New York Times]
  • Harvard and the C.I.A. are at odds over the university's attempt to ban secret operations and recruiting by faculty members. The disagreement, which has implications for all colleges and universities, centers on guidelines that Harvard adopted last year. [New York Times]
  • A flash flood killed six persons in the ranching community of Albany, Tex., bringing to 23 the number of deaths from flooding in the state this week. A 20-foot wall of water inundated the town, forcing residents to seek safety on roofs, trees, and floating pickup trucks. [New York Times]
  • Research in laboratory fertilization of human embryos, which was suspended three years ago in the United States, was discussed in a subcommittee hearing on a bill to establish a presidential commission "for the study of ethical problems in medicine and biomedical and behavioral research." [New York Times]
  • Families are moving from Love Canal near Niagara Falls, following the recommendation of the New York state Health Commissioner that they leave homes along the former dumping site of the Hooker Chemical and Plastics Corporation. Senators Daniel Patrick Moynihan and Jacob Javits asked the Senate to provide $4 million to help the 37 families that might be endangered by the toxic wastes buried in the canal, but withdrew the proposal after Senator William Proxmire objected. Representative John LaFalce said later that the administration would support the $4 million aid, but it expected matching funds and other action from state and local agencies. [New York Times]
  • A leading British politician was arrested and charged, with three other men, of conspiring to murder a former male model who claimed to have had a homosexual relationship with him. The man arrested, Jeremy Thorpe, was formerly leader of Britain's Liberal Party. The claim by Norman Scott, the former model, led to Mr. Thorpe's resignation as the party leader in 1976. Mr. Thorpe, 49 years old, remains a Member of Parliament and of the Privy Council. [New York Times]
  • Secretary of State Cyrus Vance said Mideast peace efforts were at a "critical point" and added that he was flying to Israel and Egypt to urge new endeavors to overcome the latest impasse. President Carter was reported to want a high-level report on thinking in both countries. [New York Times]
  • A small town in India is booming, thanks to the prosperity of the Persian Gulf, 2,000 miles away. The town, Chowghat, like hundreds of other towns in India and Pakistan, is living largely on money sent home by young men who have gone to work in the Middle East. Several hundred thousand Indian and Pakistani men are sending home about $1 billion a year. [New York Times]
  • A Cuban said torture was recommended "routinely" by United States police advisers for interrogation purposed in Uruguay. The Cuban, Manuel Hevia Cosculluela, said he had infiltrated the C.I.A. as a "double agent" and was sent to Uruguay. He also charged that an American official, Daniel Mitrione, tortured four beggars to death with electric shock in a interrogation course in Uruguay. [New York Times]
  • Two American reporters based In Moscow, found guilty by a Moscow court of libel, paid fines and court costs totaling nearly $3,500, but the two, Craig Whitney of the New York Times and Harold Piper of the Baltimore Sun, refused to print retractions ordered by the court. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 888.43 (+1.56, +0.18%)
S&P Composite: 103.92 (+0.41, +0.40%)
Arms Index: 0.67

IssuesVolume*
Advances89121.39
Declines67010.84
Unchanged3835.74
Total Volume37.97
* 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*
August 3, 1978886.87103.5166.37
August 2, 1978883.49102.9247.50
August 1, 1978860.71100.6634.81
July 31, 1978862.27100.6833.99
July 28, 1978856.29100.0033.31
July 27, 1978850.5799.5433.97
July 26, 1978847.1999.0836.82
July 25, 1978839.5798.4425.40
July 24, 1978831.6097.7223.27
July 21, 1978833.4297.7526.07


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