News stories from Wednesday February 27, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A new delay In the release of hostages held in the American Embassy in Iran was predicted by the secretary of the governing Revolutionary Council, who said that the issue could not be considered by a new parliament until May. The official described the more conciliatory views expressed by President Abolhassan Banl-Sadr as "personal and private."
"The speedy release" of the Americans held hostage in Iran was agreed on in the mandate under which the United Nations fact-finding commission was sent to Teheran, Secretary of State Vance insisted, But he acknowledged that in light of the latest statements by Iranian officials, "1 cannot tell you when that is going to be."
[New York Times] - Leftist guerrillas seized 45 hostages, including the American Ambassador to Colombia, after they shot their way into a diplomatic reception in the Dominican Ambassador's residence in Bogota. The guerrillas threatened to start "executing" the captives unless the army pulled back from the diplomatic compound and they demanded the release of more than 300 primmers and a $50 million ransom. The captors exchanged fire with troops and police around the compound, and five people were reported wounded. [New York Times]
- Deep cuts In spending to fight inflation were urged by 43 Senators from both parties who said that President Carter's proposed new budget should be reduced by about $26 billion. However, the Senators disagreed on where spending should be cut and especially on whether military outlays should be curtailed.
An increase in military spending over the $142.7 billion already proposed for next year is to be sought by the Carter administration, according to Defense Secretary Harold Brown. He cited as reasons an inflation rate higher than initially projected, increased cost of oil and the Soviet military intervention in Afghanistan.
[New York Times] - Opposition to military registration increased as a House subcommittee refused to approve funds to sign up either men or women for possible service. But the panel approved $4.7 million in funds to strengthen the Selective Service System, assuring that the full committee would have a chance to vote on the draft registration issue. [New York Times]
- Ronald Reagan's smashing triumph in the New Hampshire primary Tuesday re-established his dominance in the Republican presidential race, but prominent Republicans in other camps and neutrals said that his ouster of his campaign manager indicated a shift to the right that could hurt Republicans. Despite President Carter's solid victory over Senator Edward Kennedy, a New York Times/CBS News Poll showed the Democratic Senator gaining some ground from aggressive personal attacks on inflation. [New York Times]
- A nuclear reactor accident similar to the one that forced the emergency shutdown of a reactor in Florida on Tuesday occurred two years ago in a California power plant designed by the same company, according to officials of the Nuclear Regulatory Commission. They said that the Florida reactor was now in a safe condition. [New York Times]
- Two defectors from a cult were slain in their home in Berkeley, Calif., and their daughter was critically wounded. Detectives said they were investigating the possibility that the couple had been murdered by other former members of the People's Temple, led by the late Jim Jones, but they stressed that they had uncovered no evidence linking the shootings to the cult. [New York Times]
- Thousands of bogus tapes of popular music were returned to a distributor for refunds, according to information obtained by a federal strike force. It is trying to learn whether major music chain stores have been knowingly dealing in the counterfeits. [New York Times]
- Spouses may voluntarily testify against one another in federal criminal trials, the Supreme Court ruled unanimously. The decision overturned a 22-year High Court precedent that had in effect given the spouse on trial a veto over testimony by the other spouse. Twenty-six states have either abolished such veto power or, like New York, have abolished the testimonial privilege entirely. [New York Times]
- Black Rhodesians voted heavily at the start of three days of elections for a black majority government to lead the country to legal independence from Britain. About one million blacks formed lines up to two-miles long at polling stations. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 855.12 (-9.13, -1.06%)
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* |
| February 26, 1980 | 864.25 | 113.98 | 40.04 |
| February 25, 1980 | 859.81 | 113.33 | 39.14 |
| February 22, 1980 | 868.77 | 115.04 | 48.21 |
| February 21, 1980 | 868.52 | 115.28 | 51.54 |
| February 20, 1980 | 886.86 | 116.47 | 44.34 |
| February 19, 1980 | 876.02 | 114.60 | 39.48 |
| February 15, 1980 | 884.98 | 115.41 | 46.67 |
| February 14, 1980 | 893.77 | 116.72 | 50.55 |
| February 13, 1980 | 903.84 | 118.44 | 65.22 |
| February 12, 1980 | 898.98 | 117.90 | 48.08 |