News stories from Thursday April 10, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Refusing to rule out the use of force, President Carter warned Iran that the United States "as an aggrieved nation" would pursue every legal application of its power to free the American hostages in Teheran. Former Secretary of State Henry Kissinger, addressing the same forum, said that the Soviet intervention in Afghanistan may have been prompted by the administration's reluctance to oppose earlier Soviet military actions. [New York Times]
- Western Europe disregarded a U.S. appeal for strong and speedy collective action against Iran. The foreign ministers of the nine Common Market countries, meeting in Lisbon, declined to impose economic sanctions against Teheran or to reduce or suspend diplomatic relations with the Iranians. [New York Times]
- Filmed "confessions" by 12 hostages have been made, according to the militants holding the American Embassy in Teheran. They asserted that Iran's state television had produced more than 12 hours of film recording "confessions" involving espionage by embassy personnel. [New York Times]
- Chrysler's finances are worsening, according to a federal board, which warned that the auto maker had significantly underestimated losses for 1980 and its potential need for government aid. The bleak report was sent to Congress by an inter-agency group that was set up to oversee the $1.5 billion federal loan guarantee program approved last December to rescue the nation's third largest car manufacturer, which forecast that its 1980 loss would rise to about $750 million. [New York Times]
- Penalizing a reactor manufacturer was proposed by the staff of the Nuclear Regulatory Commission. The staff said that the maker of the crippled reactor at the Three Mile Island plant should be fined $100,000 for failing to inform the government of "significant safety information" about the reactors supplied by the company. The recommendation is almost certain to be approved by the commission. [New York Times]
- A nuclear disability suit was filed against the government on behalf of American servicemen who were assigned to clean up debris after the 1945 atomic blasts in Hiroshima and Nagasaki, Japan, and servicemen assigned to nuclear test sites from 1946 to 1962. Seven former servicemen were named in a class action suit challenging the rules governing federal compensation for radiation victims. [New York Times]
- Israel portrayed its army's invasion of southern Lebanon as a defensive move without a time limit and aimed at screening the frontier from infiltrating Palestinian terrorists. A spokesman for the United Nations peacekeeping force, which strongly protested the invasion, estimated the Israeli force at 300 to 350 troops. [New York Times]
- Palestinian students accused Israelis of having beaten and cut them in a display of revenge for the Palestinian terrorist attack on a frontier kibbutz that took the lives of three Israelis, including a child. The Israeli soldiers had stormed the college campus in occupied territory to quell a demonstration and they made 41 arrests.
President Sadat assailed Israel for its policy of establishing settlements in occupied Arab territory as illegal. The Egyptian leader, on the last day of a Washington visit, warned that the policy constituted "an invitation to further violence and unrest."
[New York Times] - Acceptance by Soviet Moslems of Moscow's military intervention in Afghanistan seems to be widespread and there are few audible overtones of discontent or protest in the Moslem southern crescent of the Soviet Union. The Soviet Moslems appear to believe the Kremlin's propaganda that the intervention was justified. [New York Times]
- Progress in the transit talks was reported as top representatives of the Metropolitan Transportation Authority and New York City's striking bus and subway workers intensified negotiations. The chief mediator was quoted as having said he was "very hopeful" that a tentative accord might be reached soon, but some of those close to the talks cautioned against premature optimism.
Flooding slowed traffic on major arteries and added to delays in rail and bus travel on the 10th day of the transit strike. School attendance remained low, city courts were at a virtual standstill and business losses were reported to be approaching $1 billion. Federal aid for small businesses hurt by the transit walkout is being sought by Mayor Koch and Governor Carey. The Carter administration has been demurring on the $50 million request, in part for fear of offending organized labor in an election year.
[New York Times]
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Stock Market Report
Dow Jones Industrial Average: 791.47 (+5.55, +0.71%)
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* |
| April 9, 1980 | 785.92 | 103.11 | 33.02 |
| April 8, 1980 | 775.00 | 101.20 | 31.69 |
| April 7, 1980 | 768.34 | 100.19 | 29.13 |
| April 3, 1980 | 784.13 | 102.15 | 27.96 |
| April 2, 1980 | 787.80 | 102.68 | 35.20 |
| April 1, 1980 | 784.47 | 102.18 | 32.03 |
| March 31, 1980 | 785.75 | 102.09 | 35.85 |
| March 28, 1980 | 777.65 | 100.68 | 46.71 |
| March 27, 1980 | 759.98 | 98.22 | 63.77 |
| March 26, 1980 | 762.12 | 98.68 | 37.35 |