News stories from Wednesday August 15, 1979

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

Andrew Young resigned as United States delegate to the United Nations, saying he could not promise to stay out of controversies that might be politically embarrassing to President Carter. One day after he was reprimanded for an unauthorized meeting with a representative of the Palestine Liberation Organization, Mr. Young submitted his resignation personally to the President, who reluctantly accepted it. Mr. Young told reporters that he would work hard for Mr. Carter's re-election.Andrew Young had to leave his post, according to high administration officials, because he had damaged American credibility, undercut President Carter's Middle East policy and undermined his own effectiveness. Until now, despite many earlier publicized disputes stirred by the outspoken American delegate to the United Nations, he had been considered by the White House to be an important political and diplomatic asset. [New York Times] Aid in counting illegal aliens in the 1980 census is being sought from the Roman Catholic Church by government officials to help reassure the aliens that they will not risk deportation because census data are held confidential. Millions of people are believed to have illegally migrated from Latin America to this country in recent years. The bishops are said to be wary of having the church involved in the plan. [New York Times] Year-end federal spending Is pushed by agencies fearing that funds not spent by Oct. 1, the end of the fiscal year, will be taken away by Congress. Former Treasury Secretary Michael Blumenthal said that "a couple of billion dollars a year" could be saved if a screening process was adopted to prevent the spending spree. [New York Times] The massive stream of oil from a runaway Mexican well now stretches nearly 1,000 miles across the Gulf of Mexico to waters near Louisiana, federal officials reported. They said that the fragmented mass was 110 miles off the Louisiana coast. [New York Times] The deadliest outbreak of hepatitis B known to federal specialists is being investigated in North Carolina to learn if a new and virulent strain of hepatitis virus has emerged, or whether the lethal effect was due to a drug or unknown substance. The viral liver infection has killed six of nine people hospitalized in New Bern, N.C., for treatment of it since July 12. [New York Times] Racial separation is still "very strong" in the New York metropolitan area, according to the Regional Plan Association. A study by the civic group charged that discrimination and not income was the main reason that nearly two-thirds of black families -- blacks represent 12.4 percent of the area's total population -- were confined to about 1.35 percent of residential land, based on 1970 census data. [New York Times] A letter from Michele Sindona has been received by the family of the missing Italian financier, his lawyer said in Manhattan. The lawyer announced that the letter said Mr. Sindona was being held captive but that he had not been harmed and expected to be freed soon. The financier faces trial on major fraud charges. [New York Times] Two airliners collided over the Ukraine Saturday, reportedly killing about 150 people, including members of a leading soccer team. Officials in Moscow confirmed that the planes had collided, but refused to give details. [New York Times] Salisbury accepted a British invitation to a conference in London next month that will mark the ninth major attempt to resolve the 14-year-old dispute with white Rhodesians over black majority rule. [New York Times] A massive air-sea rescue effort blanketed the English Channel and the Irish Sea as a search continued for stragglers in the storm-whipped Fastnet yacht race, the worst catastrophe in yacht racing history. At least 17 yachtsmen, including two Americans, were killed and 25 yachts were still unaccounted for. [New York Times] An Indian-Pakistani nuclear arms race may be in prospect. Prime Minister Charan Singh warned that India might be forced to amass nuclear weapons if Pakistan proceeded with efforts to assemble an atomic bomb. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 885.84 (+9.13, +1.04%)
S&P Composite: 108.25 (+0.73, +0.68%)
Arms Index: 0.63

	Issues	Volume*
Advances	933	30.13
Declines	531	10.72
Unchanged	426	5.28
Total Volume		46.13

* 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*
August 14, 1979	876.71	107.52	40.91
August 13, 1979	875.26	107.42	41.98
August 10, 1979	867.06	106.40	36.74
August 9, 1979	858.28	105.49	34.63
August 8, 1979	863.14	105.98	44.97
August 7, 1979	859.81	105.65	45.41
August 6, 1979	848.55	104.30	27.19
August 3, 1979	846.16	104.04	28.16
August 2, 1979	847.95	104.10	37.73
August 1, 1979	850.34	104.17	36.57