News stories from Wednesday November 15, 1978
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A major air crash reportedly killed 189 persons near Colombo, Sri Lanka. A chartered DC-8 jetliner carrying Indonesian Moslems home from a pilgrimage to Mecca plunged into a plantation near the airport in a heavy thunderstorm. [New York Times]
- The defense budget will be raised to nearly $124 billion next year under a tentative decision by President Carter. The move, which pleased key defense officials, is designed to strengthen NATO and bolster American weaponry and equipment in Western Europe. The new total, which represents an increase of 3 percent over present annual outlays, will be definitely decided by the President next month. [New York Times]
- Senator Daniel Patrick Moynihan shifted a long-held view. A leading advocate of a "negative income tax" as a substitute for the welfare system, the New York Democrat said he now doubted the concept would work. [New York Times]
- A dispute among civil rights groups is growing. The national organizations are moving toward a fight in an Alabama court over who should handle the case of a 26-year-old retarded black man sentenced to 30 years in prison for the rape of a white woman. A staff lawyer for the N.A.A.C.P. assisted in the defense, and the N.A.A.C.P. Legal Defense and Educational Fund and the Southern Christian Leadership Conference are seeking a new trial on the ground of "ineffective assistance of counsel." [New York Times]
- Women are making major gains in state and local politics. Following last week's elections, they will hold more than 10 percent of the posts in state legislatures for the first time in history. Also, 10 women will be secretaries of state, six lieutenant governors and six state treasurers. [New York Times]
- Margaret Mead died at New York Hospital at the age of 76. The noted anthropologist, author, lecturer and social critic had been actively at work until last month despite a year-long battle against cancer. [New York Times]
- American Airlines will move its corporate headquarters, with up to 1,300 jobs, from Manhattan to a site at the Dallas-Fort Worth Airport next year. Mayor Koch scored the move as a "betrayal" of New York City. [New York Times]
- Egypt's Vice President Mubarak arrived in Washington with a special message from President Sadat to President Carter on a need to link Egypt's projected peace treaty with Israel to a timetable for solving the Palestinian issue. Aides said that Mr. Carter and Secretary of State Vance were making strenuous efforts to persuade both sides not to break off the talks. [New York Times]
- A review of peace negotiations by Israel's cabinet was recessed by Prime Minister Begin until clarification of Egypt's latest proposals are received. The cabinet met for three hours on various proposals aimed at ending the stalemate and is supposed to decide on them tomorrow. [New York Times]
- Iran's oil production is rising in the wake of crippling strikes, but is still well below pre-strike levels, according to official figures. With reports that many workers are still absent and returning workers staging slowdowns, daily production has risen from 1.1 million barrels at the Nov. 7 low point to more than 3 million now, compared to a normal level of 5.8 million. [New York Times]
- France offered haven to "qualified" Vietnamese refugees aboard a freighter stranded off the Malaysian coast. The offer of asylum in France was expected to apply to about 200 of the 2,500 Vietnamese aboard the freighter Hai Hong, all of whom had previously been denied entrance to Indonesia and Malaysia. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 785.60 (+0.34, +0.04%)
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* |
| November 14, 1978 | 785.26 | 92.49 | 30.62 |
| November 13, 1978 | 792.01 | 93.13 | 20.96 |
| November 10, 1978 | 807.09 | 94.77 | 16.75 |
| November 9, 1978 | 803.97 | 94.42 | 23.33 |
| November 8, 1978 | 807.61 | 94.45 | 23.56 |
| November 7, 1978 | 800.07 | 93.85 | 25.32 |
| November 6, 1978 | 814.88 | 95.19 | 20.45 |
| November 3, 1978 | 823.11 | 96.18 | 25.99 |
| November 2, 1978 | 816.96 | 95.61 | 41.03 |
| November 1, 1978 | 827.79 | 96.85 | 50.45 |