News stories from Friday April 9, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A revival of the campaign to draft Senator Hubert Humphrey, which is said to have considerable support in Congress, is expected after the Pennsylvania primary on April 27. If convention delegate strength remains divided among the leading Democratic presidential candidates, Representatives Paul Simon and Bob Bergland will revive the draft they were forced to abandon earlier this year. [New York Times]
- The Agriculture Department said that the unusually dry winter and weeks of searing winds in the five major winter wheat states had reduced the crop expected this year by more than 26 percent. It estimated this year's yield at 521.8 million bushels. This is 181.4 million bushels less than last year's record crop. But the total 1975 winter and spring wheat crops were the largest in the country's history, and demand for them so far this year has slowed. As a result, crop forecasters are expecting a carryover at the end of this crop year of nearly 500 million bushels, about a year's domestic needs. [New York Times]
- The Nuclear Regulatory Commission said that a construction permit should be granted for the world's first floating nuclear power plant off New Jersey because benefits outweigh the adverse environmental effects. In a book-length report of a two-year study, the commission's staff decided that the plant, a project of the Public Service Electric and Gas Company of Newark, posed a "very low" risk of lethal radioactivity through the air or water and that It was "unlikely" that the tourist economy of the New Jersey shore would suffer. [New York Times]
- The House approved a $33.4 billion military authorization bill that would add about $2 billion to the administration's defense program, primarily for the construction of nuclear-powered ships for the Navy. The annual military bill was passed, 298 to 52, and sent to the Senate after the House, in two days of debate, rejected all attempts to block or defer expensive new weapons programs, such as the B-1 strategic bomber and a nuclear-powered supercarrier. [New York Times]
- The United States announced that it and the Soviet Union had completed the proposed text of a treaty that would limit the size of underground nuclear tests for peaceful purposes. The draft, which complements a still-unratified 1974 treaty limiting underground tests of nuclear weapons, also codifies procedures for carrying out on-site inspections of peaceful blasts. Secretary of State Henry Kissinger said that the new draft "for the first time establishes the principle of on-site inspection In Soviet territory, something which we have been attempting to achieve for the entire postwar period." [New York Times]
- On the eve of a critical meeting of Lebanon's Parliament, Palestinian and Arab sources reported that Syrian troops had moved three miles into Lebanon, taking the hillside border crossing of Masnaa. The vague reports could not be immediately confirmed. It was thought possible that the Syrians had made a feint to put psychological pressure on the Lebanese to hasten a political resolution to the civil war. [New York Times]
- Apparently seeking to prevent another outbreak like the rioting in Peking on Monday, China's Foreign Minister and other senior government officials led demonstrations in the city in support of the ouster of Teng Hsiao-ping, the former senior Deputy Prime Minister. The Chinese press agency, Hsinhua, reported other large rallies from Manchuria to Tibet. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 968.28 (-8.81, -0.90%)
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 8, 1976 | 977.09 | 101.28 | 20.86 |
| April 7, 1976 | 986.22 | 102.21 | 20.19 |
| April 6, 1976 | 1001.65 | 103.36 | 24.17 |
| April 5, 1976 | 1004.09 | 103.51 | 21.94 |
| April 2, 1976 | 991.58 | 102.25 | 17.42 |
| April 1, 1976 | 994.10 | 102.24 | 17.91 |
| March 31, 1976 | 999.45 | 102.77 | 17.52 |
| March 30, 1976 | 992.13 | 102.01 | 17.93 |
| March 29, 1976 | 997.40 | 102.41 | 16.10 |
| March 26, 1976 | 1003.46 | 102.85 | 18.51 |