News stories from Tuesday January 9, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A strict abortion law was overturned by the Supreme Court. The six-member majority declared unconstitutional a Pennsylvania law requiring a doctor to choose the abortion method most likely to save the life of a fetus that might be old enough to survive. Otherwise, a physician could be subject to criminal charges. [New York Times]
- Government employees are protected against retaliation for privately expressing to superiors complaints about working conditions by constitutional free-speech guarantees, the Supreme Court ruled unanimously. [New York Times]
- Voluntary wage restraints face major hurdles. Treasury Secretary Michael Blumenthal has privately warned President Carter that his plan for "real wage insurance," a key part of the anti-inflation program, would meet stiff resistance in Congress and involves great political risks, administration officials said. Under the program, employees would seek increases not exceeding 7 percent in pay and fringe benefits this year. [New York Times]
- Katharine Graham said she would step aside as the publisher of the Washington Post and that her 33-year-old son, Donald, would succeed her as head of the capital's morning daily. Mrs. Graham said she would remain chairman of the board and chief executive officer of the Washington Post Company, which includes Newsweek magazine, six broadcast stations, and other properties. [New York Times]
- The Environmental Protection Agency was sharply criticized by the General Accounting Office, which said in a report that the agency inadequately monitored, inaccurately reported and ineffectively enforced the nation's basic air pollution law. An agency official said that the report was outdated, but Justice Department officials said major problems remained. [New York Times]
- Cutting prescription drug prices is the aim of policies begun by federal regulatory agencies that government officials estimate could save consumers up to $400 million a year. The steps seek to promote the use of generic drugs instead of more expensive brand-name products, and overriding state laws that curb such a trend. [New York Times]
- Full autonomy for Taiwan was pledged by Deputy Prime Minister Teng Hsiao-ping, who said that it could retain both its government and armed forces after it was reunified with the Chinese mainland. His statement, made to four visiting American Senators, was a major step in Peking's new policy of trying to win a peaceful reconciliation with Taiwan. Mr. Teng indicated that the Nationalists must give up their sovereignty. [New York Times]
- Vietnam has won the war in Cambodia, according to Western analysts in Thailand. They said that fighting was continuing in many areas, but only as rear-guard actions that could not reverse Hanoi's advance. Moscow pledged solidarity with the new Cambodian regime, showing that the Kremlin viewed it as a Soviet ally against Chinese influence. [New York Times]
- Iran's government was immobilized by opposition from most sectors of society. A few shops in Teheran opened and banks opened for about an hour, then closed because no transactions could he completed with the Central Bank, whose employees continued striking. Several ministers in the new civilian regime were barred from reaching their offices by strikers. [New York Times]
- A Basque terrorist campaign, pressed as Spain prepares for elections, has strained relations between the civilian and military authorities more than at any other time since the death of Francisco Franco three years ago. A Supreme Court justice was assassinated in Madrid, becoming the sixth terrorist victim in the new year. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 831.43 (+3.29, +0.40%)
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* |
| January 8, 1979 | 828.14 | 98.80 | 21.44 |
| January 5, 1979 | 830.73 | 99.13 | 28.89 |
| January 4, 1979 | 826.14 | 98.58 | 33.31 |
| January 3, 1979 | 817.39 | 97.80 | 29.17 |
| January 2, 1979 | 811.42 | 96.73 | 18.35 |
| December 29, 1978 | 805.01 | 96.11 | 30.03 |
| December 28, 1978 | 805.96 | 96.28 | 25.44 |
| December 27, 1978 | 808.56 | 96.66 | 23.58 |
| December 26, 1978 | 816.01 | 97.52 | 21.47 |
| December 22, 1978 | 808.47 | 96.31 | 23.79 |