News stories from Friday January 12, 1979

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

Employment and unemployment were almost unchanged in December, a Labor Department report said. Secretary of Labor Ray Marshall said that the increase in jobholders and the decrease in joblessness over the last two years was "a tremendous national accomplishment." [New York Times] Bella Abzug and the President clashed at a White House meeting on women's issues and Mrs. Abzug lost her job as co-chairman of the President's National Advisory Committee on Women. She was dismissed, a White House official said, because she "attempted to lecture the President on the duties of the committee and its role in serving the needs of its constituents." Before the meeting, the committee distributed a press release criticizing Mr. Carter's economic policies. [New York Times] "I am Governor again," Marvin Mandel said at Maryland's state house in Annapolis, which he left a year and a half ago as a convicted bribe-taker. His conviction was overturned Thursday by a federal appeals court, vacating a four-year prison sentence. Mr. Mandel declined for now to formally return to office for the five days remaining in his term. [New York Times] The F.B.I. will lose nearly 300 agents in the 1980 fiscal year if Congress does not restore budget cuts proposed by the administration, official sources said. The bureau's force of special agents would be reduced from 7,904 to about 7,600. The budget cut is not more severe than those being planned for other agencies, but it would mark the fifth consecutive yearly reduction in the bureau. [New York Times] An I.R.S. investigation of the political activities of the People's Temple could lead to the revocation of its tax-exempt status and the payment of back taxes by the Temple's executors that could amount to millions of dollars, sources close to the inquiry said. [New York Times] The Shah will leave Iran within a week and spend most of his time abroad in the United States, Prime Minister Shahpur Bakhtiar said. Before going to the United States, the Shah will visit a country in the Middle East or Europe. He will leave, the Prime Minister said, "by the end of the Iranian week," which is Thursday.The U. S. renewed warnings to Iran's military leaders that it would a oppose a coup. Amid rumors reaching Washington, Secretary of State Cyrus Vance authorized the State Department's spokesman to issue an emphatic statement of the administration's position. The U.S. is concerned that some Iranian leaders might believe that it would accept a coup to prevent leftists from seizing power. [New York Times] Vietnamese troops were near Cambodia's second largest city, Battambang, a rice-producing center, according to Western analysts, who said that the city had been heavily bombed for the second day. Other Vietnamese troops were reported advancing on the key road-junction town of Sisophon, 2.5 miles from Thailand's border. [New York Times] The administration acknowledged that in reaching agreement with Peking on normalization of relations it promised that it would make no new commitments to sell military equipment to Taiwan in 1979. There was no reference to this concession in official statements following President Carter's announcement on Dec. 15 of the agreement with Peking. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 836.28 (+8.23, +0.99%)
S&P Composite: 99.93 (+0.83, +0.84%)
Arms Index: 0.63

	Issues	Volume*
Advances	1,195	28.33
Declines	334	4.95
Unchanged	341	3.84
Total Volume		37.12

* 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*
January 11, 1979	828.05	99.10	24.56
January 10, 1979	824.93	98.77	24.97
January 9, 1979	831.43	99.33	27.20
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