News stories from Tuesday January 23, 1979

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

In a State of the Union address, President Carter soberly stressed efficient government rather than new programs and urged Congress to help build "a new foundation" for the future by controlling inflation and strengthening peace with a new accord with the Soviet Union to limit strategic arms. The President gave a mid-term report on his goals to Congress. [New York Times] The 1980 Republican National Convention will be held in Detroit. The party's national committee approved the site after opponents had contended that the city was depressing. But Bill Brock, the national chairman, wanted the convention to be held in Detroit to help dramatize the party's efforts to reach out to urban and black voters, and he won by a vote of 95 to 52. Detroit's struggle to rebound from more than two decades of economic decline was given a lift by the decision of Republican leaders to hold the party's 1980 convention there. [New York Times] Congressional outcries over budget cuts in social programs proposed by President Carter set a precedent, and perhaps a smokescreen, for special-interest efforts to retain $4.5 billion in programs marked for elimination, the White House suggested. Jody Powell, the White House press secretary, derided some programs that have historically been cut by Presidents and restored by Congress. [New York Times] Senator Herman Talmadge was hospitalized for alcohol abuse and exhaustion, his office announced. The Georgia Democrat is under investigation by the Senate Ethics Committee for alleged financial improprieties. [New York Times] Marriage between Jews and non-Jews has apparently become much more acceptable to Jewish groups than in the past, according to a study of Jewish attitudes that was made public by the American Jewish Committee. The study found that, in marriages where the non-Jewish spouse converted to Judaism, the couple was far likelier to affiliate with a synagogue and to provide their children with a religious education. [New York Times] Palestinians fired rockets into northern Israeli towns, and the Israelis responded with the heaviest shelling of targets in southern Lebanon since their invasion last March. Israel warned that if the Palestinians continued increasing attacks on Israeli civilians it would retaliate against civilian targets in Lebanon. [New York Times] The Shah of Iran will live in Cairo at the invitation of President Sadat, according to Egyptian sources. The monarch was said to want to stay in the region because he believed that a confrontation was looming between Iran's civilian government and Ayatollah Khomeini, the religious leader. The Shah, a source said, thinks this might give him a chance to return home and reassert authority.Teheran International Airport was closed by heavily armed soldiers in tanks. No reason was given for the shutdown which has occurred only days before the arrival of exiled Moslem leader Ayatollah Khomeini. [New York Times] "Holocaust" impressed West Germans, a spot check indicated. The start of the American television series about the Nazi crimes against Europe's Jews evoked more than 6,000 telephone calls. One-third, particularly early in the program, complained it had opened old wounds, but later the calls were said to be much more favorable. Some callers were in tears, and one said, "How could we have done this?" [New York Times] Vietnam seems to have gained its main goals in Cambodia and to be consolidating its hold throughout that country, diplomats and analysts said. The Vietnamese appear to be holding all major Cambodian towns and the main roads linking them. [New York Times] Washington will seek Peking's aid in dealing with a potentially dangerous situation in Korea, according to administration officials. They said that when Deputy Prime Minister Teng Hsiao-ping visits Washington next week, President Carter plans to give the Korean issue priority because of recent intelligence reports of increased North Korean combat strength. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 846.85 (+8.32, +0.99%)
S&P Composite: 100.60 (+0.70, +0.70%)
Arms Index: 0.72

	Issues	Volume*
Advances	957	19.39
Declines	515	7.47
Unchanged	406	3.27
Total Volume		30.13

* 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*
January 22, 1979	838.53	99.90	24.39
January 19, 1979	837.49	99.75	26.80
January 18, 1979	839.14	99.72	27.26
January 17, 1979	834.20	99.48	25.31
January 16, 1979	835.59	99.46	30.34
January 15, 1979	848.67	100.69	27.51
January 12, 1979	836.28	99.93	37.12
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