News stories from Wednesday January 24, 1979

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

Consumer prices rose again in December, giving the nation a 9 percent inflation rate for 1978 and President Carter a new opportunity to press for his anti-inflation program. The government reported that seasonally adjusted prices increased six-tenths of 1 percent last month. This was slightly higher than the November rate, but lower than the average increases in the first 10 months of last year. [New York Times] A noted former soldier was dismissed from his government post because he allegedly pressed too hard in efforts to find jobs for veterans. David Christian, one of the most decorated soldiers of the Vietnam War, was told he had to leave his consultancy post with the Labor Department. Officials strongly denied he was being "purged" and said efforts would be made to find him a state or city job in the Philadelphia area, near his home. [New York Times] John Connally is a presidential candidate. The former Governor of Texas, former Secretary of the Treasury and former Democrat announced his candidacy for the 1980 Republican presidential nomination with a warning that, while the nation is basically strong, "the only missing ingredient is leadership." [New York Times] Federal rules on equal job chances led to a class-action suit against 10 government agencies by Sears, Roebuck & Company. Sears charged that the laws, regulations, interpretations and policies on employment opportunities were so confusing, conflicting, inconsistent and occasionally "arbitrary" and "capricious" that it found it impossible to comply with them. [New York Times] Cuts in Social Security benefits proposed by President Carter are being opposed by about 20 organizations representing the aged, labor, women, blacks, the poor, students and churches. The proposals are not expected to be enacted. [New York Times] Snow and high winds pelted much of the Middle West, bringing Chicago a new seven-inch layer of snow atop the 20 inches that fell a week and a half ago. Tornadoes and gale force winds wrecked dozens of homes on Florida's Gulf Coast, and heavy rains moved across the Northeast. [New York Times] National Republican leaders criticized President Carter's State of the Union message with a barrage of comments that covered virtually every aspect of the speech. [New York Times] The slogan "New Foundation" was coined at a brainstorming session by an administration speechwriter in mid-November and then nearly forgotten until it was revived and emerged as the theme of President Carter's State of the Union address. [New York Times] Iran's Prime Minister offered to resign and to let the people decide whether they wanted a monarchy or a republic if, in return, Ayatollah Khomeini would delay his return to Iran and make other concessions. But in a move that seemed to undercut the peace offer before the Ayatollah could respond, Iran's National Security Council ordered the closing of Teheran's international airport until Sunday. The exiled Moslem leader had planned to return on Friday.In reaffirming his intent to return to Iran, Ayatollah Khomeini vowed again to set up an Islamic republic. His chief spokesman, citing the personal risk the religious leader was taking in ending his 14-year exile, said the Ayatollah was counting on the "moral force of the people's support" to overcome opposition to his return. Faulty awareness of Iran's crisis was attributed by a detailed House committee staff report both to federal intelligence agencies and the Carter administration's policy makers. [New York Times] Britain neared industrial paralysis as layoffs rose in various industries because of the truck drivers' strike, and the nation braced for a new 24-hour rail shutdown tomorrow. The drivers' walkout has crippled most British ports for more than two weeks, and a Minister suggested that the Labor government might soon have to call out troops to transport vital goods. [New York Times] A papal-Soviet meeting was held, reportedly on Moscow's initiative. Pope John Paul II received Foreign Minister Gromyko for a talk described by sources of both sides as having importance for future church-state relations in Eastern Europe. The new Pontiff's forthrightness has caused concern in Moscow, according to Communist diplomats. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 846.41 (-0.44, -0.05%)
S&P Composite: 100.16 (-0.44, -0.44%)
Arms Index: 1.01

	Issues	Volume*
Advances	665	11.86
Declines	828	14.96
Unchanged	396	4.91
Total Volume		31.73

* 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 23, 1979	846.85	100.60	30.18
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