News stories from Wednesday January 31, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Picketing steelworkers persuaded thousands of workers to stay off their jobs at the mammoth Newport News Shipyard and Dry Dock Company in Virginia as the union tested its strength in hostile Southern territory for what may be a months-long strike for union recognition. [New York Times]
- A nuclear-radiation hazard study was begun at the Portsmouth Naval Shipyard in Maine where, it was charged, workers have been contracting leukemia up to six times the national rate. The study is being made jointly by federal health investigators and a civilian watchdog group assigned by Congress. The civilians have complained about a "cover-up" and "foot-dragging" by the officials. [New York Times]
- Inflation is eroding buying power and also expectations. Rising prices are causing many Americans to make major changes and choices in their lives. The latest New York Times/CBS News poll shows that 75 percent are making budget cuts, with nearly 50 percent saying they are revising food expenditures and almost 25 percent buying fewer clothes. [New York Times]
- Solar energy will not be used widely for decades, according to a panel of specialists that convened a year ago at the request of the White House to assess prospects for generating electric power from sunlight. The panel concluded that the ultimate prospects are "bright" but that, for at least a decade, the technology will not be advanced enough to begin a major effort. [New York Times]
- Amtrak would lose 12,000 miles, or 43 percent of the total, from its passenger rail system, under a proposal by Transportation Secretary Brock Adams, who said the cutback would save taxpayers nearly $1.4 billion in five years. He said that Amtrak would still reach 22 of the nation's 25 largest urban centers in 40 states and could serve 91 percent of the people now reached by the system. The plan would eliminate some noted long-distance trains. [New York Times]
- The National Security Agency has played a key, largely secret role in shaping the nation's massive, privately owned communications network of microwave towers, cables, satellites and computers. According to documents and knowledgeable authorities, the agency has for 25 years had a powerful voice in governing the communications links among individuals, businesses and government agencies. [New York Times]
- Ayatollah Khomeini arrived home from Paris aboard a chartered jetliner after nearly 15 years in exile. The 78-year-old symbol of the Iranian revolution was to begin a triumphal procession through Teheran, visiting sites associated with the uprising against the monarchy. [New York Times]
- Two American-Chinese accords on science and cultural exchanges were signed by President Carter and Deputy Prime Minister Teng Hsiao-ping to provide a framework for what Mr. Carter called "a new and irreversible course" in Washington-Peking relations. In White House ceremonies, both leaders expressed satisfaction with the official part of Mr. Teng's tour of the United States, but the President noted that on broad, global problems the two countries did not always concur. [New York Times]
- A new Algerian leader was chosen to succeed the late President Houari Boumediene. The ruling group named Col. Benjedid Chadli, who has been acting Defense Minister and is viewed as relatively moderate. [New York Times]
- Thailand's poor may suffer as a result of Vietnam's invasion of Cambodia, Prime Minister Kriangsak Chamanand said in an interview. The Thai leader said that the invasion might upset his plan to spend more than $1 billion this year for rural development and force him to use some of the funds for a defense buildup. [New York Times]
- White Rhodesians are seeking support from Washington and London after their 85 percent affirmative vote for a limited form of black majority rule. Western approval of Salisbury's plan is viewed as essential to the fight against black nationalists. [New York Times]
- Italy faced political uncertainty and fear of rising terrorism as Prime Minister Andreotti submitted the resignation of his minority Christian Democratic government, which has ruled with the support of the Communists until they withdrew last week. Negotiations for a new government may take several months. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 839.22 (-12.56, -1.47%)
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 30, 1979 | 851.78 | 101.05 | 26.91 |
| January 29, 1979 | 855.77 | 101.55 | 24.18 |
| January 26, 1979 | 859.75 | 101.86 | 34.24 |
| January 25, 1979 | 854.64 | 101.19 | 31.45 |
| January 24, 1979 | 846.41 | 100.16 | 31.71 |
| 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 |