News stories from Wednesday August 1, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- More Arab oil pressure on the West is likely unless there is marked progress in talks on Palestinian autonomy, according to high Washington officials. They said they seek to encourage Israel and Egypt to be more flexible and specific in defining powers of a Palestinian self-governing authority and to encourage moderate Arabs at the U.N. to persuade the Palestine Liberation Organization to accept a formula recognizing Israel's right to exist to clear the way for Palestinian participation in the talks. [New York Times]
- A standby gasoline rationing plan to be drafted by President Carter was approved by the House. But members adopted amendments to energy conservation provisions that would protect special interest groups ranging from hospitals to farmers. [New York Times]
- The synthetic fuels plan was set back as a Senate committee served notice that it sought to sharply cut and slow President Carter's $88 billion development program. The committee decided to seek only $3 billion for the program in the next budget, compared with the proposed $22 billion, with $17 billion more tentatively scheduled for the following year. [New York Times]
- Changes in gasoline prices seemed to vary widely as new uniform federal profit ceilings took effect at filling stations in New York City and surrounding counties. Some stations reduced the price for a gallon by a few cents, some increased it slightly, and others left it unchanged. [New York Times]
- Auto fuel economy is being pressed by General Motors, which said that its 1985-model cars might exceed the government-mandated fleet average of 27.5 miles per gallon. The disclosure marked a major shift by G.M. [New York Times]
- Enactment of a new criminal code has a better chance in this session of Congress than at any time since it was first proposed more than a decade ago, according to congressional leaders. This first comprehensive revision of federal criminal laws in history would, among other things, abolish paroles and obscenity statutes, create a uniform system for sentencing and change rules for proof of perjury. [New York Times]
- Doubts about DC-10's reliability were expressed by a government expert who said that many qualified engineers "would question" whether the jumbo jets should be back in service in view of lack of knowledge about the vulnerability of their engine mounts to rough gusts of air. [New York Times]
- The formation of a Citizens Party, which plans to field a presidential candidate in 1980, was announced by a group of activists, most of them liberals. The group asserted that Democrats and Republicans were sidestepping the major economic and social issues facing the country. [New York Times]
- President Carter scored gains in his visit Tuesday to Bardstown, Ky. Most residents and visitors reacted at first with renewed confidence and a belief in Mr. Carter's honesty and sincerity. But later, some residents said they wondered whether he could succeed in getting his policies on energy and inflation into operation. [New York Times]
- The ouster of Dr. Michael Baden as Chief Medical Examiner of New York City evoked shock and indignation among physicians and other former professional colleagues from Maine to California. The Los Angeles County Medical Examiner hailed him as an "intense, intelligent, idealistic scientist." The coroner of Pittsburgh said the ouster was "despicable" and ascribed it to "political chicanery" or "vindictiveness." [New York Times]
- U.N. observers have assumed duties of the departing U.N. Emergency Force in the Sinai buffer zone despite Israeli objections to deploying the unarmed observers. [New York Times]
- U.S. Jewish leaders were angered and dismayed over a statement by President Carter that likened the Palestinian problem to the American civil rights movement. [New York Times]
- Nigeria's takeover of British oil interests was criticized by Prime Minister Margaret Thatcher of Britain. She lamented the "arbitrary" action in an address to the opening session of the conference of Commonwealth leaders in Zambia. Nigeria said it had acted because the company sold oil to South Africa, which the company and the British government denied. [New York Times]
- Vietnamese refugees are being rescued by merchant ships in the South China Sea because of the agreement by Western countries to accept refugees quickly without hindering or delaying commerce, according to shipping officials in Hong Kong. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 850.34 (+3.92, +0.46%)
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* |
| July 31, 1979 | 846.42 | 103.81 | 34.38 |
| July 30, 1979 | 838.74 | 103.15 | 28.64 |
| July 27, 1979 | 839.76 | 103.10 | 27.77 |
| July 26, 1979 | 839.76 | 103.10 | 32.28 |
| July 25, 1979 | 839.51 | 103.08 | 34.89 |
| July 24, 1979 | 829.78 | 101.97 | 29.69 |
| July 23, 1979 | 825.51 | 101.59 | 26.86 |
| July 20, 1979 | 828.07 | 101.82 | 26.37 |
| July 19, 1979 | 827.30 | 101.61 | 26.78 |
| July 18, 1979 | 828.58 | 101.69 | 35.95 |