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Friday March 2, 1979
. . . where the 1970s live forever!

News stories from Friday March 2, 1979

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

  • President Carter will seek re-election in 1980 and will overtake Senator Edward Kennedy's 2 to 1 lead in most public opinion polls, Vice President Mondale said at $1,000-a-plate Democratic fundraising dinner in Los Angeles, where he represented the President. But a number of influential California leaders did not conceal their dissatisfaction with Mr. Carter, and called on Senator Kennedy and "other gifted leaders" to seek the nomination. About 300 Democrats held an anti-Carter dinner. [New York Times]
  • Allegations that led to a criminal investigation of an administration official were unfounded, the Justice Department said. The department conducted the inquiry about a month after the White House announced that it would replace the official, Jay Solomon, as head of the General Services Administration. He had initiated a corruption investigation at the G.S.A. [New York Times]
  • Mixed unmarried threesomes as a living style are being established with increasing frequency in many cities, not so much for sexual reasons as for economic ones -- threesomes help pay rising rents and other living expenses. It appears that some of the mixed threesomes, who are living in more than a dozen major cities, especially in the Middle West and South, had been inspired by a television program, "Three's Company." [New York Times]
  • Student patrols are guarding campuses and have been found to be effective and inexpensive crime deterrents. Students on horseback are patrolling the Rutgers campus, where there have been cases of rape and sexual assault, and they are credited with having helped to restore a feeling of security. [New York Times]
  • Major changes in federal food laws would follow if recommendations made by the National Academy of Sciences to Congress become law. An academy committee headed by Dr. Frederick Robbins, a Nobel laureate, said that government food laws were confusing, overlapping and sometimes inadequate. Critics of federal food regulation said the committee's report was a sellout to economic pressures. [New York Times]
  • China is "the most serious threat" to world peace, Leonid Brezhnev said, but he stopped short of pledging military action if Chinese troops were not withdrawn from Vietnam. In an address in Moscow on foreign and domestic policy, the Soviet leader took a conciliatory position toward the United States, avoiding the harsh anti-American rhetoric of the official press, and said that the American-Soviet treaty on limiting strategic arms treaty was virtually concluded.

    Virtual completion of the arms treaty with the Soviet Union was announced by administration officials, who said they expected to finish negotiations in the next few weeks. This was possible, they said, because both sides have made the necessary concessions. [New York Times]

  • No tangible progress toward settling the issues holding up an Egyptian-Israeli peace treaty followed a two-and-a-half-hour meeting at the White House between President Carter and Prime Minister Menachem Begin. [New York Times]
  • Scotland gave ambiguous approval to limited self-rule, which was overwhelmingly rejected by Wales, final returns from Thursday's referendums showed. More than 50 percent of the voters in Scotland said yes and 48 percent said no. The affirmative vote was far short of Parliament's requirement that 40 percent of all registered voters must give their approval. [New York Times]
  • Spain's ruling centrist party won a parliamentary election in which the Socialist Workers were its principal challengers, but it did not get a majority in the decisive lower house. The party, led by Prime Minister Adolfo Suarez, appears to have won 167 seats in the 350-member Congress of Deputies and a majority in the less important Senate. It is in a position to govern alone, or in a coalition. [New York Times]
  • Yemen and Southern Yemen will stop fighting at 8 A.M. tomorrow under a cease-fire agreement reached through the mediation of Syria and Iraq, an announcement in Baghdad said. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 815.75 (-0.09, -0.01%)
S&P Composite: 96.97 (+0.07, +0.07%)
Arms Index: 0.81

Total Volume23.13
* 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
March 1, 1979815.8496.9023.84
February 28, 1979808.8296.2825.09
February 27, 1979807.0096.1331.47
February 26, 1979821.1297.6722.62
February 23, 1979823.2897.7822.75
February 22, 1979828.5798.3326.30
February 21, 1979834.5599.0726.05
February 20, 1979834.5599.4222.01
February 16, 1979827.0198.6721.11
February 15, 1979829.0998.7322.56

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