News stories from Tuesday March 13, 1979

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

The closing of five nuclear plants within 48 hours was ordered by the Nuclear Regulatory Commission because of a deficient analysis of their ability to withstand earthquakes. The five electric-generating plants include one near Oswego in upstate New York. [New York Times] The handling of radioactive wastes aroused new controversy. A federal panel reported to President Carter that the safety of disposing of high-level wastes in underground repositories could be determined only after specific investigations at each site. [New York Times] President Carter won Egyptian approval on all provisions of a proposed Egyptian-Israeli peace treaty and said that Prime Minister Begin had agreed to submit to his cabinet "the few remaining issues" that Israel has yet to endorse. Mr. Carter made the dramatic announcement at Cairo airport after conferring again with President Sadat. American officials said privately they expected that Israel would accept the latest compromise proposals and thus clear the way for the signing of the pact.Israel welcomed Egypt's acceptance of the proposals taken to Cairo by President Carter, and Prime Minister Begin suggested that a treaty might be approved by Israel within a week. The leader of the opposition Labor Party predicted that his party would support the pact. President Carter's Mideast mission ended on the same note of surprise and elation as the Camp David summit meeting six months ago that began the long negotiations for an Egyptian-Israeli treaty that now seems close to realization. [New York Times] A teachers' strike ended in St. Louis after approval of a new contract. The bitter walkout had kept pupils out of classrooms for eight weeks, and a school spokesman said that, to make up the time, classes were scheduled to continue through July 20. [New York Times] Finding work for black youths is a major problem that has led specialists to advocate a wide range of programs to relieve the educational, family and health conditions that leave so many unable to compete effectively for jobs. Most experts, including the Carter administration, back both private and public efforts to equip as many youths as possible with basic work experience and specific job skills. [New York Times] A dispute over a military draft erupted between two top officials. The Army Chief of Staff, Gen. Bernard Rogers, said that he would like to begin drafting youths into a reserve force. He was sharply rebuked by Secretary of the Army Clifford Alexander, who said, "There is no necessity for the resumption of the draft." [New York Times] A suit to halt a big project was set back. A federal district judge rejected a civil suit which would have stopped construction of the Tennessee-Tombigbee waterway through Alabama and Mississippi. But the ruling was based on a narrow legal point and not a central issue -- whether the Army Corps of Engineers had the right to widen the waterway without specific congressional authorization. [New York Times] Limiting Senators' outside income appears to have split the members evenly. A number of Senators have expressed deep concern about the lack of debate that preceded last week's decision in the chamber to postpone for four years imposition of a stricter limit on earned outside income. [New York Times] American arms negotiators were jolted by intelligence data indicating that Moscow's most powerful missile, the SS-18, was being adapted to carry a larger number of warheads than would be allowed under the projected strategic arms limitation treaty. [New York Times] Unofficial relations with Taiwan were approved by both chambers of Congress. Both votes were overwhelming -- 90 to 6 in the Senate and 345 to 55 in the House. They were a significant victory for President Carter. [New York Times] Penetration by East German spies into West German government and industry has reportedly risen dramatically. The Bonn authorities said that the secretary of the deputy chairman of the Christian Democratic Party had defected to East Germany. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 846.93 (+2.25, +0.27%)
S&P Composite: 99.84 (+0.17, +0.17%)
Arms Index: 0.76

	Issues	Volume*
Advances	869	17.93
Declines	586	9.23
Unchanged	418	4.01
Total Volume		31.17

* 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*
March 12, 1979	844.68	99.67	25.75
March 9, 1979	842.86	99.54	33.41
March 8, 1979	844.85	99.58	32.00
March 7, 1979	834.29	98.44	28.94
March 6, 1979	826.58	97.87	24.50
March 5, 1979	827.36	98.06	25.96
March 2, 1979	815.75	96.97	23.13
March 1, 1979	815.84	96.90	23.84
February 28, 1979	808.82	96.28	25.09
February 27, 1979	807.00	96.13	31.47