News stories from Tuesday May 13, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Edmund Muskie reminded allies that Washington had "the right to expect" that Western European countries would carry out their pledges to impose broad economic sanctions against Iran in efforts to free the American hostages. He spoke with reporters on a flight to Brussels for his first overseas mission as the Secretary of State. [New York Times]
- A Moscow Olympics boycott lost a key test as France's Olympic Committee voted unanimously to send a team to the Games, rejecting President Carter's appeal for a boycott to protest the Soviet intervention in Afghanistan. The French government had declined to take a public position. [New York Times]
- The President and Ronald Reagan won the Maryland and Nebraska primaries, pushing Senator Edward Kennedy and George Bush even further from any hope of overtaking them for the presidential nominations. The races in Maryland were not even close. In Nebraska, Mr. Reagan won in a landslide while President Carter's edge was modest. [New York Times]
- Disarray in the White House has eased considerably in the 10 months since President Carter installed Hamilton Jordan as chief of staff, but organizational problems continue, according to presidential aides. Management improvements are widely credited with increasing accountability and reducing friction, but officials say that basic troubles remain because Mr. Carter still functions directly over his staff to avoid becoming insulated. [New York Times]
- Food stamps dominated budget talks among House and Senate conferees. The stamp program faces an imminent expiration of funds, but the Senate conferees sought to hold the program hostage in order to gain increases in future military spending as talks began on the final version of the budget for the fiscal year 1980. That budget must be approved before additional funds for food stamps can be disbursed. [New York Times]
- Haitian refugees have placed strains on Miami and other southern Florida communities. The influx from the impoverished Caribbean nation began as a trickle eight years ago, but immigration officials say they are certain that 17,000 Haitian refugees have arrived by boat and some estimates say that an equal number may have landed without official detection. [New York Times]
- Tornadoes struck Kalamazoo, Mich., killing at least seven persons, injuring dozens, causing scattered fires and knocking out utilities, officials said. Scores of people in Michigan were injured by a rash of twisters one day after tornadoes in Missouri and Pennsylvania left more than 200 people homeless, dozens injured and losses estimated at $50 million. [New York Times]
- Increased air fares are expected to result from a decision by the Civil Aeronautics Board to grant domestic airlines greater freedom to raise and lower charges without government approval. Many of the airlines have reported increasing financial losses in the recent slump in air travel and are expected to act at once to raise fares by 30 percent or more. [New York Times]
- An energy savings fee was set back by a federal judge who ruled that President Carter lacked the legal authority to impose a 10-cent-a-gallon charge for gasoline. The conservation fee had been slated to take effect Thursday. The Justice Department immediately said it would appeal the decision, but a congressional drive to thwart the imposition of the fee gained strong momentum. [New York Times]
- Ways to strengthen Western defenses in view of the Soviet intervention and military buildup in Afghanistan were agreed on by NATO defense ministers meeting in Brussels. The quick, though limited measures will be submitted for approval tomorrow to the foreign ministers of the alliance.
Soviet-bloc leaders met in Warsaw for a conference of the Warsaw Pact, the bloc's military alliance. The meeting, which includes Leonid Brezhnev, the Soviet leader, is expected to produce what Polish government sources termed a bid for a renewal of detente with the West.
[New York Times]
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Stock Market Report
Dow Jones Industrial Average: 816.89 (+11.69, +1.45%)
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* |
| May 12, 1980 | 805.20 | 104.78 | 28.21 |
| May 9, 1980 | 805.80 | 104.72 | 30.28 |
| May 8, 1980 | 815.19 | 106.13 | 39.29 |
| May 7, 1980 | 821.25 | 107.18 | 42.59 |
| May 6, 1980 | 816.04 | 106.25 | 40.16 |
| May 5, 1980 | 816.30 | 106.38 | 34.08 |
| May 2, 1980 | 810.92 | 105.58 | 28.14 |
| May 1, 1980 | 808.79 | 105.46 | 32.48 |
| April 30, 1980 | 817.06 | 106.29 | 30.85 |
| April 29, 1980 | 811.09 | 105.86 | 27.93 |