News stories from Thursday November 11, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- An execution stay for Gary Gilmore, a convicted murderer, until after the Utah State Board of Pardons meets next Wednesday was granted by Gov. Calvin Rampton. The 35-year-old convict had pleaded to be shot by a firing squad on schedule Monday. [New York Times]
- The main welfare fund of the Teamsters' union plans to name Richard Kleindienst as a defendant in a $14 million damage suit it filed last summer alleging fraud by five life insurance companies. The decision, disclosed by a fund spokesman, followed unsuccessful efforts by its lawyers to obtain return of a $250,000 fee shared by the former Attorney General and another lawyer for helping direct millions of dollars in premiums to the companies. [New York Times]
- Warning against increased inflation, Dr. Arthur Burns, chairman of the Federal Reserve Board, said he opposed stimulating the economy through tax cuts, more government spending or a looser monetary policy. He seemed to be cautioning President-elect Carter that the board might try to block any such administration policies. In congressional testimony, Dr. Burns termed the stimulative steps unnecessary and dangerous. [New York Times]
- Stock prices rebounded in very light trading of 13.23 million shares. The Dow Jones industrial average gained 7.39 points to close at 931.43. Corporate and tax-exempt bond prices were steady, also in very light trading. The government securities market was closed in observance of Veterans Day. [New York Times]
- The campaign-financing law, enacted after the Watergate scandals, had a deep impact on last week's election. Political leaders in both major parties generally agree that the new law, in imposing the first spending ceilings in a presidential election, almost certainly produced a victory for Jimmy Carter in light of the very close results. [New York Times]
- Oil companies would have to disclose to the government major details of their agreements with foreign governments, under a proposal by the Federal Energy Administrator, Frank Zarb. He also said that "significant negotiations in progress" would also have to be reported under the plan. [New York Times]
- Floor members of the New York Stock Exchange, at a tumultuous meeting, sharply denounced a proposal to increase the number of available seats. They said the plan would further reduce the value of exchange seats. [New York Times]
- Traditional teachings of the Roman Catholic Church on sexual ethics were strongly upheld in a pastoral letter approved by the Catholic bishops of the United States, The letter, reiterating the stands taken in the Vatican's "Declaration of Sexual Ethics" earlier this year, was adopted by a vote of 172 to 25 despite rising opposition within the church. [New York Times]
- White Rhodesians celebrated the 11th anniversary of Rhodesia's self-proclaimed independence from Britain with a formal ball and the tolling of a bell patterned after America's Liberty Bell. Before ringing the bell, Prime Minister Ian Smith told his all-white audience he would speak in "a low key" to avoid "any provocative statements" during the Geneva conference on Rhodesia's transition to black majority rule. [New York Times]
- Limited democracy in Egypt is being gradually restored by President Anwar Sadat. Addressing the People's Assembly, he said that three political groups that competed in a parliamentary election last month could now function as "free" parties with three limitations. These are, he said, that they must respect "national unity," not act as religious parties and not try to destroy welfare gains won by Egyptians since the 1952 revolution. [New York Times]
- Neo-fascist "commandos" in Spain are a test for the government of Prime Minister Adolfo Suarez, which has moved cautiously against some hard-right elements but has seemed generally unable to deal with them. After a lengthening series of bookstore bombings and burnings, four arrests of suspects have now been reported. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 931.43 (+7.39, +0.80%)
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* |
| November 10, 1976 | 924.04 | 98.81 | 18.89 |
| November 9, 1976 | 930.77 | 99.32 | 19.21 |
| November 8, 1976 | 933.68 | 99.60 | 16.52 |
| November 5, 1976 | 943.07 | 100.82 | 20.78 |
| November 4, 1976 | 960.44 | 102.41 | 21.70 |
| November 3, 1976 | 956.53 | 101.92 | 19.35 |
| November 1, 1976 | 966.09 | 103.10 | 18.39 |
| October 29, 1976 | 964.93 | 102.90 | 17.03 |
| October 28, 1976 | 952.63 | 101.61 | 16.92 |
| October 27, 1976 | 956.12 | 101.76 | 15.79 |