News stories from Thursday May 17, 1979

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

A new nuclear plant is being welcomed in Tennessee. The first generating plant scheduled to open after the nuclear accident near Harrisburg, Pa., is bringing new prosperity to Soddy-Daisy, and the consensus of residents is that "you can't stand in the way of progress." The $1.3 billion Sequoyah plant has been built by the Tennessee Valley Authority. [New York Times] A nuclear inquiry was snagged in a dispute. The presidential commission that is investigating the March 28 accident at the generating plant near Harrisburg, Pa., halted the main part of its on-site inquiry, charging that a quarrel between Congress and the executive branch had held up legislation empowering it to subpoena witnesses and question them under oath. Hours later, the Senate hastily approved such authority, but concurrence by the House was still needed. [New York Times] A plea to help end discrimination in South Carolina was made to its Governor and legislature by leaders of the N.A.A.C.P. and plaintiffs for cases that led to the Supreme Court decision that outlawed segregation in public schools. Commemorating the 25th anniversary of the historic ruling, the association's more than 1,700 chapters presented similar petitions to leaders of more than 500 American cities.School segregation was barred 25 years ago by the Supreme Court, but the schools in Clarendon County, S.C., one of four regions where black residents sued for desegregation, is not integrated. Whites moved out or sent their children to private schools, and, according to an official of the N.A.A.C.P., there is now only one white student in the district among 2,028 blacks. [New York Times] A price of $1.013 for a gallon of gasoline was posted at a Manhattan service station. City and federal officials said they believed that the price for premium and super-unleaded fuel marked the first time in the metropolitan area that more than a dollar was charged for a gallon. They also said the price rise was probably legal.A gasoline shortage is feared in eastern Long Island, which is largely dependent on summer tourists who triple the population of its seaside villages. Retailers say that if the present pattern of sales continues they will run out of gasoline a week from tomorrow, the start of the Memorial Day weekend, when the season begins. [New York Times] Continued liberal Soviet emigration is being sought by the United States. Until at least oral assurances are received, American officials said, Washington cannot make Moscow eligible for trade concessions. The United States wants to grant non-discriminatory tariffs and government-backed credits to Moscow and Peking at about the same time. [New York Times] Israeli leaders clashed over self-rule for Palestinians in the West Bank and Gaza, and Defense Minister Ezer Weizman said that he would probably refuse to represent Israel in talks with Egypt on the issue. He has been pressing for greater Egyptian involvement in the plan than Prime Minister Begin will accept. Mr. Weizman apparently believes that the plan will succeed only if Egypt has a role in it. [New York Times] A confused debate over Quebec has marked the general election campaign in Canada. National party leaders have been vague on their policies toward the province, where Quebecers are to vote in a referendum within a year on whether they wish to become sovereign and linked with the Canadian Federation only by an economic association. There is a strong possibility they will vote yes. [New York Times] The Panama Canal pacts were set back as House opponents nearly won a procedural vote on legislation to put the treaties into effect, leading Democratic leaders to delay final floor action indefinitely. The House adopted by only a two vote margin procedures to govern debate on the legislation. [New York Times] Fidel Castro was welcomed in Mexico on his first visit there since he seized power in Cuba 20 years ago. President Jose Lopez Portillo described the Cuban President as "one of the personalities of this century." [New York Times] U.S. aid for China's communications is in prospect. The national space agency is tentatively reserving room on two space shuttle flights in 1982 for satellites to establish a Chinese civil communications network. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 842.95 (+14.47, +1.75%)
S&P Composite: 99.94 (+1.52, +1.54%)
Arms Index: 0.41

	Issues	Volume*
Advances	1,169	24.94
Declines	354	3.10
Unchanged	382	2.51
Total Volume		30.55

* 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*
May 16, 1979	828.48	98.42	28.35
May 15, 1979	825.88	98.14	26.19
May 14, 1979	825.02	98.06	22.46
May 11, 1979	830.56	98.52	24.01
May 10, 1979	828.92	98.52	25.23
May 9, 1979	838.62	99.46	27.67
May 8, 1979	834.89	99.17	32.72
May 7, 1979	833.42	99.02	30.49
May 4, 1979	847.54	100.69	30.63
May 3, 1979	857.59	101.81	30.86