News stories from Tuesday June 5, 1979

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

The Pope appealed to Poland's regime to recognize "the cause of fundamental human rights, including the right to religious liberty." Pope John Paul II made the plea during an address before 78 Polish bishops. He urged them to seek a broad discussion with the Communist government aimed at achieving normalization of church-state relations.Poles thronged to the Pope, who celebrated a mass before hundreds of thousands in Silesia, the country's industrial and mining heartland. [New York Times] All DC-10's were ordered grounded by a federal judge until the cause of the May 25 crash of a jumbo jetliner has been found, but soon after, he delayed the effect of his order. The order was issued at the request of a consumer group, which argued that the government had taken "wholly inadequate" precautionary measures since the disaster in Chicago. [New York Times] A Kansas City arena lost its roof in high winds and heavy rain, but the few people inside escaped injury. The $13.4 million Kemper Arena was considered by architects to be among the nation's foremost arenas, winning a key award in 1976, and the collapse came as the American Institute of Architects was meeting in the city. [New York Times] Job preference for veterans was upheld by the Supreme Court in a 7 to 2 ruling. The Court said that a state could practice the policy without unconstitutionally discriminating against women, even though this might have a "devastating impact" on women's job opportunities. The Court reinstated a Massachusetts law that gives any veteran who passes a civil service test a right to be hired before non-veterans, regardless of test scores. [New York Times] Barring illegally gained evidence from use in trials was reaffirmed by the Supreme Court. Voting 6 to 2, the Justices ruled that incriminating admissions made by a murder suspect to the Rochester, N.Y., police could not be used at his trial because the police had insufficient grounds to hold him for questioning. [New York Times] An auto emissions suit was settled out of court, the government announced. The case involved a controversial federal inquiry into whether General Motors had "illegally" tampered with auto emission control equipment to assure certification by government inspectors. G.M. entered a consent decree under which it admits no guilt but will pay the government a civil penalty of $90,000. [New York Times] A Carter campaign debt was questioned by the Federal Election Commission. The committee that ran Jimmy Carter's presidential campaign did not disclose after the election that it still owed nearly $135,000 to the agency that handled its advertising. A campaign aide said the agency had agreed instead to accept funds owed by broadcast outlets for prepaid spots that were not used. [New York Times] Highway travel is declining for the first time in decades, primarily because of gasoline shortages. The Department of Transportation confirmed the trend in spot checks across the country that showed dramatic shifts by travelers to public transportation. [New York Times] President Carter would have authority to set energy conservation targets for each state under a plan approved in the Senate by 77 to 13. The bill was then sent to the House. [New York Times] An Egyptian-Chinese arms accord was announced by President Sadat in a speech to Egyptian troops. He cited major American arms pledges and said he would ask Washington for licenses "to produce the most modem weapons." The Egyptian leader did not elaborate on the accord with Peking, but there was speculation that it might include the acquisition of about 60 MiG-19 fighters. [New York Times] Arabs boycotted their jobs in a protest by municipal workers in the occupied West Bank marking the anniversary of the 1967 war in which Israel conquered the West Bank and Gaza. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 831.34 (+9.44, +1.15%)
S&P Composite: 100.62 (+1.30, +1.31%)
Arms Index: 0.34

	Issues	Volume*
Advances	1,103	27.45
Declines	381	3.23
Unchanged	437	4.37
Total Volume		35.05

* 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*
June 4, 1979	821.90	99.32	24.04
June 1, 1979	821.21	99.17	24.57
May 31, 1979	822.33	99.08	30.31
May 30, 1979	822.16	99.11	29.25
May 29, 1979	832.55	100.05	27.04
May 25, 1979	836.28	100.22	27.77
May 24, 1979	837.66	99.93	25.70
May 23, 1979	837.40	99.89	30.39
May 22, 1979	845.37	100.51	30.31
May 21, 1979	842.43	100.14	25.55