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Thursday June 7, 1979
. . . where the 1970s live forever!

News stories from Thursday June 7, 1979


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

  • Pope John Paul II went to Auschwitz in what he called a pilgrimage to the heart of cruelty and hatred and prayed for peace from an altar erected over the train tracks that took millions to their death in the concentration camp. The Pope's appeal for peace was repeated by many of hundreds of thousands accompanying him. [New York Times]
  • Gasoline supplies should rise slightly in coming weeks, but the availability of oil products will remain tight for the rest of the year, Secretary of Energy James Schlesinger said. He also predicted that the United States would begin to receive an increased share of world oil supplies, but he warned that "any further upheavals" abroad would eliminate the "precarious balance we have achieved." [New York Times]
  • Efforts to lower gasoline prices were pressed by New York City and New Jersey officials, who proposed changes in federal pricing rules. Bruce Ratner, the city's Consumer Affairs Commissioner, said that government price ceilings were confusing and unenforceable and permitted retailers to raise ceilings to new highs through "banking" from times when they were not charging maximum prices. [New York Times]
  • Independent truckers blockaded truck stops and brought traffic to a crawl on major highways in a protest against rising fuel prices that affected at least 14 states. The protest was strongest in the West and Midwest. [New York Times]
  • Racial bias in housing continues widely 11 years after it was outlawed by the Civil Rights Act of 1968. The discrimination has become more subtle, with landlords and rental agents commonly using such techniques as racial "steering," delays in processing applications and requiring high credit. But there has been wide progress in lowering racial barriers in areas of some cities, and black leaders have given the issue relatively low priority. [New York Times]
  • The hydraulics systems of DC-10's became increasingly the focus of the inquiry into the crash of the DC-10 jumbo jet in Chicago May 25. The systems operate many vital devices, including the front wing flaps whose uneven deployment is widely believed to have made the craft uncontrollable. An industry study showed that DC-10's had 89 hydraulics problems in 16 months, reportedly including at least two in which two systems failed in flight. [New York Times]
  • Air travel was still hampered by the grounding of up to 275 DC-10 jumbo jets around the world. Airlines switched planes, flights and passengers. Several airlines assured travelers that they had faith in the ultimate reliability of the grounded planes. [New York Times]
  • Theories about possible life on Mars were revived as scientists identified at least two regions of the planet where liquid water may exist just below the surface. A new analysis of data from spacecraft and telescopes found water vapors, which could come from surface ice or could be signs of vast reservoirs of liquid water trapped a few inches below the surface. [New York Times]
  • A refusal to lift sanctions against Zimbabwe Rhodesia was announced by President Carter. He said he believed that the United States would be "seriously damaged" in its foreign relations if it acted alone to remove sanctions now and that he would do his utmost to win over a majority in Congress to his position.

    The new black leader of Zimbabwe Rhodesia has begun to exert his authority over the white-controlled bureaucracy, according to his aides, blacks as well as whites. They say that after a week as Prime Minister, Bishop Abel Muzorewa's authority includes direct control of the intelligence agency that has a major role in conducting the war against black guerrillas. [New York Times]

  • A new U.S. missile has been approved by President Carter, according to administration officials. They said that he is to announce soon that full-scale development of the MX mobile intercontinental weapon will proceed but that he will defer a decision on the details of how the huge, land-based missile would be deployed. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 836.97 (+1.47, +0.18%)
S&P Composite: 101.79 (+0.49, +0.48%)
Arms Index: 0.71

IssuesVolume*
Advances1,01928.27
Declines5009.89
Unchanged3965.22
Total Volume43.38
* 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
DateDJIAS&PVolume*
June 6, 1979835.50101.3039.83
June 5, 1979831.34100.6235.05
June 4, 1979821.9099.3224.04
June 1, 1979821.2199.1724.57
May 31, 1979822.3399.0830.31
May 30, 1979822.1699.1129.25
May 29, 1979832.55100.0527.04
May 25, 1979836.28100.2227.77
May 24, 1979837.6699.9325.70
May 23, 1979837.4099.8930.39


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