News stories from Monday April 28, 1980

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

Cyrus Vance said he had resigned as Secretary of State because of his refusal to support President Carter's decision to try to rescue the American hostages in Teheran. Mr. Vance's resignation stunned most of Washington and focused attention on the deep division within the administration on foreign policy issues and his increasing failure to prevail. Warren Christopher, the Deputy Secretary of State, has been named acting Secretary of State. With his resignation as Secretary of State, Mr. Vance joined what a predecessor, Dean Acheson, once called "the most exclusive club in America -- men in public life who have resigned in the cause of conscience." [New York Times] Jimmy Carter visited five commandos who had been wounded in Iran and told reporters outside the San Antonio Army hospital that all five had volunteered to take part in any new attempt to rescue the hostages. President Carter was grim as he expressed outrage and contempt at the Iranians' public display of the servicemen killed in the aborted mission.A likely staging area for the abortive raid to rescue the hostages was said by Iranians to be a base about 13 miles south of Teheran. For months, the base has been a headquarters and training site for revolutionary guards. American officials said there had been no plan to use that base. [New York Times] The freeing of three U.S. diplomats held in the Iranian Foreign Ministry was included in the rescue plan, according to Carter administration officials. They said that paramilitary forces infiltrated into Iran early this year were to slip into the ministry, release the envoys, take them to the American Embassy and fly them out of Teheran, along with the 50 hostages held in the embassy. [New York Times] Western European fears and misgivings over American policies on Iran were expressed at a summit meeting of the Common Market, but the government leaders reaffirmed their plan to impose sanctions against Teheran if progress is not made soon for release of the American hostages. Several leaders expressed strong opposition to any military actions. [New York Times] The exodus of Cubans was hampered for a second day by high seas and raging winds in the Florida Straits. American customs agents seized three boats that had arrived in Key West carrying 507 persons seeking political asylum. Coast Guard vessels rescued 41 persons whose ships had capsized.Key West was thronged with thousands of Cuban Americans, generating complaints by many residents. Many of the arrivals brought their own boats, and all were there to bring back their families and friends from Cuba. [New York Times] Celebrations in Bogota embassies and the reunion of long-separated families followed the end of the 61-day seizure of the Dominican Embassy. Diplomatic life became calm after the safe release Sunday of the 16 remaining ambassadors and other high officials who had been held by guerrillas. [New York Times] Ford reported a record quarterly loss of $164 million in the first three months of 1980 despite continuing, but declining, profits from the auto maker's overseas operations. The company attributed the loss to high interest rates on auto loans, economic uncertainty and high fuel prices. [New York Times] The jury in the trial of Bert Lance and three associates charged with bank fraud delivered a verdict on all of the charges against one defendant, but apparently remained deadlocked over charges against the three others. The findings were sealed and there was no indication that the verdict involved Mr. Lance, the former federal budget director. The jury is to begin its 45th hour of deliberation Tuesday. [New York Times] More than 300 nuclear power protesters were taken into custody on charges of blocking entrances or defacing government property by throwing ashes and a red bloodlike substance at the Pentagon. The police said that the demonstration had attracted at least 1,200 people. Among those seized was Daniel Ellsberg, the former Pentagon official who disclosed the Pentagon papers on the Vietnam War. [New York Times] A 16-hour prison uprising ended after rebellious inmates surrendered the remaining four of the seven hostages they had seized and officials agreed to hear the prisoners' grievances. No one was seriously hurt in the rebellion at an Indiana prison. [New York Times] Radical changes in physics theory will be necessary if recent findings are confirmed. Laboratory tests in the United States and three other countries strongly suggest that neutrinos -- seemingly weightless "ghost" particles believed to fill the universe -- have mass. This will mean that they are the dominant material of the universe and might ultimately reverse its expansion and lead to its collapse. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 805.46 (+1.88, +0.23%)
S&P Composite: 105.64 (+0.48, +0.46%)
Arms Index: 1.05

	Issues	Volume*
Advances	952	16.96
Declines	563	10.50
Unchanged	373	3.14
Total Volume		30.60

* 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*
April 25, 1980	803.58	105.16	28.59
April 24, 1980	797.10	104.40	35.79
April 23, 1980	789.25	103.73	42.62
April 22, 1980	789.85	103.43	47.92
April 21, 1980	759.13	99.80	27.55
April 18, 1980	763.40	100.55	26.88
April 17, 1980	768.86	101.05	32.77
April 16, 1980	771.25	101.54	39.72
April 15, 1980	783.36	102.63	26.67
April 14, 1980	784.90	102.84	23.06