News stories from Tuesday June 26, 1979

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

A rise in world oil prices from the present $14.55 to $20 a barrel is expected to be agreed on by the Organization of Petroleum Exporting Countries. Strong indications of that increase came from many delegations at a conference in Geneva. At least six ministers representing some of the major oil exporters said they favored the 38 percent rise, contending that it would end chaos in the world market. [New York Times] A modest supply of gasoline borrowed from major oil companies' July allotments is expected to be made available this week to dealers in New York, New Jersey and Connecticut to ease what officials said was a worsening shortage. When and how much gasoline will reach service stations, which have been besieged by long lines of cars, was being negotiated between state officials and the companies. [New York Times] More production of diesel fuel soon is sought by the Carter administration to help get striking truckers back on the road, according to an Energy Department official. He said that the White House was ready to compel the oil industry to increase such production but said it was hoped that the industry would act voluntarily. [New York Times] Consumer prices rose sharply again last month, largely reflecting soaring costs of oil products. A government adviser warned against expecting an easing for several months. A 1.1 percent increase in the Consumer Price Index, matching the rise in April, means that inflation so far this year is at a 13.4 percent annual rate. [New York Times] Curbs were eased for libel suits by individuals who have not voluntarily become involved in public controversy, under two Supreme Court rulings. Voting 8 to 1 in both cases, the Court held that such individuals are not required to prove malice. In one case, the Justices narrowed the scope of constitutional immunity granted to members of Congress. The cases will now go back to lower courts for jury trials. [New York Times] Unmarried couples doubled from 1970 to 1978 and increased more than eight-fold among Americans under age 25, the Census Bureau reported. The new study documents such major changes as a growing trend to postpone or forgo marriage and sharp rises in divorce, in the number of families headed by women with no husbands at home and in the number of children living with only one parent. [New York Times] Agent Orange is causing rising concern in Washington. The herbicide was used by American troops in the Vietnam War as a defoliant. Veterans have increasingly agreed with Vietnamese accusations that Agent Orange caused deformed children, stillbirths, cancer, sterility, personality changes and other illnesses. A Representative has called for priority studies by the government's top health agencies. [New York Times] Salisbury forces struck at Lusaka, the Zambian capital, reportedly killing 22 people in what Zimbabwe Rhodesia termed a pre-emptive strike against guerrilla forces of Joshua Nkomo. The black-led government of Bishop Abel Muzorewa used a helicopter-borne assault force to strike buildings in suburban Lusaka and what it termed "a known terrorist base" 12 miles to the north. [New York Times] Two Ghanaian leaders were executed on orders of junior officers who seized power in a coup this month. The two former rulers, Gen. Frederick Akuffo and Gen. Afrifa, were shot by a firing squad along with four other senior officers. They were accused of abuse of power and misuse of state funds. [New York Times] No Marxist dictatorship in Nicaragua would follow the removal of President Somoza, according to the State Department's top official for Latin America. He told a House hearing he was confident that Nicaragua would not become "a second Cuba." [New York Times] France will accept 5,000 Indochinese refugees over the next weeks in addition to a monthly quota of about 1,000 already being admitted. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 837.66 (-6.59, -0.78%)
S&P Composite: 101.66 (-0.43, -0.42%)
Arms Index: 1.12

	Issues	Volume*
Advances	582	10.89
Declines	856	17.91
Unchanged	453	5.88
Total Volume		34.68

* 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 25, 1979	844.25	102.09	31.30
June 22, 1979	849.10	102.64	36.41
June 21, 1979	843.64	102.09	37.10
June 20, 1979	839.83	101.63	33.79
June 19, 1979	839.40	101.58	30.78
June 18, 1979	839.40	101.56	30.97
June 15, 1979	843.30	102.09	32.93
June 14, 1979	842.34	102.20	37.84
June 13, 1979	842.17	102.31	40.75
June 12, 1979	845.29	102.85	45.44