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Thursday July 5, 1979
. . . where the 1970s live forever!

News stories from Thursday July 5, 1979

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

  • A sharp drop in the dollar occurred as a result of President Carter's abrupt cancellation of his energy speech, and the White House moved immediately to correct the situation. Alerted to the drop, President Carter authorized his press office to issue a statement reaffirming his intention to propose a series of strong energy measures at an early date.

    President Carter has suffered politically from his sudden, unexplained cancellation of his national energy speech, high administration officials conceded. The officials ascribe the delay to the President's own indecision about how bold and politically risky an energy program to proclaim. They say the advice given Mr. Carter on energy was sharply divided. [New York Times]

  • Synthetic fuels may fail to produce an answer to America's energy supply problems, some analysts say. Even though the Carter administration is expected to announce a major program to develop synthetic fuels, experts doubt large quantities can be produced at reasonable costs and without substantial environmental damage. [New York Times]
  • New York City is losing some of its gasoline supply because of a federal formula favoring so-called growth areas, and because of "bias" in fuel supply operating practices, according to Robert Herzog, Mayor Koch's special assistant for energy. He argued the federal formula alone cost city drivers 4 percent of their fair share of gas. [New York Times]
  • Americans have altered their habits as they adjust to the fuel shortage, and nothing illustrates this change more dramatically than the current shift in shopping patterns, a shift that has caused a drop in business at the big suburban shopping malls. [New York Times]
  • The sun may be shrinking. A number of physicists believe that its nuclear fires may be burning low and that the sun is slowly shrinking. This could mean, contrary to what had been believed, that not all the sun's energy comes from the fusion of hydrogen into helium. Instead, energy may be partly liberated by solar contraction. [New York Times]
  • A constitutional convention to mandate a balanced federal budget appears to have failed for this year. So many state legislatures have adjourned without approving the proposal that it is virtually impossible for supporters to attain the 34 votes necessary to call such a convention. [New York Times]
  • Three investigations of the nuclear accident at Three Mile Island are focusing on why the government was not immediately informed of indications that the reactor's core began disintegrating within a few hours after the start of the accident. High temperature readings were taken by a plant engineer only hours after the accident began. But Metropolitan Edison, the plant's owner, did not pass them along to government authorities. [New York Times]
  • Teachers are leaving the profession in droves because of student violence, vandalism, inadequate salaries and lack of support from administrators, the National Education Association has declared. The N.E.A. and teacher groups throughout the country are now working on programs and laws to better the teacher's lot. [New York Times]
  • A partial leg transplant was performed for the first time in New York at Columbia-Presbyterian Medical Center. The operation saved a 15-year-old New Jersey girl's leg from amputation, and was performed when she went to the center for an unrelated condition. The microsurgery technique was first used 15 years ago. [New York Times]
  • Mideast talks have bogged down, and Robert Strauss, President Carter's special ambassador, has suggested to Israeli and Egyptian negotiators that they form working groups to tackle specific issues of Palestinian autonomy as a way of breaking the stalemate. Mr. Strauss took part in the talks for the first time today. [New York Times]
  • The U.S. wants stronger assurances against future radicalism in the junta that is likely to govern Nicaragua if, as expected, President Anastasio Somoza steps down. The U.S., having obtained the general's agreement to resign, is now looking to several Latin American countries to exert a moderating influence over the rebel-backed provisional junta, diplomatic sources have reported. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 835.75 (+0.17, +0.02%)
S&P Composite: 102.43 (+0.34, +0.33%)
Arms Index: 0.74

Total Volume30.29
* 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
July 3, 1979835.58102.0931.67
July 2, 1979834.04101.9932.06
June 29, 1979841.98102.9134.68
June 28, 1979843.04102.8038.47
June 27, 1979840.52102.2736.72
June 26, 1979837.66101.6634.68
June 25, 1979844.25102.0931.30
June 22, 1979849.10102.6436.41
June 21, 1979843.64102.0937.10
June 20, 1979839.83101.6333.79

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