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Friday July 6, 1979
. . . where the 1970s live forever!

News stories from Friday July 6, 1979


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

  • President Carter called his top aides and eight of the nation's Governors to discussions this weekend at Camp David that reportedly will go beyond the energy crisis and include a review of the economy and the political aspects of both issues. A senior aide said that Mr. Carter would assess "the whole stance and style of this administration, the question of how we pull it back together." Mr. Carter was said to be dissatisfied with the advice he has been getting from many of his aides, and determined to improve the coordination between the White House staff and the executive departments. [New York Times]
  • Another change in Skylab's re-entry timetable was announced by space agency officials. They now estimate that the craft's re-entry will occur Wednesday at 3 P.M., Eastern daylight time, on a track that could shower debris across the United States and the Amazon jungle. Their estimate was highly tentative. [New York Times]
  • Employment rose sharply in June despite the fuel shortage and more forecasts of a recession, and the unemployment rate was at its lowest level since the summer of 1974, the Department of Labor said. [New York Times]
  • A further drop in food prices in June helped offset soaring fuel costs and was responsible for a comparatively modest rise in wholesale prices of five-tenths of 1 percent. The food portion of the Labor Department's Producer Price Index for finished goods ready for sale declined by 1.2 percent, reflecting lower meat and poultry prices. Food prices also showed declines in April and May. [New York Times]
  • The toughest inspections yet for the grounded DC-10 fleet has been ordered by the Federal Aviation Administration in the hope that their domestic flights can resume next week. [New York Times]
  • Snipers fired at policemen in a racial confrontation in a predominantly black area of Birmingham, Ala., where a woman was recently shot to death by the police. Blacks and whites, including Ku Klux Klansmen, participated in the melee. [New York Times]
  • Employees shared $1 million of the sum that a Colorado publisher received in the sale of his newspaper. When Kenneth Johnson, owner of the Daily Sentinel in Grand Junction, sold the paper to Cox Enterprises Inc., owner of the Atlanta Constitution, he divided $1 million among the paper's 186 employees. "I'm laying some money on the troops," he said. [New York Times]
  • The escape of five inmates from an upstate New York jail had striking similarities to a new movie, "Escape From Alcatraz," based on a 1960 breakout at that prison. The inmates who escaped from the Orange County Jail in Goshen, N.Y., seemed to have followed the methods used in the hole-in-the-wall Alcatraz breakout. [New York Times]
  • The resignation of Nicaragua's leader appears imminent. The new United States Ambassador in Managua, Lawrence Pezzullo, reportedly told a Nicaraguan business leader that President Anastasio Somoza's resignation was "very, very close." Ambassador Pezzullo has been involved in the efforts to persuade General Somoza to step down. [New York Times]
  • Egypt's order for 50 American planes will not be filled because Saudi Arabia, which had promised to pay for them, has apparently backed out of the $525 million deal. State Department officials said that the "proposed sale has been postponed," and that the Northrop Corporation, manufacturer of the F-5E fighter jets, has been advised to find other buyers for them. [New York Times]
  • Two crucial Issues in the Mideast talks will be dealt with by "working groups" that the Egyptian and Israeli negotiators agreed to establish at the suggestion of the special American envoy, Robert Strauss, to get the stalled talks going again. The working groups will consist of two delegates each from the United States, Israel and Egypt. They will try to set up election machinery for the autonomous Palestinian entity that is to be created in the West Bank and the Gaza Strip and define its "powers and responsibilities." [New York Times]


Stock Market Report

Dow Jones Industrial Average: 846.16 (+10.41, +1.25%)
S&P Composite: 103.62 (+1.19, +1.16%)
Arms Index: 0.64

IssuesVolume*
Advances1,08427.32
Declines3896.31
Unchanged4194.94
Total Volume38.57
* 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*
July 5, 1979835.75102.4330.29
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


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