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Thursday August 2, 1979
. . . where the 1970s live forever!

News stories from Thursday August 2, 1979


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

  • Disappointment in President Carter is evident around the nation, a series of interviews indicates. Many Americans agree with him about a "crisis of confidence" but they also believe that he has failed to handle the crisis and has perhaps added to it. [New York Times]
  • Errors by nuclear plant operators were termed the main cause of the reactor breakdown at the Three Mile Island plant in Pennsylvania by government investigators. In a massive report, they concluded that the plant's equipment and emergency procedures were "adequate to have prevented the serious consequences of the accident" but that "a series of errors by plant operators made it impossible for the plant to continue working as designed." [New York Times]
  • A stir over Patricia Roberts Harris arose as civil rights leaders expressed concern over reports that the Secretary-designate of Health, Education and Welfare had indicated to aides that political sensitivity should be considered in pressing civil rights cases. Department sources said that Mrs. Harris had sharply criticized the aggressive policy on school desegregation pursued by the department's civil rights director under her predecessor, Joseph Califano. [New York Times]
  • A stamp-and-election scandal led Finbar Kenney, a New York businessman, to plead guilty on behalf of his corporation to bribery and to pay a $50,000 fine. The Kenny International Corporation was accused by the government of paying $337,000 to rig a general election in the Cook Islands last year to keep its worldwide distribution rights for the South Pacific nation's postage. [New York Times]
  • Mississippi voters seem apathetic about a governorship primary next Tuesday. A researcher concluded that major problems such as energy and inflation were viewed as national and beyond a governor's power. The election involves a woman among the Democratic front-runners and the first Republican gubernatorial primary in Mississippi's history. [New York Times]
  • Richard Nixon canceled purchase of a penthouse apartment on East 72nd Street in Manhattan. The former President withdrew his application to buy the apartment at a reported cost of $750,000 in the face of opposition by many residents who said they feared that his presence would threaten their security and privacy. [New York Times]
  • Pressure for more military spending rose as three Senators demanded that President Carter provide a prompt and detailed commitment on such spending before the Senate considers the nuclear arms treaty with Moscow. Former Secretary of State Henry Kissinger said that he would urge Senate rejection of the pact if such a commitment and other conditions were not met by Mr. Carter. [New York Times]
  • Soviet intervention in Afghanistan led to an oblique warning by Washington against "efforts to impose alien doctrines" abroad. [New York Times]
  • Israel opposes Palestinian autonomy and seems determined to resist pressure from Washington to grant Arabs in occupied territories any form of local government that might ultimately lead to sovereignty. [New York Times]
  • A Nicaraguan city was destroyed in the civil war that toppled the Somoza regime. About 5,500 residents of the 40,000 in Esteli were killed and, according to a Red Cross official, entire families were executed in their homes by forces of the ousted regime. Virtually all buildings were demolished. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 847.95 (-2.39, -0.28%)
S&P Composite: 104.10 (-0.07, -0.07%)
Arms Index: 0.98

IssuesVolume*
Advances82218.81
Declines65314.59
Unchanged4004.32
Total Volume37.72
* 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*
August 1, 1979850.34104.1736.57
July 31, 1979846.42103.8134.38
July 30, 1979838.74103.1528.64
July 27, 1979839.76103.1027.77
July 26, 1979839.76103.1032.28
July 25, 1979839.51103.0834.89
July 24, 1979829.78101.9729.69
July 23, 1979825.51101.5926.86
July 20, 1979828.07101.8226.37
July 19, 1979827.30101.6126.78


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