News stories from Monday August 6, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The biggest quake in San Francisco in 68 years left only minor damage and ended after fewer than 10 seconds. It was the strongest temblor registered there since 1911, five years after the "great San Francisco earthquake." The temblor affected a wide region of northern and central California and Nevada, but no casualties or major damage were reported. [New York Times]
- The first new major oil refinery to be built on the East Coast in 22 years awaits a decision in Washington on a crucial construction permit. A battle pitting energy needs against demands for protection of the environment has been waged for nearly five years over plans for the $650 million installation at Portsmouth, Va., on the Chesapeake Bay, with government agencies, environmentalists and industrialists fighting one another. [New York Times]
- Nationalizing the oil industry should be seriously considered unless companies alter their practices and better serve the public interest, the A.F.L.-C.I.O. Executive Council said, The leaders of the labor federation urged creation of a government agency to set the amount of oil the nation imports and negotiate the prices. [New York Times]
- Major forest fires in the Northwest raged across more than 75,000 acres. In Idaho, 1,200 firefighters sought to contain four blazes that had engulfed 67,000 acres of national forest. [New York Times]
- Rebuilt sections of Newark drew praise from Stuart Eizenstat, President Carter's chief adviser on domestic affairs, during a visit to some of the multimillion-dollar programs financed by Washington after the 1967 riots. Mr. Eizenstat disbursed rebate checks to families who had renovated their homes with the aid of federal and private funds. [New York Times]
- A major airline equipment theft was attributed to a maintenance supervisor for Pan American World Airways. Federal authorities accused him of having stolen and sold nearly $3 million worth of electronic equipment, including seven computerized navigation devices used in flying 747 jumbo jets. [New York Times]
- Higher taxes on casino gambling profits on a temporary basis were approved by the New Jersey Senate. Voting 26 to 6, the chamber gave final legislative approval to raise the levy to 11 percent from 8 percent and to use the revenue to help provide $100 for heating costs next winter for each elderly person eligible for supplemental security income or pharmaceutical aid. [New York Times]
- A Commonwealth plan for Rhodesia drew a mixed reaction in Salisbury from Prime Minister Abel Muzorewa. He said he welcomed "positive elements" of the peace plan, demanded "substantial clarification" of other parts and indicated opposition to one provision: a call for new, British-supervised elections. There was no comment from the white parliamentary group, which could block the proposed changes, but recent statements by its leadership indicate it may strongly oppose Britain's call for less white power in Salisbury.
U.S. support for the peace plan for Zimbabwe Rhodesia was expressed in a message from President Carter, Margaret Thatcher, Britain's Prime Minister, announced. The 39 Commonwealth members called for a cease-fire and a new constitution as well as new elections supervised by Britain.
[New York Times] - An American-Vietnamese accord to normalize relations was reached in secret talks in New York last fall, but Washington did not follow through on the agreement, according to Hanoi's acting Foreign Minister. He said that the breakthrough came when Vietnam dropped a demand for a major American aid commitment. The chief American negotiator confirmed that the aid issue had been settled, but said that other issues had caused Washington not to proceed further. [New York Times]
- Washington assured Israel that it seeks to ease recent tensions. The assurances were made in telephone calls to Prime Minister Begin by President Carter and Robert Strauss, his special Middle East negotiator. Administration and Israeli officials said that Mr. Carter had invited Israel's Ambassador to a working lunch on Wednesday and that Mr. Strauss would fly to the Middle East this month for negotiations. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 848.55 (+2.39, +0.28%)
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* |
| August 3, 1979 | 846.16 | 104.04 | 28.16 |
| August 2, 1979 | 847.95 | 104.10 | 37.73 |
| August 1, 1979 | 850.34 | 104.17 | 36.57 |
| July 31, 1979 | 846.42 | 103.81 | 34.38 |
| July 30, 1979 | 838.74 | 103.15 | 28.64 |
| July 27, 1979 | 839.76 | 103.10 | 27.77 |
| July 26, 1979 | 839.76 | 103.10 | 32.28 |
| July 25, 1979 | 839.51 | 103.08 | 34.89 |
| July 24, 1979 | 829.78 | 101.97 | 29.69 |
| July 23, 1979 | 825.51 | 101.59 | 26.86 |