News stories from Thursday August 9, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- An increase in defense spending over the next five years is being considered by the Carter administration, according to government officials. An interagency group has been formed to consider the effects of an increase, which is being sought to win the support of Senate moderates for the treaty on limitation of strategic arms. [New York Times]
- Three F.B.I. agents were slain in unrelated incidents in California and Ohio. A social worker strode into the Bureau's office at El Centro, Calif., fatally shot two agents and then killed himself, according to the authorities. The assailant resigned a month ago as a monitor in a federal program. In Cleveland, an F.B.I. agent was killed in trying to arrest a fugitive. [New York Times]
- A curb on police searches was rejected by the American Bar Association's top administrative body. It declined to back a restriction on the power of policemen to conduct surprise searches of so-called third parties, who are not suspected of a crime. The proposal called for endorsing an effort to overturn a Supreme Court ruling upholding surprise searches of newsrooms. [New York Times]
- Walter O'Malley died at the age of 75. Mr. O'Malley, the owner and board chairman of the Los Angeles Dodgers, became probably the most influential owner in baseball after he moved the team from Brooklyn and brought major league baseball to the West Coast in late 1957. He also persuaded the New York Giants to move to San Francisco. [New York Times]
- The biggest cash robbery from a bank in New York City's history was largely solved in less than a week as federal agents and the police announced they had arrested a second suspect, the assistant head teller at the bank, and knew the identities of the others involved. A witness jotted down the license plate of the getaway car as it sped from a mid-Manhattan bank with more than $500,000. [New York Times]
- A major challenge on territorial waters has been undertaken by the Carter administration. It has ordered the transit of military ships and planes into and over the waters of countries that claim a limit of more than the three miles accepted by the United States and 21 other nations. Most nations contest that view. [New York Times]
- A Vietnamese leader who defected to China last month said that Hanoi's treatment of ethnic Chinese in Vietnam was "even worse than Hitler's treatment of the Jews." He also told reporters in Peking that Vietnamese citizens had been reduced to "a life of humiliation and repression." [New York Times]
- The black market in Ho Chi Minh City is among the most flourishing in Southeast Asia four years after the Communist victory. Otherwise, the Communists are firmly in control of the entire life of the city, which is not a happy place, officials acknowledge. [New York Times]
- U.S. help to all needy Cambodians, regardless of their political ties, was pledged by the Carter administration, which said it would join in international efforts to combat famine in Cambodia. The State Department appealed to competing groups there to cooperate with relief efforts. [New York Times]
- Consultation with Italy's Communists was pledged by the new Prime Minister, Francesco Cossiga, as he presented his three-party coalition government to Parliament. [New York Times]
- Upgrading Egypt's defense capability is being pressed by Washington, which sent a 20-member Defense Department team to confer in Cairo. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 858.28 (-4.86, -0.56%)
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 8, 1979 | 863.14 | 105.98 | 44.97 |
| August 7, 1979 | 859.81 | 105.65 | 45.41 |
| August 6, 1979 | 848.55 | 104.30 | 27.19 |
| 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 |