News stories from Tuesday September 4, 1979

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

Israelis welcomed President Sadat elaborately and warmly as the Egyptian leader began his third visit to Israel. Under stringent protection by American, Egyptian and Israeli ships, Mr. Sadat arrived in Haifa on his presidential yacht for his eighth meeting with Prime Minister Begin on several key problems. [New York Times] Hurricane David struck the coasts of Georgia and South Carolina and headed inland toward the capital city of Columbia, S.C., after lashing Savannah, Ga., and barrier islands with winds of 70 miles an hour. There were no immediate reports of casualties as the hurricane hit the mainland for the second time in two days, but the storm reportedly caused wide damage in the Savannah area. [New York Times] A new storm threat hampered rescue efforts in the Dominican Republic as officials struggled to get relief to thousands of residents who have been stranded on hilltops without food or medical supplies since Hurricane David struck. [New York Times] A key space experiment was thwarted by an oversight by the national space agency. It said that radio interference from a Soviet satellite unintentionally drowned out the transmission Monday of Pioneer 11's critical temperature measurements of Saturn's mysterious moon Titan. The problem was attributed to failure to inform the Russians of the plans. [New York Times] San Francisco traffic was snarled by a shutdown of the Bay Area Rapid Transit system in a labor dispute. The system was halted Friday night, leaving thousands of commuters stranded for hours, and there is no indication when operations will resume. The shutdown resulted in massive commuter traffic jams on the San Francisco-Oakland Bay Bridge. [New York Times] An increasing use of cocaine among middle and upper income Americans has made the $15 billion-a-year illicit trade so profitable that people from the professions, especially doctors and lawyers, have become entrepreneurs in trafficking in the drug. Officials in California, Florida, Texas, Arizona and New York, which are believed to be the main centers of the trade, report a pattern of business and professional men and women with no previous criminal associations having recently entered the cocaine business. [New York Times] The Dalai Lama said "some contact" had been made in recent months with Chinese leaders, but he expressed doubt that he would soon return to Chinese-ruled Tibet from exile in India. The 44-year-old leader of perhaps six million Tibetan Buddhists, speaking in New York, spent his first full day in the United States on a seven-week tour of colleges, Buddhist centers and public forums. [New York Times] Independence from the superpowers was urged for third world nations by President Tito of Yugoslavia. Addressing a conference of so-called non-aligned countries in Havana, he indirectly criticized apparent Cuban efforts to lure third world nations closer to Moscow, warning that bloc politics was incompatible with non-alignment. [New York Times] Reported Soviet combat forces in Cuba led Senator Frank Church, chairman of the Foreign Relations Committee, to announce a postponement of the resumption of hearings tomorrow on the arms treaty so the committee could "deal immediately" with the Cuba situation. The panel will hear secret testimony by Adm. Stansfield Turner, the Director of Central Intelligence, and Secretary of State Vance. [New York Times] Belfast police arrested 10 reporters who were interviewing anti-British activists. Those detained included Pierre Salinger, an ABC news correspondent who was President John F. Kennedy's press secretary. The authorities said they had been told that the activists would display arms. But 11 hours later, when no arms had been found, Mr. Salinger and other foreign journalists were released. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 872.61 (-15.02, -1.69%)
S&P Composite: 107.44 (-1.88, -1.72%)
Arms Index: 1.64

	Issues	Volume*
Advances	308	3.88
Declines	1,246	25.69
Unchanged	317	3.78
Total Volume		33.35

* 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
Date	DJIA	S&P	Volume*
August 31, 1979	887.63	109.32	26.37
August 30, 1979	883.70	109.02	29.28
August 29, 1979	884.90	109.02	30.81
August 28, 1979	884.64	109.02	29.43
August 27, 1979	885.41	109.14	32.06
August 24, 1979	880.20	108.60	32.73
August 23, 1979	880.38	108.63	35.72
August 22, 1979	885.84	108.99	38.45
August 21, 1979	886.01	108.91	38.86
August 20, 1979	886.52	108.83	32.30