News stories from Monday September 10, 1979

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

A "selective strike" against G.M. was threatened by Douglas Fraser, president of the United Automobile Workers. He said that the union would strike key General Motors assembly plants and all of the corporation's parts depots covered by a national contract unless a new contract was agreed upon by Friday night. [New York Times] Arms spending would rise by $1.6 billion next year under a vote by the House Budget Committee, but legislators said they were under "tremendous pressure" from the Pentagon and its allies in Congress to increase the military budget much more. The committee defeated a proposal for a $24 billion tax cut in the new budget, but there was still widespread feeling in Congress that some form of tax relief would eventually be adopted. [New York Times] A shutdown of Detroit schools was virtually complete as most of the 12,000 teachers struck the city's 300 public schools. Across the nation, disputes involving 40,000 teachers in 12 states affected 80,000 pupils. [New York Times] New Jersey's casino tax will rise to 12 percent from 8 percent after Governor Byrne's expected signature. The measure provides additional millions of dollars of revenue from gambling to pay part of the utility bills of 400,000 elderly and disabled residents. The tax increase, passed last month by the Assembly, was approved by the Senate in a 33 to 4 vote under pressure by the Governor. [New York Times] Moscow denied its combat troops were in Cuba, terming reports about them "totally groundless." Washington stood by its contention that 2,000 to 3,000 Soviet combat troops had recently been detected in Cuba. The Soviet denial was made a few hours after Secretary of State Vance opened talks about the issue with Soviet Ambassador Dobrynin.A rapid military buildup in Cuba aided by Moscow has led the Carter administration to seek a long-term approach to deal with it, beyond the immediate problem posed by Soviet troops in Cuba. Since 1976, according to administration officials, Moscow has supplied Havana with air defense missiles, a squadron of advanced fighter-bombers, several troop transport planes and its first attack submarine. [New York Times] Political slayings rose in El Salvador. Eleven persons were killed over the weekend in increasing warfare between extreme left-wing and right-wing groups. Several leftist organizations seek to overthrow the right-wing military government. [New York Times] Britain will press Rhodesian factions to reach a peaceful settlement at the constitutional conference, which opened in London. The aggressive effort was signaled by Lord Carrington, the British Foreign Secretary. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 876.88 (+2.73, +0.31%)
S&P Composite: 108.17 (+0.51, +0.47%)
Arms Index: 0.58

	Issues	Volume*
Advances	824	19.84
Declines	608	8.52
Unchanged	429	4.62
Total Volume		32.98

* 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*
September 7, 1979	874.15	107.66	34.37
September 6, 1979	867.32	106.85	30.36
September 5, 1979	866.13	106.40	41.65
September 4, 1979	872.61	107.44	33.35
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