News stories from Wednesday May 19, 1976

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

After Tuesday's primaries, the presidential nomination campaign in both parties appears likely to remain unresolved at least until the final primaries in June. The narrowness of Jimmy Carter's victory over Morris Udall in Michigan and his loss to Gov. Jerry Brown in Maryland showed the surprising vulnerability of the Democratic front runner. President Ford, euphoric after landslide victories over his Republican challenger, Ronald Reagan, in both states, laid plans to bid strongly for the votes of moderates such as those who supported him in Michigan. [New York Times] Mr. Udall's surprisingly strong showing in the Michigan primary may have been due primarily to the low Democratic turnout and the unexpected thinness in the attraction of Jimmy Carter. The New York Times-CBS News poll of Michigan voters indicated that Mr. Udall again drew from traditionally liberal, more highly educated and younger segments of the electorate. Endorsement of Mr. Carter by the United Automobile Workers and by Detroit's black mayor may have provided his paper-thin margin. [New York Times] The Senate voted 72 to 22 to establish a permanent committee on intelligence with exclusive authority to oversee the activities of the Central Intelligence Agency and authorize funds for its activities. It will share jurisdiction over other intelligence agencies with existing committees. The vote was seen as a vindication of the work of the temporary committee headed by Senator Frank Church that investigated abuses. [New York Times] Prime Minister Lopo do Nascimento of Angola, in a ceremony at the Cuban embassy in Luanda, said his government's foreign policy was one of non-alignment with any bloc but preferential relations with what he called the socialist countries, particularly Cuba. He said the withdrawal of all Portuguese diplomatic representatives had been requested. Angola is clearly looking to Cuba to replace the Portuguese technicians and administrators who fled before independence. [New York Times] The New Jersey Senate rejected, 16 to 23, a proposed state income tax for the sixth time in two years. The measure had won in the Assembly in March under pressure from labor, schoolteachers, Democratic leaders and Governor Byrne. Its defeat came despite the pending threat of the state Supreme Court to close the public schools July 1 unless the legislature provided its $1.1 billion share of funds. [New York Times] The funeral in the Christian section of Beirut of Edouard Saab, editor of a French-language newspaper who was shot by a sniper on Sunday while crossing into the Moslem section, showed the deep human divisions caused by the civil war in Lebanon. Scores of friends of the neutral-minded Mr. Saab from the other side of the lines -- Palestinians, Lebanese Moslems and left-wing Christians -- could not attend because of the risks. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 988.90 (-0.55, -0.06%)
S&P Composite: 101.18 (-0.08, -0.08%)
Arms Index: 0.78

	Issues	Volume*
Advances	702	8.66
Declines	698	6.69
Unchanged	461	3.10
Total Volume		18.45

* 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*
May 18, 1976	989.45	101.26	17.41
May 17, 1976	987.64	101.09	14.72
May 14, 1976	992.60	101.34	16.80
May 13, 1976	1001.10	102.16	16.73
May 12, 1976	1005.67	102.77	18.51
May 11, 1976	1006.61	102.95	23.59
May 10, 1976	1007.48	103.10	22.76
May 7, 1976	996.22	101.88	17.81
May 6, 1976	989.53	101.16	16.20
May 5, 1976	986.46	100.88	14.97