News stories from Friday October 12, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Fidel Castro proposed that the United States and other wealthy "imperialists" give $300 billion over the next 10 years to develop poor nations. In an address to the General Assembly of the United Nations, President Castro said that "the future will be apocalyptic" if global poverty is not eradicated.
Thousands of anti-Castro protesters ignored police barricades and marched 11 blocks from the United Nations down to the Cuban Mission at Lexington Avenue and 38th Street. About 3,000 demonstrators were joined by President Castro's estranged sister, Juanita, a resident of Miami and an opponent of the Cuban government.
[New York Times] - Gasoline price controls were lifted by a narrow vote in the House, but this move seemed unlikely to win support elsewhere in Congress or in the White House. The vote, 191 to 188, would end limitations on the retail price of gasoline and halt the controversial allocation of supplies. [New York Times]
- Renault of France will buy a nearly quarter interest in American Motors of Detroit in exchange for manufacturing and marketing rights for Renault cars through American Motors' domestic outlets. [New York Times]
- A partial government breakdown was barely averted by Congress with the last-minute approval by both houses of a compromise money bill that had been stalled for weeks in a deadlock over provisions affecting government-financed abortions and congressional pay increases. The compromise frees federal funds needed to keep most government departments and agencies operating, raises the salaries of Senators and Representatives and will temporarily provide abortion funds in certain cases. [New York Times]
- Bufferin does not work faster than aspirin, nor is Excedrin a better pain reliever than aspirin, a Federal Trade Commission judge ruled, citing a lack of evidence. In an order that must still face review, the judge said that the Bristol-Myers Company should make disclaimers in any future advertising involving their products. [New York Times]
- Florida's Democratic caucuses brought forth intense last-minute efforts by campaign workers for President Carter and Senator Edward Kennedy. Neither side has spared money or manpower to bring out the vote of as many as 50,000 Democrats, who will elect 879 delegates to the State Democratic Convention in Orlando next month, where a presidential straw poll will be held. [New York Times]
- An alleged Libyan bribe scheme to get American officials to release Lockheed cargo planes and other military equipment is being investigated by a federal grand jury in Manhattan. [New York Times]
- The entire opposition group in South Korea's National Assembly resigned to protest the recent expulsion from Parliament of the opposition leader, Kim Young Sam. "This is the first time in the constitutional history of Korea that all members of the opposition have resigned," said Mr. Kim. [New York Times]
- A West German party leader proposed that the Western European allies only produce and not put into place the American-controlled 572 intermediate-range missiles that Leonid Brezhnev said "would radically alter the strategic situation on the continent." The proposal came from Egon Bahr, national manager of the Social Democratic Party. [New York Times]
- Turkish by-elections tomorrow could decide the fate of the Social Democratic government of Prime Minister Bulent Ecevit. One-third of the seats in the senate, the upper house, and five in the lower house are at stake in parliamentary by-elections. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 838.99 (-5.63, -0.67%)
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* |
| October 11, 1979 | 844.62 | 105.05 | 47.55 |
| October 10, 1979 | 849.32 | 105.30 | 81.62 |
| October 9, 1979 | 857.59 | 106.63 | 55.57 |
| October 8, 1979 | 884.04 | 109.88 | 32.61 |
| October 5, 1979 | 897.61 | 111.27 | 48.25 |
| October 4, 1979 | 890.10 | 110.17 | 38.80 |
| October 3, 1979 | 885.15 | 109.59 | 36.47 |
| October 2, 1979 | 885.32 | 109.59 | 38.32 |
| October 1, 1979 | 872.95 | 108.56 | 24.98 |
| September 28, 1979 | 878.58 | 109.32 | 35.96 |