News stories from Wednesday November 7, 1979

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

Iran rebuffed an American effort to negotiate the release of scores of American Embassy personnel being held by Islamic students in Teheran, but Ayatollah Khomeini seemed to leave open the possibility of a mediation effort by the Palestine Liberation Organization. He said that no Iranian official would meet with two special envoys sent by President Carter. The two got as far as Istanbul, Turkey, and, according to the State Department, would remain there "pending clarification" by Iranian authorities.Washington clung to a slim hope that the two-man mission sent by President Carter would be allowed into Iran to seek the release of American Embassy personnel held hostage since Sunday. The mission is led by former Attorney General Ramsey Clark. [New York Times] P.L.O. aid for American hostages in Iran is being pressed, according to Palestine Liberation Organization officials at the United Nations. They said that two P.L.O. members had begun efforts in Teheran to protect the lives of the hostages. But a high State Department official reported indications that the Palestinians had not reached Teheran and that Iranian authorities were not interested in discussing the issue with them.U.S.-P.L.O. talks should be held despite objections by Israel in the view of 42 percent of Americans who have heard of the organization, according to a New York Times/CBS News survey. Three-fifths of those surveyed said they had some knowledge of the Palestine Liberation Organization. [New York Times] Iran is exporting oil to the U.S., according to Jody Powell, the presidential press secretary, but there was wide concern in the administration that Teheran might impose an embargo. The possibility led to the creation of a task force, which recommended a national conservation effort and a temporary increase in domestic oil production in the event of such a supply cut. [New York Times] Guaranteed minimum welfare checks for poor families with children were approved, 222 to 194, in the House. The measure would also make other, more modest, changes in the welfare system. The administration strongly backed the measure, although it in no way approaches the thorough overhaul of welfare programs that President Carter proposed in 1977. The bill faces many obstacles in the Senate. [New York Times] Edward Kennedy announced his candidacy for President in 1980. The Democratic Senator pledged to provide a "forceful, effective presidency," said he felt "compelled by events and my commitment to public life" to oppose President Carter, and contended that the challenge would strengthen the party. The Senator made his formal announcement in Boston's Faneuil Hall, ringed by family members, political allies and a huge crowd. [New York Times] The first death of a woman coal miner reflects far-reaching changes in today's society. Until a few years ago, women could not get jobs in the mines. Marilyn McCusker was refused a job, obtained a good lawyer, sued a mine company in Coalport, Pa., won the job and was killed in a mine accident on Oct. 2. As the nation's work force continues to change and more and more women take jobs that were reserved for men, the right to a job may mean the right to die. [New York Times] Efforts to curb inflation by cutting personal living standards are more readily accepted by the wealthier 50 percent of Americans than the poorer half, according to the latest New York Times/CBS News Poll, which also found that whites were more amenable to belt-tightening than blacks. The various groups equally supported wage and price controls. [New York Times] Ministry to divorced Roman Catholics is being increased by the Archdiocese of New York, which is joining a trend begun in many other American dioceses. They have sponsored seminars on how Catholics can cope with divorce, receive the sacraments and remarry with the church's blessing. [New York Times] Republicans made scattered gains in Tuesday's elections in New York state and New Jersey, but conflicting signals from the voters left most politicians puzzled. The results also showed that voters were not as widely opposed to government spending as many politicians had believed. [New York Times] Optimism on the Rhodesia conference was expressed by Britain, which announced that it planned to let some economic sanctions against the breakaway colony lapse next week. But London said that most sanctions would remain in force until a transition plan is worked out. [New York Times] NATO's missile modernization plans in Europe were attacked by the Soviet Defense Minister, who said the Atlantic alliance was trying to gain military superiority over the Soviet bloc's Warsaw Pact forces. He spoke at a military parade marking the 62nd anniversary of the Bolshevik Revolution. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 796.67 (-9.81, -1.22%)
S&P Composite: 99.87 (-1.33, -1.31%)
Arms Index: 1.54

	Issues	Volume*
Advances	283	3.67
Declines	1,249	24.94
Unchanged	349	2.22
Total Volume		30.83

* 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*
November 6, 1979	806.48	101.20	21.96
November 5, 1979	812.63	101.82	20.46
November 2, 1979	818.94	102.51	23.68
November 1, 1979	820.14	102.57	25.89
October 31, 1979	815.70	101.82	27.78
October 30, 1979	823.81	102.67	28.89
October 29, 1979	808.62	100.71	22.72
October 26, 1979	809.30	100.57	29.67
October 25, 1979	808.46	100.00	28.45
October 24, 1979	808.36	100.44	31.48