News stories from Wednesday November 28, 1979

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

The Iranian crisis deepened as Abolhassan Bani-Sadr, the would-be negotiator for the release of American hostages in Teheran, was dismissed as Acting Foreign Minister. His removal dashed hopes for a diplomatic solution to the impasse. [New York Times] The Security Council will proceed with its planned meeting on the American hostages in Iran, according to a prediction by Donald McHenry, the American delegate at the U.N. [New York Times] The Shah has successfully recovered from the removal of a gallstone from his bile duct and an airliner was reported to be waiting at Kennedy International Airport to return him to his exile in Mexico. Hospital officials said it was "entirely possible" that the deposed Iranian ruler could leave as early as tomorrow night or Friday. [New York Times] Iran sued the Shah and his wife in Manhattan, seeking $56.5 billion in damages and the creation of a trust to take control of all their assets. [New York Times] A substantial rise in military spending over the next five years has been agreed to by the Carter administration, according to government officials. They said that the decision had resulted from prodding by a key Senator and former Secretary of State Henry Kissinger in an effort to gain Senate approval of the strategic arms treaty with Moscow. [New York Times] Whether a special prosecutor will be named to investigate charges that Hamilton Jordan used cocaine was the subject of heightened mystery as the Justice Department scheduled and then abruptly canceled an announcement of its findings in the case. Two well-placed sources said that members of the judicial inquiry were seeking a prominent lawyer to be the prosecutor of the White House aide. [New York Times] Edward Kennedy's office was startled by a woman waving a hunting knife and yelling loudly. She burst into the reception room of the Senator's Capitol Hill suite but was seized by Secret Service agents after a brief struggle in which one agent was slightly cut. There was no explanation for the incident, which occurred while Mr. Kennedy was in another room. [New York Times] The Supreme Court curbed searches, ruling 6 to 3 that a warrant to search a particular place does not automatically allow the authorities to search anyone who happens to be there. The decision overturned the narcotics conviction of an Illinois man who had been a customer in a bar when the police, carrying a warrant to search the establishment and the bartender, widened the search to a dozen customers. [New York Times] An end of autonomy for black studies at Harvard University was recommended in a confidential report to the administration that asserts that the 10-year-old program has been hobbled by persistent, basic problems. But there seems to be an even chance that the administration will maintain the Afro-American program as a department. [New York Times] The government finally has a budget, nearly two months after the start of the 1980 fiscal year. The House completed action on the $547.6 billion program after Democrats defeated a Republican proposal to trim spending by 2 percent across the board. [New York Times] More federal health aid was pledged by Vice President Mondale for a three-year program to establish an effective care system for the poor in the Bedford-Stuyvesant and Crown Heights sections of Brooklyn. He announced Washington's commitment to a $30 million plan, compared with a $14 million program announced last month, while visiting New York City on behalf of President Carter's re-election campaign.Trying out a new campaign theme, Vice President Mondale told New York Democrats that the last four Presidents had served basically one term and he urged them not to "loosely change presidencies" and "seasoned, experienced leadership." [New York Times] New York City lost an effort before the Supreme Court to get $3.5 million in school aid that it was denied two years ago on the ground of racial bias. In a 6 to 3 decision, the Court ruled that the Department of Health, Education and Welfare had used a correct legal standard in withholding the funds -- that statistics showed black teachers were assigned in disproportionately high numbers to schools with large black enrollments and in low numbers to mostly white schools. [New York Times] The safety of sexual intercourse during pregnancy was questioned in a study of more than 26,000 pregnancies. The study found that infants whose mothers had intercourse were far more likely to die as a result of infections of the amniotic fluid surrounding the unborn child, and that the problem was more serious when intercourse occurred earlier in pregnancy than later. [New York Times] All 257 persons aboard apparently died as a DC-10 airliner crashed in Antarctica. Among them were 12 Americans. The Air New Zealand craft on a sight-seeing flight struck the side of a volcano. The cause of the crash, one of the worst in aviation history, was not known. It occurred on the 50th anniversary of Adm. Richard Byrd's historic flight to the South Pole. [New York Times] Pope John Paul II flew to Turkey in a effort to spur reconciliation between the Roman Catholic Church and the Eastern Orthodox churches. [New York Times] The arrest of 100 more people in Seoul by martial law authorities was reported by official sources. Those seized were mainly students gathering to mark the 10th anniversary of a Christian youth fellowship group. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 830.46 (+4.61, +0.56%)
S&P Composite: 106.77 (+0.39, +0.37%)
Arms Index: 0.90

	Issues	Volume*
Advances	989	23.06
Declines	572	11.94
Unchanged	374	4.69
Total Volume		39.69

* 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 27, 1979	825.85	106.38	45.14
November 26, 1979	828.75	106.80	47.94
November 23, 1979	811.77	104.67	23.30
November 21, 1979	807.42	103.89	37.02
November 20, 1979	809.22	103.69	35.01
November 19, 1979	815.27	104.23	33.09
November 16, 1979	815.70	103.79	30.06
November 15, 1979	821.33	104.13	32.37
November 14, 1979	816.55	103.39	30.95
November 13, 1979	814.08	102.94	29.24