News stories from Thursday January 29, 1976

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

The House, over the opposition of the Democratic leadership, yielded to the wishes of President Ford and the intelligence agencies and voted 246 to 124 to withhold the final report of the Select Committee on Intelligence until it had been censored by the executive branch. [New York Times] Ignoring the promise of a presidential veto, the House approved by a wide margin a $6.2 billion public works bill. Democratic leaders regarded the bill as a key antirecession measure and estimated that it could provide at least 600,000 jobs. The vote was 321 to 80, far more than the two-thirds needed to override a veto. The Senate has approved the bill. [New York Times] Secretary of State Henry Kissinger testified before the Senate Foreign Relations subcommittee on Africa and said that the administration "is now seriously considering" open financial aid to two Angolan factions fighting a Soviet-supported nationalist movement. He said the overt assistance would have to be "considerably larger" than the $32 million sent the two groups covertly by the United States last year. [New York Times] In an article in Izvestia, the Soviet Union made known its willingness to accept a political settlement in Angola and said that its position was shared by the Soviet-backed Luanda government. This view, the article said, did not represent a change in Soviet policy, but in both wording and timing -- less than a week after visits to Moscow by the Luanda Foreign Minister and Secretary of State Henry Kissinger -- the statement seemed to indicate a revival of interest in a moderate solution. [New York Times] Morocco said that its campaign against Algerian-backed guerrillas in Spanish Sahara had achieved a victory, and the Algerian radio said that all Algerian troops were being withdrawn. But there were still doubts that the danger of war over the territory had passed. [New York Times] Over the strong objections of the Central Intelligence Agency in 1972, Graham Martin, then the United States Ambassador to Italy, won approval to pay $800,000 to a prominent rightist general who headed Italy's military intelligence agency. The money was given, without conditions as to its use, to Gen. Vito Miceli, who until 1974 was head of the Defense Information Service. He is now facing trial on charges of plotting to overthrow the Italian government. The American payments to General Miceli stopped in 1973 after Ambassador Martin was replaced by John Volpe. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 968.75 (+17.40, +1.83%)
S&P Composite: 100.11 (+1.58, +1.60%)
Arms Index: 0.54

	Issues	Volume*
Advances	1,204	23.41
Declines	386	4.05
Unchanged	308	2.34
Total Volume		29.80

* 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*
January 28, 1976	951.35	98.53	27.37
January 27, 1976	957.81	99.07	32.07
January 26, 1976	961.51	99.68	39.64
January 23, 1976	953.95	99.21	33.64
January 22, 1976	943.48	98.04	27.42
January 21, 1976	946.24	98.24	34.47
January 20, 1976	949.86	98.86	36.69
January 19, 1976	943.72	98.32	29.45
January 16, 1976	929.63	97.00	25.94
January 15, 1976	924.51	96.61	38.45