News stories from Wednesday January 23, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Carter warned gravely that Washington would "use any means necessary, including military force" to repel an attack on the Persian Gulf region. A White House official said that the President's statement in his State of the Union Address amounted to an "unmistakable ultimatum" to the Soviet Union not to threaten the oil supplies of the West. Resumed military registration is sought by President Carter, who announced in his State of the Union Address that he would ask Congress for legislation and funds to enact the program. He said that the volunteer forces were adequate for present needs, but that the draft would be reimposed if it became necessary.
A sharply partisan reaction to President Carter's address was reflected by members of Congress. Both liberal and conservative Democrats generally approved the speech while Republicans were critical.
[New York Times] - The banishment of Andrei Sakharov from Moscow was acknowledged by the Soviet government, which suggested that the leading rights advocate and physicist had been divulging military secrets to foreigners. A halt in U.S.-Soviet scientific ties may result from Moscow's actions against Sakharov, according to the president of the National Academy of Sciences. He expressed strong doubts about future exchanges. [New York Times]
- Opposition to the Moscow Olympics was expressed by the House Foreign Affairs Committee. It overwhelmingly backed President Carter's proposal that the United States boycott the Moscow games and that the United States Olympic Committee press for moving, postponing or canceling the games unless Soviet troops are withdrawn from Afghanistan. Approval is expected in both the House and Senate. [New York Times]
- The status of the deposed Shah of Iran was in dispute. Iranian broadcasts said he had been arrested by the Panamanian authorities. Panama said it had sent the Iranian government a cable-gram saying the former ruler "remains under the care of the security authorities of Panama." A Panamanian government spokesman said the Shah was not under arrest and his status was unchanged. [New York Times]
- Ayatollah Khomeini is ill and suffering from a heart condition, according to a spokesman. He said the Iranian leader had been brought from Qum to a Teheran hospital for treatment. No details were given. [New York Times]
- Federal spending has soared $32 billion over the budget announced by President Carter a year ago for the fiscal year ending Sept. 30. Major causes are energy programs, the Soviet intervention in Afghanistan and inflation. Current spending seems headed for just over $564 billion, as against the $532 billion Mr. Carter contemplated last January. The deficit is also up, to nearly $40 billion from an initial estimate of $29 billion. [New York Times]
- DC-10 engine-mount design was upheld as basically sound by the Federal Aviation Administration. But it ordered modest changes that it said were needed to prevent the sort of maintenance damage that led to the American Airlines crash in Chicago that killed 273 persons last May. [New York Times]
- Pan American airlines was struck by about 9,000 mechanics and other ground service workers, causing many flight cancellations and delays at airports around the country. The wildcat strike began after 20 workers were laid off in San Francisco. [New York Times]
- Layoffs of Kennedy campaign workers were made in an effort to conserve dwindling funds for an intensive effort next month in Democratic Presidential caucuses and primaries in New England. However, most of those affected agreed to keep working without pay for Senator Edward Kennedy's campaign for as long as possible. A major Kennedy campaign issue will be President Carter's "broken promises" to urban areas, according to the New York campaign manager of Senator Kennedy. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 877.56 (+11.35, +1.31%)
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 22, 1980 | 866.21 | 111.51 | 50.61 |
| January 21, 1980 | 872.78 | 112.10 | 48.03 |
| January 18, 1980 | 867.15 | 111.07 | 47.15 |
| January 17, 1980 | 863.57 | 110.70 | 54.19 |
| January 16, 1980 | 865.19 | 111.05 | 67.75 |
| January 15, 1980 | 868.60 | 111.14 | 52.37 |
| January 14, 1980 | 863.57 | 110.38 | 52.94 |
| January 11, 1980 | 858.53 | 109.92 | 52.89 |
| January 10, 1980 | 858.96 | 109.89 | 55.98 |
| January 9, 1980 | 850.09 | 109.05 | 65.24 |