News stories from Monday January 28, 1980

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

Moslem countries assailed Moscow as an emergency conference of 36 foreign ministers adopted a consensus resolution calling for the immediate and unconditional withdrawal of Soviet military forces from Afghanistan. The ministers, meeting in Pakistan, also called on Islamic countries to take action toward boycotting the 1990 Summer Olympics scheduled to be held in Moscow. [New York Times] New efforts to free American hostages in Teheran are planned by Secretary General Kurt Waldheim, according to United Nations sources. The election of Abolhassan Bani-Sadr as President of Iran is regarded by Mr. Waldheim's staff as increasing the prospects of an end to the deadlock. [New York Times] Egypt accused Saudi Arabia of trying to play off Washington and Moscow against each other and contended that the United States was a much better friend of the Islamic world than the Soviet Union was. President Sadat accused the Saudis of allowing Soviet planes to fly over their territory in taking arms to the Marxist regime of Southern Yemen. [New York Times] Andrei Sakharov seeks a trial, according to a written statement by the physicist and rights advocate that his wife took to Moscow from his exile in Gorky. His request for a "public and open trial" was accompanied by a denial of insinuations in the Soviet press that he had "blabbed" defense secrets to foreigners. His wife expressed fear that no further statements would be allowed. [New York Times] Congress received the new budget from President Carter, whose message stressed inflation as a long-term problem and asserted the importance of building up military strength. Mr. Carter's spending proposals for the fiscal year 1981, which begins next Oct. 1, hold the line on most non-military programs, predict a mild recession and high unemployment, and omit the tax cut common in election years. The plan projects record spending of $616 billion and a deficit of $16 billion.Increased funds for scientific research and technological development are sought by the President in the budget. Funds for the National Science Foundation would grow by 17 percent and money for basic research by the Pentagon would rise 21 percent. [New York Times] The $142.7 billion military budget submitted by President Carter calls for an increase of 3.3 percent after adjustment to account for inflation and projects steadily rising defense spend-ing over the next five years. Although no major tax changes are proposed in the new budget, administration officials plan new collection procedures, many requiring legislation, to increase revenue by $4.5 billion in the next fiscal year and $5.6 billion in the following one. [New York Times] Edward Kennedy criticized the new Carter doctrine and urged a "measured response" that would "prove less hazardous and more effective than a unilateral and unlimited American commitment" in the Persian Gulf region. The Senator, pressing his presidential drive, also called for immediate gasoline rationing and an immediate six-month wage and price freeze, followed by mandatory controls. [New York Times] The military registration of women as well as men for the possible renewal of the draft was considered increasingly likely. Defense Secretary Harold Brown said he had advised President Carter that women should be included in the program mostly as "a matter of equity." [New York Times] Women fight fatal diseases better than men do at every age. The reason, according to new research, is that females have twice as many of a group of genes that program the production of immunological weapons. As a result, the researchers said, males are more susceptible to a number of severe viral and bacterial infections and cancers of the lymph system. [New York Times] Chicago schools virtually shut down as most of the 25,000 teachers boycotted classes to protest not being paid for nearly two weeks. The schools technically remained opened with the aid of school board personnel, but most pupils stayed away. [New York Times] New taxes in New Jersey, totaling $210 million, as well as rises in rail and bus fares and higher tuition at state colleges and universities are being sought by Governor Byrne. He said that the revenue was necessary to balance a $5.1 billion budget that he would propose tonmorrow to the legislature in Trenton. He is also seeking raises of $7,000 a year for his 19 cabinet members and 252 state judges. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 878.50 (+2.39, +0.27%)
S&P Composite: 114.85 (+1.24, +1.09%)
Arms Index: 0.68

	Issues	Volume*
Advances	877	31.54
Declines	671	16.33
Unchanged	363	5.75
Total Volume		53.62

* 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 25, 1980	876.11	113.61	47.09
January 24, 1980	879.95	113.70	59.10
January 23, 1980	877.56	113.44	50.75
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