News stories from Wednesday January 30, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Canada was denounced in Iran by Foreign Minister Sadegh Ghotbzadeh, who vowed that the Ottawa government would eventually "pay" for having hidden six members of the American Embassy staff for three months and then smuggling them out of Teheran in violation of "international laws." He said that the actions might make conditions worse for the hostages who have been held in the American Embassy since Nov. 4. [New York Times]
- A new power struggle is arising in Iran, according to diplomats and other sources in Teheran. They said that Abolhassan Bani-Sadr, who has just been elected President, was fighting to hold power from rivals in the ruling Revolutionary Council. [New York Times]
- Heavy fighting in Cambodia was reported by the State Department, which said that clashes between Vietnamese troops and Cambodian forces loyal to the ousted regime of Pol Pot were increasing near refugee camps straddling the Thai border. Washington had expressed concern that the Vietnamese were preparing to use force to disperse the more than half a million Cambodian refugees and push them deeper into Thailand. [New York Times]
- Soviet military operations have eased in Afghanistan, but scattered and occasionally effective rebel resistance continues. The guerrillas snipe at Soviet sentries and convoys, demolish bridges and block roads.
The Afghan situation is "internal," Prime Minister Indira Gandhi said on the eve of a visit to India by Clark Clifford, President Carter's special envoy. Addressing Parliament, the Indian leader criticized both superpowers, but seemed more alarmed by Washington's proposed new arms aid to Pakistan than by the Soviet military presence in Afghanistan.
Eastern Europe seems to be worried that a collapse of detente will cut its growing links with the West, leaving it even more bound to the Soviet Union. Privately, intellectuals and officials express the fear that a new cold war will cut off the avenues of cooperation, commerce and tourism that have gradually opened.
[New York Times] - China's Olympic delegation arrived in upstate New York to compete in some events at the Winter Games, which open at Lake Placid on Feb. 12. It is the first team from mainland China ever to compete in a Winter Olympics and the first to compete in any Olympic Games since 1952. [New York Times]
- A bleak forecast for the economy was made by the Carter administration, which predicted a recession and increased unemployment in 1980 as well as continuing high inflation and decreased growth for at least the next two years. The administration's annual Economic Report to Congress contained no new proposals for dealing with economic problems. [New York Times]
- Bipartisan criticism of the new budget submitted by President Carter was expressed in the Senate Budget Committee, with Democrats almost as disapproving as Republicans. Senator Henry Bellmon of Oklahoma, the ranking Republican, said that the $616 billion total was too high, that the President had failed to "deal effectively" with the growth of government and that he had overstated the projected increase in the military budget.
Plans to trim disability benefits of the Social Security System narrrowly survived a Senate challenge. By a vote of 47 to 47, President Carter was upheld in his proposal to increase incentives for the disabled to return to work.
[New York Times] - Three murders in St. Croix last weekend have aroused fears among the Caribbean island's minority white population. Many of St. Croix's tourist businesses only recently recovered from the disastrous slump that followed the massacre of eight persons at a golf club in 1972. [New York Times]
- A $225,000 Kennedy media campaign is to be pressed soon in New England. The presidential campaign organization of Senator Edward Kennedy said that it would deal with the 1969 events at Chappaquiddick and criticism of President Carter's handling of both foreign and domestic problems. [New York Times]
- Another setback for nuclear power occurred in New York as the target for completion of a generating plant on Lake Ontario was set back two years, to late 1986. The utility said that the step was based on "continuing technical and regulatory uncertainties" and "a decision to re-evalute geological design criteria." [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 881.91 (+7.51, +0.86%)
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 29, 1980 | 874.40 | 114.07 | 55.48 |
| January 28, 1980 | 878.50 | 114.85 | 53.62 |
| 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 |