News stories from Thursday February 7, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Iran's President won new powers with the approval of Ayatollah Khomeini to deal with the militant captors of the American hostages. At his insistence, the President, Abolhassan Bani-Sadr, was elevated from acting head of the governing Revolutionary Council to be its leader with executive powers over Iran's affairs. The President has sharply criticized the militants' occupation of the American Embassy.
Obstacles in freeing the hostages In Iran remain, according to Secretary of State Vance. Against a background of reports from Kuwait and elsewhere about an imminent breakthrough in the 96-day crisis over the American captives, Mr. Vance told a Senate panel that "I do not want to create false hopes and expectations."
[New York Times] - Taiwan's Olympic position was upheld by a New York state Supreme Court justice. He ruled that the delegation could use the flag, anthem and uniforms of the Republic of China in the 1980 Winter Games at Lake Placid, thus overturning an International Olympic Committee rule. [New York Times]
- A Chrysler loss of $375.8 million in the fourth quarter of 1979 was reported by the corporation, bringing its loss for last year to $1.1 billion. It is believed to be the biggest annual loss in American corporate history. The auto maker's executives had predicted a loss in excess of $1 billion for 1979 when they opened their books to the federal government as part of a drive to secure a $1.5 billion aid package. [New York Times]
- The political corruption scandal that came to light last weekend began about two years ago when an informer who had been convicted of fraud in an art theft gave information to federal officials in hopes of obtaining a more lenient sentence. He led the investigators, who posed as wealthy Arabs or their associates, to public officials who he said were susceptible to bribery. The case then snowballed.
The bribery inquiry had repercussions in Philadelphia, where the City Council argued stormily for two hours before voting against deposing the Council President and the Democratic majority leader, who have been implicated in the investigation.
[New York Times] - Edward Kennedy chided President Carter before 1,500 consumer activists. Armed with a grin and a tape recording of a 1978 Carter news conference, the Massachusetts Senator followed the President to the podium and staged a mock debate with his recorded voice over inflation and other domestic issues. Mr. Carter drew warm applause for a pledge to veto legislation pending in Congress that would curb the powers of the Federal Trade Commission, but Mr. Kennedy drew cheers for his performance.
Ronald Reagan stepped up his assault on President Carter's foreign policy and dealt with his own "age issue" with humor. The former California Governor made another sortie into the Deep South, visiting the key states of Florida, Georgia and Alabama.
[New York Times] - A lawyer with ties to President Carter has been termed "not qualified" for the federal bench by a committee of the American Bar Association, according to legal and government sources. The decision was made after the panel investigated reports that the noted Alabama civil rights lawyer, nominated by the President, had paid $40,000 to settle a lawsuit involving the bilking of American servicemen of pay accumulated while they were prisoners of war in North Vietnam. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 885.49 (+3.66, +0.42%)
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* |
| February 6, 1980 | 881.83 | 115.72 | 51.95 |
| February 5, 1980 | 876.62 | 114.66 | 41.87 |
| February 4, 1980 | 875.09 | 114.37 | 43.06 |
| February 1, 1980 | 881.48 | 115.12 | 46.65 |
| January 31, 1980 | 875.85 | 114.16 | 65.89 |
| January 30, 1980 | 881.91 | 115.20 | 51.17 |
| 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 |