News stories from Thursday February 21, 1980

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

Iranian militants reaffirmed a demand for the return of the deposed Shah and his wealth, dismissing as "foolish expectation" any hopes that their American hostages could be freed if their terms were not met. The Islamic militants' statement was broadcast by the state radio after Ayatollah Khomeini appeared Wednesday to have renewed his support for them.Division over the prospects of freeing the American captives in Teheran by means of the stalled international inquiry commission was expresssed at the United Nations. Leading Western diplomats and other officials were pessimistic while some aides of Secretary General Kurt Waldheim were guardedly optimistic. [New York Times] Eric Heiden won a fourth gold medal at the Olympic Games at Lake Placid, N.Y. Recovering from a slip, the 21-year-old speed skating star from Madison, Wis., went on to triumph in the 1,500 meter race. In the 56-year history of the Winter Games, no other man -- and only one woman, Lidiya Skoblikova of the Soviet Union -- has ever taken four golds in one year. [New York Times] An anti-Soviet protest by Afghans closed nearly all businesses in Kabul. The action by merchants was in response to leaflets in which Afghanistan's anti-Communist rebels urged them to show "unanimous condemnation" of the Soviet intervention. Earlier, reports said that the insurgents controlled the roads along the border with Pakistan and were attacking convoys moving on them.Soviet reverses in Afghanistan were reported by Carter administration officials. They said that Moscow's efforts to control the country had resulted in a virtual debacle and that up to 400,000 more Soviet troops would probably be needed to crush the rebels. [New York Times] A Representative resigned from the House Republican Conference as a result of the federal inquiry Into political corruption after he was threatened with expulsion by the party. Representative Richard Kelly of Florida, who had acknowledged receiving $25,000 from undercover agents, was thus disqualified from future participation In the party's deliberations, including members' assignments to committees, and is ineligible to receive contributions from the Republican Congressional Campaign Committee. [New York Times] Floodwaters in southern California poured over dams and broke through levees, causing thousands of people to flee the resort area of Palm Springs and inundating a hotel and shopping district in San Diego. President Carter declared six southern California counties disaster areas. [New York Times] Changes in the A.F.L.-C.I.O. are being made under Lane Kirkland, who succeeded George Meany, the longtime president of the labor federation. For the first time, the federation is reserving two seats on its 35-member executive council for a woman and a member of a minority group. [New York Times] President Carter has far more money than Senator Edward Kennedy to carry on the Democratic presidential primary campaign. According to official reports, Mr. Kennedy outspent the President in January by about $2.3 million to $1.8 million, but was left with only about one-eighth as much in assets at the start of this month. [New York Times] Egypt will receive advanced U.S. arms under an aid package being worked out in Cairo, according to a statement attributed to the Egyptian Defense Minister. It said that Egypt would be able to acquire the F-15 and F-18 jets and the M-60A3 tank. [New York Times] Widespread troubles in Rhodesia involving reports of violence and voter intimidation are causing rising apprehension in Britain, both inside and outside the government. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 868.52 (-18.34, -2.07%)
S&P Composite: 115.28 (-1.19, -1.02%)
Arms Index: 1.14

	Issues	Volume*
Advances	434	11.84
Declines	1,134	35.37
Unchanged	351	4.32
Total Volume		51.53

* 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*
February 20, 1980	886.86	116.47	44.34
February 19, 1980	876.02	114.60	39.48
February 15, 1980	884.98	115.41	46.67
February 14, 1980	893.77	116.72	50.55
February 13, 1980	903.84	118.44	65.22
February 12, 1980	898.98	117.90	48.08
February 11, 1980	889.59	117.12	58.66
February 8, 1980	895.73	117.95	57.86
February 7, 1980	885.49	116.28	57.69
February 6, 1980	881.83	115.72	51.95