News stories from Thursday February 28, 1980

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

Urban guerrillas freed 13 people from the Dominican embassy compound in Bogota, Colombia, but still held about 67 diplomats and aides, including the United States Ambassador. The Colombian government agreed to "examine" the demands of the guerrillas, which include the withdrawal of hundreds of troops and policemen around the embassy, the payment of $50 million in ransom and the release of political prisoners. [New York Times] A request to visit American hostages in Teheran was pressed by the United Nations commission of inquiry on the deposed Shah. But confusion over the prospects for such a meeting arose because of apparently contradictory and vague statements made by Iranian officials, particularly over what conditions might be imposed. [New York Times] A $25 billon tax cut and reduced spending were urged unanimously by the Joint Economic Committee of Congress, which said the plan could reduce inflation and raise productivity and investment. Meanwhile, the administration was said to be developing an anti-inflation package that could include some cuts in spending in the 1980 fiscal year, possibly a balanced budget in 1981 and curbs on future federal spending and consumer credit. [New York Times] Youth unemployment is much higher than the official figures indicate and the jobless gap between white and black young people is even wider than previously believed, according to an unpublished government report. The report, based on a long-term Labor Department survey, also tends to rebut the widely held view that unemployment among young people, particularly those from minority groups, is high because they will not accept low-paying and menial jobs. [New York Times] California and Texas are gaining power from ties involving a growing affinity and commonality of interests, businesses and outlooks. People, money and ideas are flowing as never before between the nation's first and third most populous states. They are wealthier than New York, the second most populous state, and New England combined. [New York Times] Safety hazards in all foreign cars and most domestic cars tested last year were cited by the Transportation De partment, which said that the cars had failed to provide acceptable protection in its crash tests. [New York Times] Four Republican candiaates met in a public forum in efforts to win votes in the March 8 presidential primary in South Carolina. The generally genial aspirants were Ronald Reagan, George Bush, John Connally and Senator Howard Baker.The ousted campaign manager of Ronald Reagan quashed speculation that he might join the campaign of Senator Baker. The former aide, John Sears, spoke admiringly of Mr. Reagan, but described his campaign as a "house divided" by feuding and beset with financial problems. A pivotal presidential campaign test will occur in the Massachusetts primary next Tuesday. The contest could be crucial for Senator Edward Kennedy in his home state challenge to President Carter and for George Bush in the Republican race. [New York Times] A major British cultural cutback is planned because of an economic squeeze. The British Broadcasting Corporation, one of the country's most cherished institutions, said that it would disband five of its 11 orchestras. The BBC also said it would be forced to dismiss 1,500 employees. [New York Times] Efforts to solve the Afghan crisis by means of a Soviet withdrawal in return for guarantees of Afghanistan's neutrality should be explored by other countries, the United States said. In welcoming such diplomatic initiatives, the State Department spokesman said that Washington was very skeptical of Soviet intentions, but was willing to be proved wrong. [New York Times] Errors in revolutionizing Cambodia alter the Communist victory of 1975 were conceded by the foreign affairs expert of the deposed Pol Pot regime. At a secret base in northern Cambodia, he alternately defended and apologized for the policies of the government that caused the deaths by murder, overwork and starvation of up to three million Cambodians. [New York Times] An indictment against Sam Goody Inc. and two of its top officials charged that they had knowingly dealt in counterfeit cassette and eight-track tapes of hit movie sound tracks. Federal officials said that more than 100,000 copies of tapes with a retail value of $1 million were involved. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 854.44 (-0.68, -0.08%)
S&P Composite: 112.35 (-0.03, -0.03%)
Arms Index: 0.72

	Issues	Volume*
Advances	642	18.02
Declines	831	16.72
Unchanged	414	5.59
Total Volume		40.33

* 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 27, 1980	855.12	112.38	46.43
February 26, 1980	864.25	113.98	40.04
February 25, 1980	859.81	113.33	39.14
February 22, 1980	868.77	115.04	48.21
February 21, 1980	868.52	115.28	51.54
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