News stories from Monday March 3, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A U.S. error in a U.N. vote on Israel was acknowledged by President Carter in an extraordinary statement. He said that Washington's vote in support of a Security Council resolution condemning the establishment of Israeli settlements in the occupied West Bank had resulted from a failure of communications within his administration about his instructions. [New York Times]
- The embassy takeover in Bogota continued for the sixth day with no prospect of a settlement. Negotiations between Colombian officials and the captors of diplomats from 17 countries and others in the Dominican Embassy are expected to resume today with neither side showing much urgency. [New York Times]
- Spending cuts of about $4 billion in the current fiscal year and of about $15 billion next year in an attempt to balance the 1981 fiscal year budget would be likely under the Carter administration's new anti-inflation effort, according to senior economic officials. They ruled out any use of controls to reduce credit in the depressed automobile and housing sectors. [New York Times]
- A record presidential primary vote in Massachusetts is expected Tuesday in the first large-state contest of 1980. In late polls and in audience enthusiasm, Representative John Anderson appeared to be a significant contender against Ronald Reagan and George Bush. On the Democratic side, Senator Edward Kennedy was favored to score his first primary victory over President Carter, but he was threatened by many defections. [New York Times]
- Henry Kissinger won a court battle to prevent public disclosure of the transcripts of telephone conversations he conducted from his White House and State Department offices. Voting 5 to 2, the Supreme Court reversed two lower-court decisions and ruled that once Mr. Kissinger removed the transcripts from the offices, he in effect removed them from the reach of the Freedom of Information Act as well. [New York Times]
- Ford lawyers ended defense testimony after nearly three weeks in the Indiana trial over a fatal accident involving the motor company's Pinto model. Seventeen persons took the witness stand in behalf of the automobile manufacturer, which is charged with reckless homicide. [New York Times]
- A storm paralyzed much of the South with knee-deep snow and killed at least 36 persons as a record freeze struck Florida's citrus crop. Up to two feet of snow fell in North Carolina and Virginia and hundreds of travelers were forced to abandon their cars and go to emergency shelters. [New York Times]
- Soviet spy methods were described by a purported former Soviet agent who, according to the F.B.I., worked for several years as a double agent and who has been given asylum in the United States. He also related his role in identifying other Soviet agents and his quest for information about American politicians. [New York Times]
- The indictment of eight crime figures was announced by District Attorney Robert Morgenthau of Manhattan. He said that four reputed Mafia figures, including the top two members of the Carmine Galante crime "family," had been charged with criminal contempt involving their refusal to answer questions before a grand jury about the 1979 murder of Mr. Galante. Four other alleged mobsters were indicted because they refused to answer questions about the use of a Manhattan social club as a headquarters for the alleged planning of crimes.
Organized crime in Atlantic City has grown stronger since the start of casino gambling there in 1978, according to Attorney General John Degnan of New Jersey. He said that criminal elements had tried to buy land, liquor licenses and interests in industries servicing the casinos.
[New York Times] - Saudi Arabia will give Princeton University $5 million to expand its teaching and research in the life sciences, and Princeton has agreed in turn to help the University of Riyadh to develop its studies in the field, Princeton announced, The gift is believed to be the largest by any Arab or other oil-producing state to an American college or university. [New York Times]
- A balanced Western response to the Soviet military intervention in Afghanistan was urged by Secretary of State Vance as he called for a policy between firmness and avoidance of the perils of a new cold war. Soviet air attacks in Afghanistan continued, according to rebel representatives. They also reported that the insurgents had thwarted an attempt to reopen a highway. [New York Times]
- A major Mugabe victory in Rhodesia was indicated in general elections. Unofficial returns showed that the party of Robert Mugabe, a co-leader of the Patriotic Front guerrilla alliance, had won an absolute majority in the 100-member assembly, 55 of the 80 seats allocated to blacks. A bloc of 20 seats was set aside for whites. British officials said the returns showed a crushing defeat for Bishop Abel Muzorewa, the favored candidate of the white minority. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 854.35 (-8.79, -1.02%)
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 29, 1980 | 863.14 | 113.66 | 38.80 |
| February 28, 1980 | 854.44 | 112.35 | 40.31 |
| 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 |