Wednesday March 12, 1980
. . . where the 1970s live forever!

News stories from Wednesday March 12, 1980


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

  • The United States criticized Israel for its decision to expropriate 1,000 acres of mostly Arab-owned land outside Jerusalem for a Jewish housing development, saying that the move could set back the "delicate negotiations" now taking place on Palestinian self-rule. The statement was cleared by President Carter. [New York Times]
  • The Shah faces surgery in Panama, according to Dr. Michael DeBakey, the Houston surgeon. He said he would go there soon to remove the enlarged spleen of the deposed Iranian ruler in hopes of lessening the severe problems complicating his cancer. [New York Times]
  • An effort to free diplomats in Bogota was reported by a source close to Colombia's President. The informant said that the government would soon offer to speed up current military trials in the hope that the acquittals of some of the accused would help to satisfy the demands of the guerrillas holding more than two dozen hostages. [New York Times]
  • Planned budget cuts of about $11 billion for next year were nearly completed by a congressional group to help curb inflation. The panel had been expected to produce a package jointly with the administration, but it has chosen instead to recommend some cuts and $3.5 billion in new revenue measures that fall substantially short of what is needed to balance the budget for the 1981 fiscal year. [New York Times]
  • Steep inflation breeds more inflation, according to economists, and "everyone is always playing catch-up in an inflationary atmosphere," one economist adds. Little relief from the catch-up is in sight even if the administration cuts spending drastically. Many influential members of Congress and economists say that the proposed reductions will all have minimal effects in the coming months. [New York Times]
  • Gerald Ford faced rising pressure to decide quickly whether to enter the Republican presidential race after Ronald Reagan's stunning sweep Tuesday of three Southern primaries. The former President, after being warned by political aides that he faced "tough" odds with a late entry, delivered a sharp attack on President Carter with the apparent aim of stirring a groundswell for his candidacy.

    Jimmy Carter and Ronald Reagan won their sweeping victories in the presidential primaries in Florida, Georgia and Alabama by capturing, in addition to their own usual constituencies, the varied groups of voters that their opponents had courted. [New York Times]

  • John Wayne Gacy was convicted of having killed 33 boys and young men and then burying most of their bodies in the crawl space beneath his suburban Chicago house. The jury reached the verdict after less than two hours of deliberation. It will reconvene tomorrow to hear arguments on whether the 37-year-old contractor should be sentenced to death. [New York Times]
  • Covert operations could be carried out by the Central Intelligence Agency at the discretion of the President without informing Congress, under a voice vote by the House Foreign Affairs Committee. The vote, apparently reflecting strong sentiment in Congress to "unleash" the C.I.A., is likely to gain approval by the House. [New York Times]
  • The revolver used in the slaying of Dr. Herman Tarnower was identified by ballistics experts as the one found in the car of Jean Harris, his longtime friend, when she was leaving the Purchase, N.Y., estate of the author of "The Complete Scarsdale Medical Diet." Mrs. Harris has been charged with second-degree murder and was released by a Westchester County judge on $40,000 bail. [New York Times]
  • Iranians are corning to this country despite the crisis in relations between Washington and Teheran. Federal immigration officials said that more than 11,000 Iranians had arrived with various types of visas since Americans were taken hostage in Teheran more than four months ago. [New York Times]
  • New Pakistani interest in U.S. aid was expressed after Washington explained that its offer had not been made on an all-or-nothing basis. A top official indicated Pakistan's interest in accepting $200 million in economic assistance while declining $200 million in proposed military sales credits. [New York Times]
  • A $10 million loss to farmers and banks was disclosed after a state audit of a major grain-elevator company in southeastern Iowa. The operator and vice president of the elevator killed himself after the discovery, and Gov. Robert Ray has declared a four-county disaster area in the hope of clearing the way for help from the federal government. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 819.54 (-6.91, -0.84%)
S&P Composite: 106.92 (-0.84, -0.78%)
Arms Index: 1.56

IssuesVolume*
Advances5378.61
Declines94623.64
Unchanged3945.74
Total Volume37.99
* 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
DateDJIAS&PVolume*
March 11, 1980826.45107.7641.42
March 10, 1980818.94106.5143.54
March 7, 1980820.56106.9050.95
March 6, 1980828.07108.6549.61
March 5, 1980844.88111.1349.25
March 4, 1980856.48112.7844.31
March 3, 1980854.35112.5038.68
February 29, 1980863.14113.6638.80
February 28, 1980854.44112.3540.31
February 27, 1980855.12112.3846.43


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