News stories from Monday March 17, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- An envoy escaped from the guerrillas holding diplomats hostage in the Dominican Embassy in Bogota, Colombia. The Ambassador of Uruguay jumped from a second-floor window and, despite breaking a leg in the plunge, scrambled to freedom. Later, the captive Ambassador of Venezuela suffered what was described as a serious heart attack. [New York Times]
- U.S. policy on the arms treaty with Moscow has not changed, the State Department announced. President Carter said at a news conference Friday that he reserved the right to renounce the treaty if it would serve American interests to do so. But the State Department said that this did not alter the American policy of abiding by terms of the treaty limiting strategic weapons as long as Moscow abided by it. [New York Times]
- Criticism of the anti-inflation package proposed by President Carter was expressed by some senior senators and representatives who opposed both the substance and the timing of the program. The stock market was broadly depressed, but the credit markets reacted favorably and the dollar rose strongly, sending gold tumbling $49 an ounce, to $477.50, in London.
Concern about the anti-inflation plan advanced by President Carter has been expressed by Mayor Koch, according to New York City officials. They said that the Mayor was expected to announce tomorrow that the program could jeopardize his plan to balance the city's next budget. Deeper program cuts, and possibly even new taxes, were said to be under consideration.
[New York Times] - President Carter lost major ground in his job approval rating in the last month, mainly because of growing public dissatisfaction with his handling of foreign policy, but he still holds a strong lead over Senator Edward Kennedy, according to the latest New York Times/CBS News Poll. The survey shows majority support for Mr. Carter's anti-inflation program, but strong opposition to his proposed oil import fee, which would raise gasoline prices by 10 cents a gallon. [New York Times]
- The Illinois presidential primary Tuesday is especially important to the hopes of Representative John Anderson of that state and Senator Edward Kennedy, whose delegates already picked are far outnumbered by those committed to Ronald Reagan and President Carter. The primary is the largest one of the campaign so far.
Disarray marks the Kennedy drive in New York, leading many politicians to conclude that the Senator faces major handicaps in the state's Democratic presidential primary next Tuesday. A lack of organization and funds has prompted politicians, including some in Senator Kennedy's camp, to characterize the campaign as "too little and too late."
[New York Times] - Nuclear bomb capability for Iraq is a possibility, according to American officials. They said that Italy had quietly become a major supplier of nuclear technology and training for Iraq, providing that country with sophisticated equipment that could be used to manufacture high-grade plutonium. Some American officials believe that, in exchange, Italy will gain long-term access to Iraqi oil. [New York Times]
- An 11-year pollution dispute approached resolution as a mining company, acting under a federal judge's order, ended the dumping of ore wastes into Lake Superior and began the final stage of a $370 million program to put wastes in a land disposal basin in northeastern Minnesota. For nearly 25 years, the Reserve Mining Company discharged 67,000 tons of the waste into the lake each day. [New York Times]
- Safeguards for a murder suspect before possible questioning by a court-appointed psychiatrist will be reviewed and defined by the Supreme Court. The Justices accepted an appeal by Texas from a federal appeals court ruling that set aside a death sentence on the ground that the use of psychiatric testimony at the sentencing phase of the trial violated the defendant's constitutional rights of due process. [New York Times]
- A refinery strike may soon be settled. The Oil, Chemical and Atomic Workers Union announced acceptance of a contract offer from the Gulf Oil Corporation in a tentative accord that could set a pattern to end the 11-week nationwide strike by 55,000 workers. [New York Times]
- A powerful bomb exploded outside a Yugoslav bank office on the 30th floor of 500 Fifth Avenue in New York City, shattering windows whose glass shards showered down to the sidewalk amid crowds of St. Patrick's Day paradegoers and others on 42nd Street. A Fire Department official reported: "No injuries; it's St. Patrick's Day." [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 788.65 (-23.04, -2.84%)
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* |
| March 14, 1980 | 811.69 | 105.43 | 35.18 |
| March 13, 1980 | 809.56 | 105.62 | 33.00 |
| March 12, 1980 | 819.54 | 106.92 | 37.99 |
| March 11, 1980 | 826.45 | 107.76 | 41.42 |
| March 10, 1980 | 818.94 | 106.51 | 43.54 |
| March 7, 1980 | 820.56 | 106.90 | 50.95 |
| March 6, 1980 | 828.07 | 108.65 | 49.61 |
| March 5, 1980 | 844.88 | 111.13 | 49.25 |
| March 4, 1980 | 856.48 | 112.78 | 44.31 |
| March 3, 1980 | 854.35 | 112.50 | 38.68 |