News stories from Tuesday April 8, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Urging a common policy against Iran, Washington asked its allies to join it in taking economic and political measures to persuade Teheran to release the American hostages. State Department officials said that the allies had been asked to consider banning all exports to Iran except for food and medicine and breaking diplomatic relations. Washington's allies reacted cautiously to President Carter's latest moves against Iran and began urgent consultations with one another on his request for joint action. [New York Times]
- Washington's severing of relations with Iran was welcomed by Ayatollah Khomeini as "a good omen" and he called on Iranians to "celebrate." The message by the Ayatollah set the tone for statements issued by various officials and groups that the break was a great triumph, but privately some were less certain. [New York Times]
- The world oil surplus would curb Iran in carrying out any threat to cut off shipments to Japan and Britian, its two major buyers, if they joined an American economic embargo against Iran. This view was expressed by American and British oil company executives and diplomats who said there were no readily available alternative customers for large supplies of Iranian oil. [New York Times]
- Iranian emigres expressed shock and bewilderment over Washington's restrictions on extensions of Iranians' visas. In interviews in Los Angeles, the largest Iranian community in the United States, many of the emigres said that if they were sent back to Iran, they might be imprisoned or executed, and some said they would go into hiding if necessary.
Seeking to clarify the new rules on visas, Carter administration officials said there would be no immediate effect on thousands of students and other Iranians now in the United States. They said that some whose visas expired might be allowed to stay on humanitarian grounds.
[New York Times] - A committee to put John Anderson on the New Jersey ballot as an independent candidate for President is being formed by Stewart Mott, a wealthy contributor to liberal causes. An election law expert whom he has hired said "the law is no barrier" to an independent candidacy by the Republican Congressman from Illinois in states that account for 90 percent of the electoral vote. [New York Times]
- Dozens of tornadoes created havoc in a two-day assault on 13 states, splintering scores of homes and businesses, killing at least four persons and injuring about 100. Officials said that the twisters struck parts of the Southwest, South and Middle West and warned that more tornadoes born in a "family of storms" were likely. [New York Times]
- A shortage of census canvassers in New York City was reported with only one week remaining before they are to begin visiting homes where residents have not returned questionnaires. The Census Bureau said it had only half the workers it needs in many districts and that the lack could delay the completion of the city count by weeks and cost hundreds of thousands of dollars more in office rentals and pay. [New York Times]
- Presidents Carter and Sadat conferred at length on the obstacles blocking Egyptian-Israeli agreement on Palestinian autonomy in occupied territories. The White House said that Mr. Carter's talks with the Egyptian leader in the White House Rose Garden had been "very cordial." [New York Times]
- In a major shift, China and Taiwan are now encouraging American companies to do business with both of them, according to American business leaders in Taipei and Hong Kong. Warnings from Peking that dealings with Taiwan could compromise those with China have quietly halted over the last 15 months. [New York Times]
- Cuba trucked water and food to the Peruvian Embassy compound in Havana where thousands of Cubans have remained since last weekend in the hope of leaving the country. Spokesmen said that the throngs wished to appeal again to the United Nations and the Vatican for help. [New York Times]
- Fines of $1 million were levied on two New York City transit unions for the first eight days of their strike by a judge who assailed them for their "devastating" walkout and warned of even harsher fines unless the union leaders instructed their members to return to their jobs at once. The head of the Transport Workers Union local vowed not to give such an order "until I get a reasonable wage settlement."
The heaviest traffic crush so far in the strike by subway and bus workers occurred as 250,000 cars entered Manhattan south of 60th Street in the morning rush. In the outbound squeeze, traffic halted at times in the City Hall area and its Brooklyn Bridge approaches, setting off almost steady horn-blowing protests by irate motorists.
[New York Times]
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Stock Market Report
Dow Jones Industrial Average: 775.00 (+6.66, +0.87%)
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* |
| April 7, 1980 | 768.34 | 100.19 | 29.13 |
| April 3, 1980 | 784.13 | 102.15 | 27.96 |
| April 2, 1980 | 787.80 | 102.68 | 35.20 |
| April 1, 1980 | 784.47 | 102.18 | 32.03 |
| March 31, 1980 | 785.75 | 102.09 | 35.85 |
| March 28, 1980 | 777.65 | 100.68 | 46.71 |
| March 27, 1980 | 759.98 | 98.22 | 63.77 |
| March 26, 1980 | 762.12 | 98.68 | 37.35 |
| March 25, 1980 | 767.83 | 99.19 | 43.79 |
| March 24, 1980 | 765.44 | 99.28 | 39.22 |