News stories from Friday May 2, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The seige of the Iranian Embassy went on in London for the third day without major incident, while charges abounded concerning responsibility for the takeover. Iranian demonstrators at the embassy and the Soviet news' agency, Tass, accused the United States. Officially, Iran has laid the blame on Iraq. [New York Times]
- The inadvertent blocking of a cooling vent by a canvas bag and a flak jacket may have caused navigation instruments to overheat and fail on a helicopter taking part in the hostage rescue mission in Iran, forcing the aircraft to turn back, a Defense Department spokesman said. [New York Times]
- The arrival of the Pope in Zaire marked the beginning of a 10-day visit to six African nations. As the Pontiff stepped down from his plane he was greeted by a deafening ovation. The Pope said his mission was to "confirm the faith" among Zaire's 12.4 million Catholics. [New York Times]
- The jobless rate reached 7 percent in April, according to the Bureau of Labor Statistics, an increase over the March figure of 6.2 percent. That was the biggest one-month jump since January 1975, the middle of the last recession, and brought unemployment to its highest level in nearly three years. The recession has now arrived, according to some economists, but they predict it will be deeper and longer than previously forecast. [New York Times]
- Ronald Reagan is finding favor among newcomers to the Sun Belt states who, according to the polls, reinforce the conservative political traditions that are the foundations of the former California Governor's popularity in the region.
The Democratic contest is resolved in favor of President Carter, the national chairman of the party, John White, declared, bringing immediate criticism from Senator Kennedy's campaign, where a spokesman warned that Mr. White's action could split the party.
[New York Times] - Bert Lance is "not bitter" after a three-year government investigation. Found not guilty on 19 counts of financial misconduct and bank fraud, the former federal Budget Director said he had no plans to become involved in banking on a day-to-day basis or hold public office, and will "never make another financial statement." [New York Times]
- Some television stations have canceled a two-hour dramatic recreation of events that led to the execution of a Saudi Arabian princess. Officials of the public television stations deny the influence of pressure from the Saudi government or its representatives, who protested when the program was shown on British television four weeks ago. [New York Times]
- Edmund Muskie will begin his duties as Secretary of State by meeting with allied foreign ministers, and perhaps Soviet Foreign Minister Andrei Gromyko, in Europe this month. He has asked the Senate Foreign Relations Committee to expedite his confirmation hearing, now scheduled for Wednesday. [New York Times]
- A Palestinian terrorist attack in the Israeli-held West Bank left five dead and 16 wounded in the most severe of a series of clashes there in recent weeks. The attackers used hand grenades and automatic rifles against Jewish settlers leaving Sabbath prayers in Hebron. Commandos in Damascus claimed responsibility. [New York Times]
- A band of Cubans attacked hundreds outside the United States office in the Swiss embassy in Havana, causing at least 10 injuries, several serious, among the former political prisoners who had been waiting there for emigration information. [New York Times]
- Sweden won't intervene in strikes that have brought the country to the edge of an industrial halt, according to Prime Minister Thorbjorn Falldin. Some 770,000 workers have been locked out of their jobs while 120,000 others are involved in retaliatory strikes, shutting down all heavy industry and international transportation. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 810.92 (+2.13, +0.26%)
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* |
| May 1, 1980 | 808.79 | 105.46 | 32.48 |
| April 30, 1980 | 817.06 | 106.29 | 30.85 |
| April 29, 1980 | 811.09 | 105.86 | 27.93 |
| April 28, 1980 | 805.46 | 105.64 | 30.61 |
| April 25, 1980 | 803.58 | 105.16 | 28.59 |
| April 24, 1980 | 797.10 | 104.40 | 35.79 |
| April 23, 1980 | 789.25 | 103.73 | 42.62 |
| April 22, 1980 | 789.85 | 103.43 | 47.92 |
| April 21, 1980 | 759.13 | 99.80 | 27.55 |
| April 18, 1980 | 763.40 | 100.55 | 26.88 |