News stories from Tuesday May 6, 1980

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

Hopes for solving the Iranian crisis were expressed by British leaders, who said that Britain's freeing of the Iranian captives in their London embassy Monday might help pave the way for release of the 53 American hostages in Iran. Britons were jubiliant over the strike, in which British troops stormed the building and rescued 19 hostages.Iran returned the bodies of the eight American servicemen who were killed when the unsuccessful rescue mission to that country was being withdrawn on April 25. The bodies were flown to the Air Force Base at Dover, Del., and President Carter declared three days of mourning. [New York Times] A major gathering of world leaders will take place in Belgrade in tribute to President Tito, whose funeral will be held Thursday. The dignitaries are to include Vice President Mondale, Hua Guofeng of China and Leonid Brezhnev of the Soviet Union. [New York Times] The President and Ronald Reagan won landslide victories in the presidential primaries in Indiana, Tennessee and North Carolina, accelerating their home-stretch drives for nomination. The two underdogs, Senator Edward Kennedy and George Bush, won the District of Columbia primaries and vowed to continue their primary challenges.Discontent among Colorado Democrats was reflected in the first stage of choosing 40 delegates to the presidential nominating convention. President Carter and Senator Kennedy have the prospect of gaining 13 or 14 delegates, but so does the uncommitted camp. Many of those backing the two leading candidates conceded that their support was half-hearted. [New York Times] A split among Democrats increased as Senator Daniel Patrick Moynihan of New York joined Governor Carey in declaring that he would not be a delegate to the Democratic National Convention because he did not care for the choice between President Carter and Senator Edward Kennedy. [New York Times] The Carter drive has rising confidence that the President has all but defeated Senator Edward Kennedy in the race for the Democratic presidential nomination. As a consequence, the Carter campaign organization is beginning to focus on the expected November election challenges of Ronald Reagan and John Anderson. [New York Times] Eased controls on money and credit were announced by the Federal Reserve Board, which dropped an interest rate surcharge on funds it lends to large banks that borrow frequently. The decision to end the surcharge of 3 percentage points that was added to the 13 percent discount rate on March 14 was seen as a reaction to signs of a deepening recession and reflected declines in interest rates. [New York Times] Congress's budget panels were upheld in both the House and the Senate. They rejected Republican proposals for the 1981 budget that would have curtailed overall spending by sharply reducing social programs while providing for a tax cut for productivity gains. Both chambers are seeking to avert built-in deficits. [New York Times] Johnny Carson will remain as host of the "Tonight Show." He has signed a three-year contract with NBC-TV to continue to lead the highly profitable program in a format that will be cut to one hour beginning in September, and at a salary said to be substantially more than $5 million a year. RCA, NBC's corporate parent, also announced that it would not televise the Moscow Olympics, a move that will cost NBC at least $22 million. [New York Times] The draft registration plan survived a crucial challenge in the Senate Appropriations Committee, but opponents still hope that support for President Carter's proposal will begin eroding in the weeks ahead. The panel rejected a proposal that would have cut registration funds to $4.7 million, ruling out registration at any set time. [New York Times] Federal aid to parts of Florida, totaling $10 million, was authorized by President Carter who declared a state of emergency to help community organizations provide relief for the influx of Cuban refugees. [New York Times] Washington criticized Israel for deporting two Palestinian mayors and a Moslem leader in the aftermath of the terrorist attack Friday in the West Bank city of Hebron that killed six Jews. The State Department said that the three Arabs had had no direct link with the attack and that they were denied appeal procedures. [New York Times] Assaults on Vietnamese "boat people" were cited in reports by the United Nations, which said that 4,000 refugees were still fleeing Vietnam each month and were being tormented by brutal and rising piracy, almost entirely carried out by Thai fishermen. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 816.04 (-0.26, -0.03%)
S&P Composite: 106.25 (-0.13, -0.12%)
Arms Index: 1.35

	Issues	Volume*
Advances	973	20.19
Declines	565	15.81
Unchanged	367	4.16
Total Volume		40.16

* 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
Date	DJIA	S&P	Volume*
May 5, 1980	816.30	106.38	34.08
May 2, 1980	810.92	105.58	28.14
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