News stories from Wednesday May 7, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Iran dashed Britain's hopes that its freeing of hostages held in Iran's embassy in London might lead to the release of the 53 American captives in Iran. Iranian officials insisted repeatedly that the circumstances were entirely different. A report on the rescue attempt in Iran was released by the Pentagon, but it declined to provide information on how the mission was to have been conducted had it not been canceled. [New York Times]
- A strict budget was adopted by the House. Voting 225 to 193, it approved spending of $611.8 billion and a $2 billion surplus for the next fiscal year in its first non-deficit budget in 12 years. The House affirmed its commitment to austerity by mandating that the House committees approve $9 billion in cuts from current spending for domestic programs and observe spending limits on all programs. [New York Times]
- Chrylser's finances have worsened. The troubled auto maker reported it had lost $448.8 million in the first three months of 1980 and declared that without government aid through loan guarantees it would be forced to consider a bankruptcy filing. A federal panel is scheduled to consider the corporation's problems on Friday. [New York Times]
- Haitians charge discrimination, contending in a civil trial in Miami that they are unfairly being denied political asylum in the United States. In contrast to the many Cuban refugees, who are being welcomed and given federal aid, the Haitians are classified as illegal aliens, cannot get work permits and are often jailed as they land on Florida beaches.
Aid to Haitian immigrants was sought by organized labor, mayors, black leaders and human rights groups, which also pressed the Carter administration to grant the Haitians refugee status comparable to that accorded to the new influx of Cubans.
[New York Times] - The three landslide victories won by President Carter and Ronald Reagan in Tuesday's presidential primaries put them within reach of nomination and intensified their pressure to force out their rivals and win over uncommitted delegates. Mr. Carter has more than 80 percent of the delegates he needs for renomination and Mr. Reagan has almost 90 percent of those required for nomination. [New York Times]
- Jewish support for John Anderson was suggested as he addressed and later spoke privately with influential leaders of 34 major Jewish organizations. The independent presidential candidate won a favorable reception at the New York meeting with pledges to conduct an openly pro-Israel foreign policy and a denunciation of President Carter's "record of inconstancy" in the Middle East. [New York Times]
- Bess Myerson is an official candidate for the Democratic nomination for United States Senator from New York. Miss Myerson, a former New York City Consumer Affairs Commissioner, became the third Democrat to announce a candidacy for the race to try to unseat Jacob Javits. [New York Times]
- Edmund Muskie warned that the major problem facing the United States was to determine whether it was on "a direct collision course" with the Soviet Union that could result in a nuclear war. He made the statement shortly before the Senate Foreign Relations Committee voted 12 to 1 to endorse his appointment as Secretary of State. With unusual speed, the Senate confirmed the appointment by a vote of 94 to 2. [New York Times]
- Defending the slaying of six Jews in the town of Hebron last Friday, Yasser Arafat, chairman of the Palestine Liberation Organization, said that the attack was an act of "resistance by those who are under occupation." He indicated that guerrilla attacks would be limited to Israeli-occupied areas. [New York Times]
- A Libyan terrorist campaign has re-sulted in the murders of four Libyan dissidents in London and Rome, according to State Department officials. The department has charged that four Libyans who until recently were students at American universities are linked with the campaign and has ordered them to leave the country. They defied the order and have gained refuge in the Libyan Embassy. [New York Times]
- India will get 40 tons of uranium fuel from the United States despite New Delhi's refusal to give Washington any pledge to end nuclear testing, State Department aides said. Officials said that President Carter had decided to give political ties with India priority over curbing nuclear proliferation. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 821.25 (+5.21, +0.64%)
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 6, 1980 | 816.04 | 106.25 | 40.16 |
| 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 |