News stories from Monday May 12, 1980

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

Iran's President was thwarted again in an attempt to gain control of his own government. President Abolhassan Bani-Sadr was foiled by the Revolutionary Council. It refused to agree to his appointment of a Prime Minister, despite an authorization to do so granted by Ayatollah Khomeini. [New York Times] The Senate approved a budget totaling $613.1 billion for the coming fiscal year tenuously balanced with funds previously earmarked for a tax cut. The vote was 68 to 28. The spending figures will inevitably change with shifting economic conditions, which could frustrate the Senate's aim to adopt its first balanced budget in 12 years. [New York Times] A plan to continue food stamps cleared another major congressional hurdle. Senate-House conferees acted to insure that the program is not halted next month by approving an additional $3.3 billion for providing the stamps for the balance of the fiscal year that ends Sept. 30. [New York Times] Hispanics favor bilingual education in New York City's schools by a majority of 80 percent, according to a six-month study. A large majority of the 566 persons of Hispanic birth or parentage who were interviewed agreed that English was needed for newcomers to get ahead, but they said just as strongly that they also wanted to retain Spanish and its cultural links. [New York Times] A revival of Pentagon-academic ties, which were badly ruptured during the Vietnam War, is being forcefully sought by the Defense Department. In three years, Pentagon funds for basic science research at universities has swelled by 70 percent while backing from other federal agencies has scarcely matched inflation. [New York Times] Administration policy on refugees was criticized by Democratic and Republican Senators and officials of Roman Catholic charitable groups. They pressed for federal aid to Cubans and a halt to what they termed discrimination against Haitians seeking refuge in the United States. [New York Times] A setback for suspects' rights occurred as the Supreme Court defined for the first time the "interrogation" it barred in a landmark decision. The Justices, spliting 6 to 3, ruled that an offhand remark by a police officer did not violate a murder suspect's rights even though the remark led the suspect to incriminate himself. The ruling reinstated the conviction of a man who led the police to the murder weapon after an officer said that pupils at a nearby school for the handicapped might find the gun and harm themselves. [New York Times] A first transcontinental balloon flight without a stop was made across North America by two men in a four-day voyage from California to eastern Canada. The 3,100 mile trip by Maxie Anderson, a New Mexico businessman, and his 23-year-old son, Kris, also set a record for the longest overland voyage in a balloon. [New York Times] Terrorism erupted again in Italy as the chief of the anti-terrorist police in the Venice region was fatally shot on a busy street by four assailants who escaped. The Red Brigades claimed responsibility for the slaying. It was a shock to Italians, who had been led to believe that widespread arrests of suspected terrorists had come close to breaking up the main groups. [New York Times] Cuba sought to explain to the Bahamas the circumstances of the sinking of a Bahamian patrol boat Saturday by Cuban Air Force planes. Four crew members were missing. [New York Times] Questions over leadership in Uganda increased. The state radio said that a six-member military commission had "assumed the powers of the presidency," but it said nothing about the status or whereabouts of the civilian President. [New York Times] More centralized power in Egypt is planned by President Sadat, according to American officials. They said Mr. Sadat had informed the United States that he would announce Wednesday that he was placing all executive authority in his own hands. Prime Minister Khalil resigned in preparation for the changes. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 805.20 (-0.60, -0.07%)
S&P Composite: 104.78 (+0.06, +0.06%)
Arms Index: 0.68

	Issues	Volume*
Advances	721	14.46
Declines	783	10.75
Unchanged	358	3.01
Total Volume		28.22

* 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 9, 1980	805.80	104.72	30.28
May 8, 1980	815.19	106.13	39.29
May 7, 1980	821.25	107.18	42.59
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