News stories from Wednesday May 21, 1980

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

Sanctions against Iran were approved by the French and West German cabinets. Common Market countries sharply criticized Britain for reversing its support for such sanctions retroactive to last Nov. 4 when the American hostages were seized. [New York Times] Concern about flooding diminished in the river valley cities of southwestern Washington after surveys showed the earth plug at the outlet of a lake to be more secure than earlier believed. The outlet was blocked Sunday when Mount St. Helens erupted.Shortly before flying to the West Coast to inspect the damage, President Carter declared the state of Washington a major disaster area, which permits the use of federal funds in relief and recovery efforts. [New York Times] Synthetic fuels would be developed under a multibillion-dollar program approved by congressional conferees after six months of haggling. The aim of the bill would be to aid in the costruction of 10 synthetic fuel plants by 1987 and to have enough synthetic fuel capacity by 1992 to produce two million barrels of oil a day. [New York Times] Ronald Reagan now has the delegates needed to win the Republican presidential nomination after the Michigan and Oregon primaries. But Mr. Reagan showed new weakness in his defeat by George Bush in Michigan, and tentative steps by his campaign to take over operations of the party's national committee met resistance.George Bush reassessed his candidacy for the Republican presidential nomination and talked seriously for the first time about withdrawing from the race. Some television news shows paid scant attention to his wide upset victory in Michigan and focused instead on Ronald Reagan's projected accumulation of the delegates needed to win the nomination. [New York Times] Miami returned to near normal as a curfew was lifted and the Florida National Guard presence was reduced. But the police said that tensions were still high as a federal grand jury began to hear evidence in a case of alleged police brutality. [New York Times] A $613.3 billion budget was adopted by House and Senate conferees, but a battle is expected when the measure reaches the House floor. Five House Democrats said they would oppose it because of cuts in social programs and an increase in proposed defense spend-ng of $5.8 billion more than the allotment adopted by the House. [New York Times] A federal emergency at Love Canal in Niagara Falls, N.Y., was declared by President Carter, permitting the government to evacuate 710 families from the chemically polluted area and to place them in temporary housing. Governor Carey, saying the order did not go far enough, asked for the outright purchase of the families' houses by the federal government.A chemical waste site was searched by New York state environmental officials after they received a tip that highly explosive nitroglycerine was illegally buried near Niagara Falls in 1977. SCA Chemical Waste Services, on whose property the explosives were alleged to be buried, denied it had illegally disposed of waste. [New York Times] A New Jersey politician was ordered to respond to allegations that he was offered a $50,000 bribe by undercover agents during the Abscam investigation into political corruption. Richard Coffee, the state Democratic chairman, was subpoenaed to testify before a joint legislative committee on ethics on June 12. [New York Times] Protesters seized a South Korean city, demanding the ouster of the army strongman and the freeing of an opposition leader. Hospital authorities in Kwangju said that at least 32 people had been killed and hundreds might have been wounded in four days of anti-government rioting by tens of thousands. [New York Times] Plans for a new Canadian constitution were pressed by Prime Minister Pierre Trudeau one day after the decisive defeat of a referendum on a proposal to negotiate the separation of Quebec from the Canadian federation. Talks to prepare a new charter to meet the needs and aspirations of the country's diverse population are to start at once. [New York Times] France reacted angrily to Washington, dismissing Secretary of State Muskie's complaint of inadequate consultation over the French-Soviet meeting in Warsaw on Monday. Foreign Minister Francois-Poncet said that France would pursue its independent policy, conferring with Moscow without seeking "anyone's approval." [New York Times] U.S. satellites could be destroyed in space by a ground-based laser weapon that has been developed by the Soviet Union, according to an intelligence estimate produced by the Carter administration. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 831.06 (-1.45, -0.17%)
S&P Composite: 107.72 (+0.10, +0.09%)
Arms Index: 0.77

	Issues	Volume*
Advances	712	16.78
Declines	759	13.84
Unchanged	385	4.21
Total Volume		34.83

* 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 20, 1980	832.51	107.62	31.80
May 19, 1980	830.89	107.67	30.97
May 16, 1980	826.88	107.35	31.71
May 15, 1980	822.53	106.99	40.91
May 14, 1980	819.62	106.85	40.84
May 13, 1980	816.89	106.30	35.45
May 12, 1980	805.20	104.78	28.21
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