News stories from Thursday May 22, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Concern over South Korea was expressed by Washington officials, who urged Seoul's military leaders and their civilian opponents to show "maximum restraint." Washington warned that continued disorders "would risk dangerous miscalculation by external forces," an allusion to North Korea.
Steps toward a sedition trial in South Korea were taken as the military authorities issued a preliminary report saying they had evidence that an opposition leader planned to overthrow the government. The military sought to bring an uprising in the leader's home province under control by means of a truce, but initial negotiations foundered when the rebels reportedly demanded the dismissal of the army strongman.
[New York Times] - A freeze on Japanese exports to Iran, except food and medicine, was approved by Tokyo. The new sanctions affect only contracts concluded after the seizure of the American hostages in Iran. Japan has been Iran's biggest trading partner. [New York Times]
- Filling of the strategic oil reserve will resume despite opposition from Saudi Arabia, Washington officials said. Announcement of the move, a shift in President Carter's policy, will be delayed until after the Organization of Petroleum Exporting Countries meets in Algiers next month. Where the 660 million barrels of oil will come from has not been decided. [New York Times]
- Credit controls were sharply cut back by the Federal Reserve Board, which instituted the curbs on March 14 as part of President Carter's anti-inflation efforts. While the board did not eliminate any of the control program's components, the easing of the restraints is likely to make credit easier to obtain and less expensive. The move followed growing predictions that the recession will be more severe than the government had projected. [New York Times]
- Broader retirement income was urged by the President's Commission on Pension Policy in its interim report following 14 months of deliberation. The panel gave a qualified endorsement for the government to require all private employers to provide a minimum annual pension for their workers, and recommended giving new tax breaks for workers who contribute to the Social Security fund and taxing all retirement income.
Pension plans may reach $3,000 billion in value in the United States by 1995, compared to $211 billion in 1975 and more than $300 billion in 1980, according to a study released by the Department of Labor. The projected growth of the private pension plans is expected to stem largely from inflation.
[New York Times] - Recovery may take decades in the areas surrounding the Mount St. Helens volcano, President Carter said after inspecting the lifeless terrain that was devastated by the eruption Sunday. Saying he had no idea how much it would cost to clean roads buried by ash and mud and to provide shelter for the homeless, the President promised to provide federal aid. [New York Times]
- The plight of the hostages has receded from the public eye in the wake of Washington's aborted rescue attempt. Restrictions on the news media, efforts by the White House to deflect attention from the American captives in Iran and diminished public interest have quelled discussion of the hostages' situation. [New York Times]
- Indictments were handed down by a federal grand jury against three members of the Philadelphia City Council and a lawyer in the first formal criminal action against political figures to flow from the Justice Department's undercover investigation of public corruption. The councilmen were indicted on charges of accepting bribes, and the lawyer was charged with soliciting $18,000 to arrange the payments to the council members. [New York Times]
- A proposed study of the Love Canal, asked for by New York state health officials a year ago, was turned down by the federal Environmental Protection Agency because officials felt the scope of the study was too limited. Another study that suggested 11 of 36 Love Canal residents showed chromosome damage was criticized by three scientists, and the data was called inconclusive by the study's co-director. [New York Times]
- A referendum was held in Egypt on new amendments to the constitution that would let Anwar Sadat remain President indefinitely and would make the Islamic religious code the main source of legislation. Approval is virtually certain. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 842.92 (+11.86, +1.43%)
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 21, 1980 | 831.06 | 107.72 | 34.83 |
| 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 |