News stories from Friday May 30, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- More evidence of a steep recession was indicated when the government index relied on to predict economic trends registered its sharpest drop in its 32-year history. The Commerce Department reported a 4.8 percent decline in the index of leading indicators in April. The previous record decline of 3 percent was registered in September 1974, when the economy was in the most serious slump since the Depression. [New York Times]
- The sheriff in Fort Wayne, Ind., arrested and later released a motorcyclist who had been observed riding erractically with three rifles sticking out from a saddle bag several hours after Vernon Jordan, head of the Na-tional Urban League, was shot. The weapons included a 30.06 caliber rifle, the same type the police believe was used in the shooting at a Fort Wayne motel. The rifles were sent to Washington for ballistics tests. The sheriff's office said that the man was not a suspect, however, and that a superficial examination of the 30.06 rifle indicated that it had not been fired in a long time. Mr. Jordan, meanwhile, was under intensive care. [New York Times]
- A decision not to prosecute Senator Herman Talmadge for allegedly mishandling his office and campaign finances was announced by the Justice Department with the endorsement of a federal grand jury. Sources said a review of the evidence indicated that a conviction would probably not be possible. [New York Times]
- A cutoff in unemployment checks may face 60,000 jobless people next week, including automobile workers, former servicemen and former federal employees, because a special unemployment benefit fund is running out of money. Congress, preoccupied with the federal budget, is not expected to act immediately on the administration's request for $1.1 billion more to keep the fund solvent through Sept. 30. [New York Times]
- Only minor mental stress among area residents followed the accident 14 months ago at the Three Mile Island nuclear plant in Pennsylvania, according to a study sponsored by the National Institute of Mental Health. The study found that psychological stress was at much lower levels than found in a study by the Pennsylvania Health Department. [New York Times]
- The Pentagon's records do not indicate that the Army had ever dumped toxic wastes in the Love Canal area, an official said, rebutting a a New York State Assembly commitee report that the Army and other federal agencies had dumped waste in five areas in and around Niagara Falls, N.Y. [New York Times]
- South Korea's military leaders were placed on the same level with civilian authorities. The government announced the establishment of a Special Commitee for National Security Measures, and said that the new military-civilian body "by no means represents a 'military government' in any sense." The committee was formed despite grave reservations expressed by the United States. [New York Times]
- A European initiative on the Middle East, designed to meet Palestinian aspirations, will be taken by the European allies, despite strong American resistance, France's Foreign Minister told reporters in Washington. [New York Times]
- The Kurdish rebellion is posing a serious threat to Iran's revolutionary government. The heavily armed Pesh Mergas of the autonomy-seeking Kurdish nationalist movement, which already have government troops under siege near the Iraqi border, are preparing for guerrilla war. [New York Times]
- Italy's Prime Minister is accused of protecting the son of the vice president of the Christian Democratic Party from being arrested as a terrorist. Prime Minister Francesco Cossiga was questioned for two and a half hours by a parliamentary commission. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 850.85 (+4.60, +0.54%)
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 29, 1980 | 846.25 | 110.27 | 42.00 |
| May 28, 1980 | 860.32 | 112.06 | 38.57 |
| May 27, 1980 | 857.76 | 111.40 | 40.80 |
| May 23, 1980 | 854.10 | 110.62 | 45.79 |
| May 22, 1980 | 842.92 | 109.01 | 41.02 |
| 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 |