Friday May 30, 1980
. . . where the 1970s live forever!

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]


Stock Market Report

Dow Jones Industrial Average: 850.85 (+4.60, +0.54%)
S&P Composite: 111.24 (+0.97, +0.88%)
Arms Index: 0.54

IssuesVolume*
Advances83722.74
Declines6108.87
Unchanged4193.21
Total Volume34.82
* 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
DateDJIAS&PVolume*
May 29, 1980846.25110.2742.00
May 28, 1980860.32112.0638.57
May 27, 1980857.76111.4040.80
May 23, 1980854.10110.6245.79
May 22, 1980842.92109.0141.02
May 21, 1980831.06107.7234.83
May 20, 1980832.51107.6231.80
May 19, 1980830.89107.6730.97
May 16, 1980826.88107.3531.71
May 15, 1980822.53106.9940.91


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