News stories from Monday June 2, 1980

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

American "intervention in Iran" is the subject of a conference that opened in Teheran. The conferees include a 10-member United States group led by former Attorney General Ramsey Clark attending in defiance of President Carter's ban on travel to Iran. [New York Times] Rioting by Cuban refugees Sunday at Fort Chaffee, Ark., led the government to send about 300 Army troops there and to tighten security after the revolt over long processing delays. The Governor of Arkansas said that up to 2,000 National Guardsmen would be available to maintain calm after the insurrection that left 40 persons, most of them Cubans, injured, four buildings burned to the ground and 35 persons under arrest.The effort to turn back a freighter with at least 850 Cuban refugees on board by had failed, and the freighter was reported steaming for Key West. The Coast Guard announced that her master and crew would be placed under arrest. The action against the freighter will be the most stringent during in the boatlift of Cuban refugees. [New York Times] Edward Kennedy campaigned coast to coast on the day before final primary challenges against President Carter. With 580 delegates at stake in New Jersey, Ohio and California and 116 more in five other states, the President was secure in his expectation that he would have substantially more delegates than he needs no matter how many primaries the Senator would win. [New York Times] The Vernon Jordan shooting inquiry was pressed by federal agents, who questioned the woman who was with the civil rights leader when he was severely wounded Thursday. Her attorney said that she had previously given ample details of the shooting to the police and that she had no involvement in the attack. [New York Times] A church suffered a legal setback as the Supreme Court declined to bar a state investigation of its finances. California courts have ordered officials of the Worldwide Church of God to surrender thousands of documents that the state says it needs for its inquiry into allegations that leaders of the church were squandering its funds. [New York Times] Italy's Prime Minister faced pressure to resign in an attempt to avert an impeachment-like procedure against him. The Communists vowed to collect the signatures needed to bring about a full-scale parliamentary inquiry into allegations that Prime Minister Francesco Cossiga revealed secret government information to enable the son of a fellow Christian Democrat to escape arrest as a terrorist suspect. [New York Times] A Common Market crisis was resolved as Prime Minister Margaret Thatcher accepted a compromise plan for settlement of Britain's funding dispute with its eight partners. Under the plan, Britain agreed to increased farm prices in return for a reduction in its contribution to the group's budget. [New York Times] Attacks on three Palestinian mayors injured 10 persons, including two of the mayors and seven other Arabs. Israeli officials suspected Jewish extremists of responsibility for the carefully coordinated bombing attacks, focused on the leading nationalist mayors in the West Bank. [New York Times] Major firebombings in South Africa may lead to stiff government retaliation against a banned black nationalist group that took responsibility for the attacks on one of the country's largest oil refineries and two synthetic petroleum plants. The attacks caused huge fires at two plants and estimated damage of nearly $8 million. [New York Times] Indira Gandhi's party easily won eight of the nine states that elected new governments last week, final results showed. Her party has won back the crucial Hindi-speaking heartland, but about half of India's 22 states are still controlled by the opposition. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 847.35 (-3.50, -0.41%)
S&P Composite: 110.76 (-0.48, -0.43%)
Arms Index: 1.04

	Issues	Volume*
Advances	693	12.65
Declines	809	15.38
Unchanged	409	4.68
Total Volume		32.71

* 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 30, 1980	850.85	111.24	34.81
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