News stories from Thursday June 5, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- "Major errors" in the rescue mission in Iran were cited in a report prepared for the ranking Republican member of the Senate Armed Services Committee. The report charged that key factors in the failure to free the American hostages were inadequate training and maintenance, poor contingency planning and intelligence and fragmented command responsibility. The U.S. and Moscow were denounced in Iran at a government-sponsored conference on American "intervention in Iran." [New York Times]
- A pledge to continue campaigning for President was made by Senator Edward Kennedy after he met privately with President Carter at the White House. Mr. Carter said that their biggest difference was the Senator's demand for a televised debate on the issues, which the President made clear he would not meet.
A Republican reconciliation was achieved as former President Gerald Ford pledged he would "wholeheartedly campaign" in Ronald Reagan's behalf for President. After they conferred at Mr. Ford's home, the two former opponents termed their relationship "vitally important."
[New York Times] - European dismay over U.S. politics has been aroused by the prospect of a presidential race between Jimmy Carter and Ronald Reagan. Western Europeans widely regard them as unfit to lead the Western alliance. [New York Times]
- Approval of a foreign aid authorization of $5.2 billion for the next fiscal year was voted in the House after a nine-hour debate. The Senate is due to consider a bill later this month. [New York Times]
- A major executive-legislative dispute on energy policy deepened as President Carter speedily vetoed legislation rejecting the oil import fee he ordered in March, and the House of Representatives quickly overrode his action by a vote of 335 to 34. The Senate is expected to override the veto tomorrow. [New York Times]
- A false nuclear alert was disclosed by the Pentagon, which said that, for the second time in seven months, a military computer error indicated that Moscow had launched missiles toward the United States, triggering increased readiness by American defenses. But a high official said that officers, suspecting an error, were nowhere near ordering any bombers to take off or any missile firing. [New York Times]
- A bus accident killed 20 persons and injured 13 in the Ozark Mountains in Arkansas. The chartered tourist vehicle went out of control on a treacherous highway and crashed through trees down a steep slope. The bus was believed to be exceeding the posted speed limit on the downgrade. [New York Times]
- Widespread potential health hazards were cited in data of the Environmental Protection Agency released by Senator Edward Kennedy. They indicate that more than 100 waste disposal sites around the country may pose serious health or safety threats to more than 600,000 people living in their vicinity. The sites were not identified. An official of the agency said that none posed an imminent risk. [New York Times]
- A new Love Canal suit was filed as the Justice Department sought to force New York state to surrender studies of the health of several thousand people who live in and near the contaminated area at Niagara Falls. Both the federal and state governments have already sued a chemical company for having dumped toxic wastes in the canal decades ago. [New York Times]
- An Abscam inquiry court action began as two members of Congress from Philadelphia, the Mayor of Camden, N.J., and two lawyers pleaded not guilty to bribery and conspiracy charges growing out of the F.B.I.'s undercover investigation of political corruption. Defense lawyers indicated they would seek a dismissal of the charges on the ground of "prosecutorial misconduct" that created "pre-trial publicity," and that if the trials go forward, they would allege illegal "entrapment." [New York Times]
- A key advance for electric cars was announced by Gulf and Western Industries, which said it had developed a new battery system that would permit the manufacture of a practical vehicle able to travel 150 miles at 55 miles an hour without a recharge. The company said the zinc-chloride battery could be mass produced within four years and would help solve energy problems. [New York Times]
- Israel was rebuked at the U.N. as the Security Council assailed a failure to protect Arab lives in the occupied West Bank. The 14-to-0 vote stemmed from bombing attacks Monday that maimed two Palestinian mayors. The United States abstained. [New York Times]
- Cyrus Vance urged arms controls, saying the United States must not allow the Soviet intervention in Afghanistan to continue to delay Senate approval of the treaty to limit nuclear weapons. Mr. Vance addressed the Harvard commencement in his first public appearance since resigning as Secretary of State in April. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 858.70 (+0.68, +0.08%)
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* |
| June 4, 1980 | 858.02 | 112.61 | 44.17 |
| June 3, 1980 | 843.77 | 110.51 | 33.15 |
| June 2, 1980 | 847.35 | 110.76 | 32.71 |
| 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 |