News stories from Friday June 13, 1980

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

Ronald Reagan will not oust Bill Brock as chairman of the Republican National Committee, rejecting the advice of Senator Paul Lexalt of Nevada, his campaign chairman, and other advisers who had urged him to designate a more conservative chairman. [New York Times] A South Carolina Congressman was indicted in the F.B.I.'s Abscam inquiry. Representative John Jenrette was charged with sharing in a $50,000 bribery payment from an undercover federal agent and with attempting to obtain an additional $125,000. A Democrat, Mr. Jenrette is the third member of Congress indicted as a result of the undercover investigation into political corruption. [New York Times] Mount St. Helens erupted for the third time in less than a month, showering volcanic ash across the coast of northern Oregon and southern Washington, but winds and heavy rains dispersed much of the ash. The explosion was heard 100 miles away. [New York Times] A federal jury decided that MCI suffered $600 million in damages when American Telephone and Telegraph denied intra-city phone connections needed for long-distance telephone calls on MCI's network. MCI, a microwave telecommunications company, had filed a $900 million antitrust suit. [New York Times] A reduction of 25,000 soldiers, proposed by the Senate Armed Services Committee, would have to be made in combat forces stationed in Europe and South Korea, said Gen. Edward Meyer, the Army Chief of Staff. The cutback is intended to improve the quality of Army manpower by reducing recruitment quotas at a time when insufficient numbers of high school graduates are enlisting. General Meyer said a formula for new enlistment levels was "unmanageable" and that it would be better to take the cut. [New York Times] South Africa said it destroyed, in a major "shock attack," the operational headquarters in Angola of the South-West Africa People's Organization, the guerrillas opposing South African rule in South-West Africa. Prime Minister P. W. Botha seemed to indicate, in a report to Parliament, that the attack was continuing. [New York Times] The Common Market leaders, at their meeting in Venice, urged full self-determination foi the Palestinians and said the Palestine Liberation Organization should be "associated with" the Middle East peace talks. They also called for an end to Israel's "territorial occupation" of the West Bank and Gaza Strip, and said Israeli settlements in the occupied territories were "a serious obstacle to the peace process," and that Israeli expropriation of Arab-owned land was "illegal under international law."The Common Market nations' stand on the Middle East "showed a sense of restraint" and did not seem to jeopardize Washington's hope of progress in the negotiations with Egypt and Israel on Palestinian self-rule, Secretary of State Edmund Muskie said. He announced that Sol Linowitz, President Carter's special Middle East envoy, would resume the suspended autonomy talks with the heads of the Egyptian and Israeli delegations in Washington on July 2 and 3. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 876.37 (+3.76, +0.43%)
S&P Composite: 115.81 (+0.29, +0.25%)
Arms Index: 0.81

	Issues	Volume*
Advances	1,097	27.87
Declines	483	9.94
Unchanged	352	4.07
Total Volume		41.88

* 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*
June 12, 1980	872.61	115.52	47.30
June 11, 1980	872.70	116.02	43.80
June 10, 1980	863.99	114.66	42.02
June 9, 1980	860.67	113.71	36.81
June 6, 1980	861.52	113.20	37.22
June 5, 1980	858.70	112.78	49.07
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