News stories from Tuesday June 24, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Relatively moderate inflation was reflected in consumer prices reported for May. The government said that they rose nine-tenths of 1 percent, the same as in April. The increase brought the projected annual inflation rate based on the last two months to about 11 percent, in contrast to an 18.1 percent rate in the previous three months. [New York Times]
- Aid for Chrysler was secured as the troubled auto maker won an immediate loan permitting it to issue $500 million in notes after nearly a year of financial brinkmanship. The note issue represents the capstone of the complex program under which Chrysler can obtain federal guarantees for repayment of loans of up to $1.5 billion. [New York Times]
- The President's standing has dropped to the level it had before the American hostages were seized in Iran last Nov. 4, according to the latest New York Times/CBS News Poll. Only 20 percent of those surveyed, the smallest group in Mr. Carter's presidency, said they approved of his conduct of foreign policy and only 30 percent approved his general performance. [New York Times]
- President Carter's views were upheld on all major issues adopted by the Democratic Party's Platform Committee except for a statement opposing nuclear power. In more than a week of debate, the committee's majority rejected many items that form the basis of Senator Edward Kennedy's challenge to the President. [New York Times]
- John Anderson would reject a bid by Republican leaders that he endorse the party's Senate candidates in states in which his political influence may be significant this fall. The Republicans were said to be ready to ask the independent presidential candidate to support the party's nominee in Illinois, the Republican Representative's home state, and other key states. [New York Times]
- Decreased aid for college students was approved by the Senate in a major policy shift. The chamber voted a sharp curtailment in federal interest subsidies for student loans, which could save the government up to $3 billion over the next five years. [New York Times]
- Plans to protest draft registration were announced by a coalition of opponents of conscription. The leaders said that the protests would be held at post offices, where the expected registration is to be held, and also at the national political conventions. [New York Times]
- A new energy transmission technology, which has been rejected twice in Congress, appears likely to prompt another bitter confrontation in this session. The proposal, involving the pipeline pumping of serried coal, a syrupy substance, has been pressed by powerful pipeline owners and opposed by the nation's railroads. Pipelined coal would take from the railroads much of their most lucrative haulage, and both sides have lobbied intensively over the legislation for six years. [New York Times]
- Thailand protested to Vietnam over an armed incursion Monday into a Thai border village. The assault resulted in the death of 16 Thai soldiers and an unspecified number of Thai and Cambodian civilians, the wounding of many others and the burning of the village. Bangkok may take the issue to the U.N. Security Council. [New York Times]
- President Carter assured Yugoslavia of continued American support for its policy of nonalignment and renewed a call for a similar status for Afghanistan. Speaking at a state dinner in Belgrade, Mr. Carter again proposed creation of a transitional Afghan regime and a speedy withdrawal of all Soviet troops. [New York Times]
- The visits to Spain and Portugal by President Carter tomorrow are viewed in both countries as symbolic demonstrations of American support for the two new democracies. [New York Times]
- A U.S. military presence in Somalia may not be pursued by the Carter administration. Secretary of State Edmund Muskie indicated that Washington was now undecided on whether to proceed with such a plan because it was making arrangements for other bases in the region, in Oman and Kenya. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 877.30 (+3.49, +0.40%)
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 23, 1980 | 873.81 | 114.51 | 34.18 |
| June 20, 1980 | 869.71 | 114.06 | 36.52 |
| June 19, 1980 | 870.90 | 114.66 | 38.28 |
| June 18, 1980 | 881.91 | 116.26 | 41.96 |
| June 17, 1980 | 879.27 | 116.03 | 41.99 |
| June 16, 1980 | 877.73 | 116.09 | 36.18 |
| June 13, 1980 | 876.37 | 115.81 | 41.85 |
| 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 |