News stories from Thursday July 3, 1980

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

The nation's jobless rate eased unexpectedly last month by one-tenth of 1 percentage point, the government reported. The dip from 7.8 percent to 7.7 percent, after two months of sharp increases in unemployment, was all but discounted by government analysts as masking a deepening recession. A top official stressed that the job loss had spread in June for the first time to the service-producing sector. [New York Times] The President assailed a tax cut proposed by Republicans. Mr. Carter charged that their proposal for a 30 percent cut would cost $280 billion a year by 1985 and mark a "wholesale retreat from the painful progress we have made over the last several months to reduce inflation and interest rates." He drew repeated cheers for his speech before a convention of the National Education Association. [New York Times] A credit control program was ended by the Federal Reserve Board, which said that the curbs it imposed in March to fight inflation were no longer needed because price increases had moderated and the recession had worsened. The controls on borrowing were cut by about one-half on May 22 and the other curbs will be eliminated over the next few weeks. For consumers, the impact is likely to mean increased availability of credit and perhaps somewhat lower interest rates. [New York Times] Ronald Reagan seeks black support, his aides affirmed. They disclosed that the Republican presidential aspirant had speedily agreed to address a meeting of the National Urban League in New York City on Aug. 5. The appearance would seek to repair the political damage he suffered for not accepting an invitation to address the convention of the N.A.A.C.P. this week. [New York Times] Severe drought has destroyed 20 to 30 percent of the grain crop in eastern Montana and the western Dakotas, and agriculture officials in those states predict land auctions if there is no rain this month. Cattle and sheep ranchers have suffered even more deeply than grain farmers. [New York Times] Concern over radioactive emissions has been expressed by a number of scientists who fear that the gases may have serious effects on weather. Specialists said prolonged emissions of Krypton 85, chiefly from plants that reprocess nuclear fuel, could change the electrical properties of the world's atmosphere and would affect raindrop formation, lightning and other atmospheric phenomena. [New York Times] A modified Soviet position on arms was reported by Chancellor Helmut Schmidt in a report to West Germany's Parliament on his mission to Moscow early this week. He said that the Soviet leaders were ready to begin new talks with Washington on limiting intermediate-range nuclear missiles in advance of ratification of the latest strategic arms treaty by the Senate. [New York Times] Poles held scattered work stoppages in major factories across the country in spontaneous protests against unannounced increases in the price of some meats. The protests recalled the violence that toppled the government in 1970 and forced the present regime to revoke food price increases in 1976. Officials asserted that the unrest was easing and announced a publicity campaign to explain the need for the price increases. [New York Times] Twenty Rumanians fled to the West in a state-owned crop-dusting plane. They flew undetected across Hungary and landed in a cornfield in Austria in an apparently carefully laid plan to gain political asylum. The group was made up of 10 adults, two teenagers and eight younger children. [New York Times] Stoning Iranian prisoners to death was revived by a revolutionary court in the town of Kerman. Two men and two women convicted of sexual offenses were buried up to their chests and executed by stone throwers led by the head of the court. The executions were the first in memory to have been carried out in Iran under the traditional but rarely used Islamic code. [New York Times] Thirty-seven South Koreans face trial by the military regime on charges of trying to overthrow the government, the Martial Law Command announced. The accused include Kim Dae Jung, the imprisoned opposition leader. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 888.91 (+12.89, +1.47%)
S&P Composite: 117.46 (+1.78, +1.54%)
Arms Index: 0.47

	Issues	Volume*
Advances	1,152	37.26
Declines	384	5.82
Unchanged	348	4.15
Total Volume		47.23

* 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*
July 2, 1980	876.02	115.68	42.85
July 1, 1980	872.27	114.93	34.34
June 30, 1980	867.92	114.24	29.90
June 27, 1980	881.83	116.00	33.11
June 26, 1980	883.45	116.19	45.10
June 25, 1980	887.54	116.72	46.50
June 24, 1980	877.30	115.14	37.73
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