News stories from Wednesday July 9, 1980

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

Afghan rebels raided a Soviet camp north of Kabul early Sunday, causing heavy casualties, according to witnesses. They said that a Soviet force of 400 tanks and armored personnel carriers, artillery, jet fighters and helicopter gunships had retaliated with three days of heavy attacks. Hundreds of fatalities were reported. [New York Times] Frenzy to see the Pope led to tragedy in Fortaleza, Brazil. At least three people were trampled to death and more than 30 were injured when impatient throngs stormed an entrance to a soccer stadium hours before an address by John Paul II. [New York Times] G.M. plans improved fuel economy for its cars. General Motors, once a bitter critic of government-mandated fuel economy standards, announced that it would market a line of 1985 cars averaging 31 miles a gallon, three and a half better than required. Ford and Chrysler said they also planned to exceed the 1985 standard, but they declined to be specific. [New York Times] Modified language on equal rights was approved by the platform committee of the Republican National Convention as it refused to repeat the party's endorsement of the proposed federal rights amendment. But the committee added a concession to the plank adopted Tuesday by a subcommittee, saying that efforts to ban discrimination against women in the Constitution were "legitimate." [New York Times] Democrats moved to widen the role of women and minorities and to bar discrimination against homosexuals. Members of the rules committee that is drawing up proposed policies for the Democratic convention agreed that half the delegates at conventions should be women and that greater efforts should be made to involve minorities in party affairs. [New York Times] Means to prosecute police misconduct should be increased to help avoid a repetition of racial disorders like those that occurred in Miami in May, the United States Commission on Civil Rights said. It asked Congress to provide the Justice Department with additional instruments to deal with alleged abuses and it urged local political and civic leaders to act aggressively to promote civil rights. [New York Times] An apparent shift by Mayor Koch on racial quotas in awarding government contracts was indicated. His attack Tuesday on a Supreme Court decision affirming the right of Congress to establish such quotas to combat discrimination directly contradicted a brief filed by New York City's Corporation Counsel with the Mayor's approval in the same case last fall. [New York Times] An exposer of secrets of the C.I.A. says he has helped to disclose the identities of more than 2,000 American intelligence agents around the world. The work of Louis Wolf, an editor and author, has prompted the introduction of legislation in Congress to prohibit such identification. [New York Times] A nuclear engineer from New York City, Dr. Albert Carnesale, was nominated by President Carter as chairman of the troubled Nuclear Regulatory Commission. The agency has been widely criticized for the way it handled the reactor accident at the Three Mile Island plant early last year. [New York Times] U.S.-Chinese ties were praised by President Carter, who said that they would "minimize the threat of the Soviet military buildup." He spoke in an interview before meeting with Prime Minister Hua Guofeng of China in Tokyo, where the two leaders had attended a memorial service for Masayoshi Ohira, the late Prime Minister of Japan. [New York Times] A Palestinian mayor was greeted in a tumultuous homecoming by hundreds of young West Bank demonstrators shouting "Palestine is Arab! Palestine is Arab!" The Mayor of Nablus, who lost both legs when a bomb exploded in his car on June 2, went home after receiving medical treatment in Jordan and his ambulance was mobbed by exuberant residents. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 897.27 (-0.08, -0.01%)
S&P Composite: 117.98 (+0.14, +0.12%)
Arms Index: 0.75

	Issues	Volume*
Advances	836	27.98
Declines	670	16.82
Unchanged	380	7.21
Total Volume		52.01

* 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 8, 1980	897.35	117.84	45.83
July 7, 1980	898.21	118.29	42.54
July 3, 1980	888.91	117.46	47.23
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