News stories from Thursday July 10, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The release of one American hostage of the 53 held in Iran has been ordered by Ayatollah Khomeini because of illness, Teheran announced. The captive was identified as Richard Queen, a vice consul. The nature of his illness was not specified, but the announcement said that he would be sent to a country of his family's choice that has "better medical facilities."
President Carter reacted cautiously to the report that Iran would free one hostage. He said the United States would be "very thankful" if the captive is freed, but added that "the humanitarian thing to do would be to release all the hostages immediately."
[New York Times] - Republicans assailed President Carter and his administration as the platform committee of the party's national convention set the stage for the 1980 campaign. An inflation plank blamed the President for the state of the economy and declared: "Mr. Carter must go!" An energy plank said that "the proven American values of individual enterprise," rather than conservation and subsidized syntheic fuel development, would meet any prospective shortage of imported oil. [New York Times]
- Edward Kennedy assailed President Carter's economic policies and the Republican platform committee's refusal to endorse the proposed federal equal rights amendment. The Senator said that the recession had "destroyed any possibility of a federal budget balance in the coming years." [New York Times]
- The bitter municipal strike in Detroit by 9,000 unionized employees went into the 10th day with no end in sight only four days before the opening of the Republican National Convention. Garbage piled up and neglected water mains flooded the streets. The workers accepted modest wage increases three years ago, and balk at doing so again as Detroit's economy worsens. [New York Times]
- A reporter was cited for contempt by a federal judge for refusing to testify about a confidential source of information in the Abscam political bribery investigtion. The judge ordered Jan Schaffer of The Philadelphia Inquirer jailed for six months or until she said whether she had spoken with the federal prosecutor in Philadelphia about Abscam. The judge delayed the sentence pending an appeal. [New York Times]
- A new airliner will not be approved by the government for at least a month because of two test-flight accidents. The head of the Federal Aviation Administration has postponed a trip to China to monitor the certification problems involving the DC-9 Super 80 airliner. Meanwhile, the nation's largest pilots' union has objected to the planned use of two-pilot, rather than three-pilot, crews. [New York Times]
- A warning on the use of tranquilizers, sought by the government, has been agreed to by the makers of Valium, Librium and similar products. Physicians are to be told that the products, now the most widely prescribed drugs in the world, are not meant to relieve the stress of "everyday life." The tranquilizers have become widely regarded as potentially addictive. [New York Times]
- An advance in fossil genetics, which seeks to determine links between extinct and living creatures and thus solve some puzzles of evolution, was indicated by a new biochemical test. Scientists developed the test to trace conclusively the elephant's genealogy back to the woolly mammoth, the great creature that roamed Europe, Asia and North America thousands of years ago and became extinct. [New York Times]
- The Pope stressed evangelizing as the main job of Brazilian bishops. In remarks made at an eight-hour meeting with 220 of the prelates, John Paul II said that in their zeal for promoting social progress they were neglecting the need to spread the gospel. [New York Times]
- Emigration of Soviet Jews has declined steadily this year after reaching a record of more than 51,000 last year, according to Western diplomats. The envoys and activists in the emigration movement attribute the decline in part to Soviet retaliation against Washington for reducing trade with Moscow. It is also said to reflect Moscow's concern about the economic consequences of the emigration. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 885.92 (-11.35, -1.26%)
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 9, 1980 | 897.27 | 117.98 | 52.00 |
| 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 |