News stories from Friday August 1, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The move for an "open" convention will be opposed by President Carter, who called the efforts to release delegates to the Democratic National Convention from their pledges to vote for certain candidates a "travesty" of the nomination process. Mr. Carter also said he would fight to keep his brother's problems from impeding his re-election bid.
President Carter still has the support of a majority of the Democratic National Convention delegates from New York, New Jersey and Connecticut, a telephone survey disclosed. Most favor the rule binding them to vote for Mr. Carter and say they would stand firmly behind him even if they were freed of their commitments.
[New York Times] - Billy Carter received a copy of a cable transmitted to the President by the State Department after his brother's 1978 visit to Libya, along with a complimentary note from President Carter for having done "a good job," the White House confirmed. Earlier in the week President Carter had said that he did not recall giving the cable to his brother. [New York Times]
- In July unemployment did not change significantly, according to figures released by the Labor Department, leading some economists and government officials to speculate that the economy may be on the verge of bouncing back from the recession. The jobless rate has hovered at 7.7 to 7.8 for three months. [New York Times]
- No foreign aid appropriation for 1981 appears likely until well into the new fiscal year. This would be the second consecutive year that the aid program has operated without an appropriation, since Congress never enacted such legislation for fiscal year 1980, which ends September 30. [New York Times]
- The business affairs of Ronald Reagan, should he be elected President in November, will be managed as they have been since 1966 rather than in compliance with the blind trust requirements of the Federal Election Commission for those who prefer to avoid annual disclosures of their holdings. [New York Times]
- Automatic seat belts or airbags will not be mandatory in automobiles until 1983, a delay of one year, if a compromise bill agreed to by a conference committee is accepted by the two houses of Congress. The bill would require five major automobile manufacturers to include passive restraint systems in their smaller cars, starting with the 1983 model year. [New York Times]
- Egypt is expected to lodge a protest with Prime Minister Menachem Begin of Israel over the new law formalizing Israeli annexation of East Jerusalem. According to Egyptian officials, President Anwar Sadat will send a written message to Mr. Begin. The Under Secretary of Foreign Affairs said, however, that the autonomy talks scheduled to resume Monday or Teusday in Alexandria would not be suspended and Egypt would not recall its Ambassador from Israel. [New York Times]
- Vietnam's first astronaut returned from an eight-day trip to a Soviet space station, where he accompanied a Russian cosmonaut. The cooperative venture has been trumpeted by the Hanoi radio and the Vietnam News Agency as an example of what friendship with the Soviets can bring. [New York Times]
- A separatist mood is gaining strength in the western Canadian province of Alberta, where there is anger and frustration despite boom times. What is new for Canada's uneasy federation is the intensity of the anger that has developed since Prime Minister Pierre Trudeau and Premier Peter Lougheed failed to agree on a price for Alberta's oil and gas. [New York Times]
- A search for the harbor of Caesarea, constructed by Herod in 22 B.C., is underway by teams of divers and archaeologists. Caesarea, named for Caesar Augustus, served for about 500 years as the Roman government's capital in Palestine. The project is under the direction of Avner Raban, a top Israeli expert on ancient harbors. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 931.48 (-3.84, -0.41%)
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 31, 1980 | 935.32 | 121.67 | 54.60 |
| July 30, 1980 | 936.18 | 122.23 | 58.06 |
| July 29, 1980 | 931.91 | 122.40 | 44.84 |
| July 28, 1980 | 925.43 | 121.43 | 35.33 |
| July 25, 1980 | 918.09 | 120.78 | 36.25 |
| July 24, 1980 | 926.11 | 121.79 | 42.42 |
| July 23, 1980 | 928.58 | 121.93 | 45.90 |
| July 22, 1980 | 927.30 | 122.19 | 52.23 |
| July 21, 1980 | 928.67 | 122.51 | 42.74 |
| July 18, 1980 | 923.98 | 122.04 | 58.04 |