News stories from Wednesday August 27, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A large bomb left by extortionists blew up in a Lake Tahoe casino as experts used a remote-control device in an effort to defuse it. Thousands of people had been evacuated from the gambling district in Stateline, Nev., and no injuries were reported. The bomb was wheeled into an office in a hotel casino Tuesday by two people who said they were delivering a photocopying machine. The bomb was accompanied by a letter demanding $3 million. [New York Times]
- Clarifying a remark by Ronald Reagan was undertaken by his staff after he declared that President Carter "has created a severe depression." The chief economic adviser of the Republican presidential nominee acknowledged that most economists believed the nation was in "a very severe recession," not a depression. [New York Times]
- Senator Mike Gravel was defeated in Alaska's Democratic primary by Clark Gruening, a lawyer, after a bitter campaign that focused on the sources of the Gravel campaign financing and on his inability to block a Senate bill barring development of millions of acres in the state. [New York Times]
- A research agency is threatened with erosion of its long-cherished independence, in the view of many scientists. At issue is a bill nearing a vote in the House that would require the budget of the National Institutes of Health to be regularly reauthorized by Congress, which is required for most government agencies, and for a yearly spending ceiling to be set by Congress. [New York Times]
- The disclosure of a key arms advance stirred rising controversy. Members of a House panel, after hearing sworn testimony, charged that secret information on the development of a plane that is nearly undetectable by Soviet radar was leaked to a reporter so that the Pentagon could justify announcing the achievement. [New York Times]
- The North won an energy aid dispute in the House. A proposal to change the formula for distribution of $1.8 billion in low-income fuel assistance was defeated by a vote of 215 to 199. The debate focused on a plan to increase the Sun Belt's share of such aid at the expense of the Frost Belt. [New York Times]
- An editor and his wife were indicted by a county grand jury in Georgia on charges of having tried to aid the escape of four convicted killers from the state prison. The couple were accused of attempting unsuccessfully in June to send hacksaw blades to the inmates. Four of them escaped July 28 after sawing through prison bars. [New York Times]
- Miami is prospering as a magnet for tourism, shopping, banking and commerce. The recent shocks of rioting by blacks in the Liberty City area and the tidal wave of Cuban refugees that made Miami a catchword for both despair and hope are still deeply felt but surprisingly difficult to see. The major change, according to many businessmen, politicians and civic leaders, is the image of the city. [New York Times]
- Strikes in Poland spread further as teams of workers from the strike headquarters in Gdansk sought new support in industrial centers around the country for their demands for independent labor unions and other changes. After leaders of the walkout and government representatives had met in Gdansk, there were conflicting reports on whether progress had been made.
Polish strikers have set up an enclave at a sprawling shipyard in Gdansk that is self-governing and is publishing a daily newspaper circulating around the country. The strike leaders have established an elaborate administrative apparatus providing for guards, couriers and groups collecting donations and supplying food.
[New York Times] - French Navy tugs smashed a blockade by fishermen at the country's largest oil tanker terminal at Fos outside Marseilles for the second time in 10 days, using water cannon and tear gas grenades. The fishermen fought back, hurling rocks and bolts. [New York Times]
- Canada lost two major newspapers as two publishing chains continued to divide up the country's shrinking industry. The Ottawa Journal abruptly halted operations after 95 years, leaving the capital with only one English-language newspaper. In Winnipeg, The Tribune suspended publication after a costly circulation war with the city's only other newspaper. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 943.09 (-10.32, -1.08%)
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* |
| August 26, 1980 | 953.41 | 124.84 | 41.70 |
| August 25, 1980 | 956.23 | 125.16 | 35.39 |
| August 22, 1980 | 958.19 | 126.02 | 58.21 |
| August 21, 1980 | 955.03 | 125.46 | 50.77 |
| August 20, 1980 | 945.31 | 123.77 | 42.56 |
| August 19, 1980 | 939.85 | 122.60 | 41.93 |
| August 18, 1980 | 948.63 | 123.39 | 41.88 |
| August 15, 1980 | 966.72 | 125.72 | 47.80 |
| August 14, 1980 | 962.63 | 125.25 | 47.65 |
| August 13, 1980 | 949.23 | 123.28 | 44.37 |