News stories from Friday September 5, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Higher food prices in August caused a rise of 1.5 percent in the prices retailers pay for finished goods, a government report said. The increase translated into a 20.2 percent annual rate, and was the second consecutive rise at a double-digit rate. The Bureau of Labor Statistics said that prices of finished food items ready for sale to consumers rose by 4.4 percent last month. Prices of non-food items increased by a relatively modest seven-tenths of 1 percent. [New York Times]
- The jobless rate declined in August but economists and administration officials could not agree whether the figures indicated that the recession was ending. According to the Labor Department's Bureau of Labor Statistics, the unemployment rate dropped to 7.6 percent from 7.8 percent in July. [New York Times]
- Under persistent questioning at a Senate subcommittee hearing, Attorney General Benjamin Civiletti said he was "comfortable with and proud of" the handling of the Billy Carter case by himself and the Justice Department. He said he had two main reasons for withholding for two months from his department's investigators the information that Billy Carter was about to receive money from the Libyan government: He was fearful of compromising the intelligence sources and methods that were the basis of the information, and he thought it would improve his department's case against Billy Carter if the transfer of money occurred. [New York Times]
- John Jenrette was ensnared by a network of swindlers paid by the federal government, his defense lawyer told a jury trying the Democratic Representative from South Carolina on bribery and conspiracy charges in Washington. The lawyer acknowledged that a co-defendant, John Stowe, had delivered $10,000 to Mr. Jenrette's office, but insisted that Representative Jenrette did not actually take the money and did not sponsor any legislation in return. [New York Times]
- John Anderson indicated that he was ready to give up an independent line for President on the New York ballot when the state's Liberal Party formally endorses him. He and his running mate, Patrick Lucey, former Governor of Wisconsin, will address the party's policy committee tomorrow. [New York Times]
- California's wine production this year was threatened by a walkout of 1,500 employees at two of its largest wineries -- E. & J. Gallo and United Vintners -- which produce 38 percent of all domestic wine. The first strike in the industry since collective bargaining was established 35 years ago occurred over a wage issue and the proposed lengthening of the probationary period for new employees. [New York Times]
- Army organization changes intended to improve the combat readiness of units stationed in the United States, depleted by the stationing of 45 percent of the Army abroad, were announced by the Army's Chief of Staff, Gen. Edward Meyer. [New York Times]
- Poland's leader, Edward Gierek, was dismissed by the Polish Communist Party and replaced with Stanislaw Kania, a 53-year-old long-time Poliburo member. The official announcement attributed the change to a "serious illness" of Mr. Gierek, who ruled the country since December 1970. The announcement said that he had a heart ailment and had been admitted to a hospital. [New York Times]
- Soviet-American talks on a reduction of both countries' nuclear forces in Europe will be held in New York between Secretary of State Edmund Muskie and Foreign Minister Andrei Gromyko of the Soviet Union starting Sept. 25, administration officials announced. [New York Times]
- A 10-mile tunnel through the Swiss Alps providing a key link between Central Europe and Italy was opened 11 years after it was begun. It replaces a twisting route over the St. Gotthard Pass, which for more than 900 years has been a major trade route between northern and southern Europe, and will reduce by four hours a truck driver's journey from West Germany or the Netherlands to Italy. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 940.96 (-7.85, -0.83%)
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* |
| September 4, 1980 | 948.81 | 125.42 | 59.02 |
| September 3, 1980 | 953.16 | 125.66 | 52.35 |
| September 2, 1980 | 940.78 | 123.74 | 35.30 |
| August 29, 1980 | 932.59 | 122.38 | 33.50 |
| August 28, 1980 | 930.38 | 122.08 | 39.89 |
| August 27, 1980 | 943.09 | 123.52 | 43.97 |
| 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 |