News stories from Friday September 26, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Abadan was attacked again by Iraqi artillery and fires raged through Iran's largest oil refineries. Iraqi forces also pressed their attack on the nearby southern oil port of Khurramshahr. Iraq conceded that its announcement Thursday of the city's capture had been "premature." [New York Times]
- Iraq suspended all its oil exports because it had none to ship, thus removing all its 3.3 million barrels a day from world supplies. The second largest exporter among the OPEC countries told its customers that it was acting under force majeure, a legal position excusing a party from a contract because of an unexpected, disruptive event beyond its control. Its oil refineries apparently have been badly damaged in the conflict with Iran. [New York Times]
- The United States has been ill informed about general trends in the strategic Persian Gulf area, a problem that has been highlighted by serious deficiencies in gathering intelligence about the Iraqi-Iranian war, administration and intelligence officials said. [New York Times]
- Race emerged as an issue in the presidential campaign as a result of efforts by the two major party candidates to gain a key strategic objective, according to a range of observers. President Carter was said to be motivated by survey findings that Ronald Reagan was vulnerable to being depicted as an extreme conservative; Mr. Reagan by his need to gain the support of more black voters in states where they could provide the margin of victory. [New York Times]
- Cuba ended the boatlift that brought 125,000 Cuban refugees to the United States, White House and State Department officials announced. The jailing of many Cuban refugees who have never committed a felony came to light at expulsion hearings being conducted by the federal immigration service. Hundreds of the refugees are being held in federal prisons because they were convicted in Cuba of having committed such "serious crimes" as eloping, killing a cow without government permission or using an identification card of a dead relative to see a circus. [New York Times]
- A decline in industrial efficiency, in which aging plants are a factor, has raised concern about the ability of United States industry to respond quickly to a military emergency. The decline of the military's industrial base has generally exceeded that of the economy's commercial sector, according to military experts. [New York Times]
- Plutonium output will be increased for use in nuclear weapons under a policy shift by the administration. National security and foreign policy aides were said to have agreed in principle at a White House meeting to expand production of plutonium and other bomb-grade materials. The decision followed a Defense Department report that plutonium supplies might not be sufficient to meet the needs of nuclear weapon production in the 1980's. [New York Times]
- Israel's Minister for Religious Affairs was summoned by the police for questioning in an investigation into alleged kickbacks from ministerial appropri-tions to religious schools and bribery during municipal elections in Ramie. The Minister, Aharon Abuhazira, was the town's mayor. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 940.10 (-15.87, -1.66%)
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 25, 1980 | 955.97 | 128.72 | 49.51 |
| September 24, 1980 | 964.76 | 130.37 | 56.86 |
| September 23, 1980 | 962.03 | 129.43 | 64.39 |
| September 22, 1980 | 974.57 | 130.40 | 53.14 |
| September 19, 1980 | 963.74 | 129.25 | 53.74 |
| September 18, 1980 | 956.48 | 128.40 | 63.39 |
| September 17, 1980 | 961.26 | 128.87 | 63.99 |
| September 16, 1980 | 945.90 | 126.74 | 57.28 |
| September 15, 1980 | 937.63 | 125.67 | 44.63 |
| September 12, 1980 | 936.52 | 125.54 | 47.18 |