News stories from Friday October 3, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The tough opposition of Iranian forces is leading the Iraqi army to expect that the war between the two nations could become a protracted and costly war of attrition. According to Iraqi officers and soldiers, the zealous revolutionary guards of Ayatollah Khomeini have maintained a tenacious fight for Khorramshahr, a port city that Iraq claimed to have captured a week ago.
Diplomatic pressure was exerted by the United States and Great Britain last weekend to avert a widening of the conflict in the Persian Gulf after intelligence sources revealed that Iraq planned to launch air and helicopter attacks against Iran from Oman. Why the attacks did not actually take place is uncertain.
[New York Times] - The Producer Price Index declined in September for the first time in four and a half years, the government reported. The index measures the price of goods ready to be sold to retailers. The price drop was centered on motor vehicles, food and energy. In a restrained statement, the White House said that the inflation trend was downward. [New York Times]
- Unemployment dipped to 7.5 percent last month, down from 7.6 percent in August, the Labor Department reported. That is the lowest rate of unemployment since April, when it stood at 7 percent. In what was the last report before the Nov. 4 elections, the department reported that nearly 200,000 workers found jobs in September. The most significant gains were among women and teenagers. [New York Times]
- Efforts to hold down the money supply may have caused interest rates to rise and anticipate too much, according to Paul Volcker, the chairman of the Federal Reserve Board. His remarks came a day after President Carter criticized the central bank's handling of monetary policy and Treasury Secretary William Miller indicated his concern over increases in interest rates. [New York Times]
- A Congressman pleaded not guilty to a charge of sex solicitation involving a teenage boy and agreed to complete an alcoholism rehabilitation program. The prosecution has agreed to drop the charge against Representative Robert Bauman when he completes the program, his attorney said. Mr. Bauman, a leading conservative, is seeking re-election to a fourth term. [New York Times]
- President Carter appeared in Virginia, signing a group of education bills and boasting of his record in increasing school aid. The bills authorize an expenditure of $48 billion over five years for student loans and grants and an expansion of elementary and secondary education programs. [New York Times]
- George Bush issued a strong attack against President Carter, calling him a "small, mean-minded" politician in a speech in St. Louis. The Republican candidate for Vice President also charged that President Carter had undermined Israel's security by condoning activities that encouraged terrorism. [New York Times]
- Mr. Reagan spoke to evangelicals, condemning the "expulsion of God from the classroom," and in another appearance he assailed Mr. Carter's refusal to allow a White House aide to testify about disclosures on the Stealth bomber. He tempered these comments by affirming his commitment to a separation of church and state and refusing to say what action he would have taken on the bomber controversy. [New York Times]
- The Census Bureau moved to appeal a decision by a Federal District judge in Detroit that invalidated the 1980 census last week on the ground that it did not properly count blacks and Hispanic Americans. The director of the bureau asked the Justice Department to process an appeal. The Office of the Solicitor General will now decide whether to do so. [New York Times]
- A one-hour strike was staged In Poland, an act without precedent in Eastern Europe since World War II. The nationwide strike, called by the independent trade unions that were formed four and a half weeks ago, involved hundreds of thousands of workers. [New York Times]
- A terrorist bomb exploded in Paris, killing four people and injuring 12 others. The bomb, containing about 30 pounds of explosives, was placed in front of a Jewish temple and detonated as 300 worshipers attended evening services. The identities of the victims were not immediately known. This was the most serious act of anti-Jewish violence in a wave of attacks over the last few weeks. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 950.68 (+8.44, +0.90%)
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* |
| October 2, 1980 | 942.24 | 128.09 | 46.16 |
| October 1, 1980 | 939.42 | 127.13 | 48.71 |
| September 30, 1980 | 932.42 | 125.46 | 40.29 |
| September 29, 1980 | 921.93 | 123.54 | 46.40 |
| September 26, 1980 | 940.10 | 126.35 | 49.43 |
| 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 |