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Thursday October 23, 1980
. . . where the 1970s live forever!

News stories from Thursday October 23, 1980


Summaries of the stories the major media outlets considered to be of particular importance on this date:

  • A worsening situation for Iran in its war with Iraq was suggested by broadcasts from Teheran. Heavy fighting was reported in the Iranian oil-producing province of Khuzistan as Iraqi forces sought to tighten further their siege of two key cities and to advance to two others. Iran reportedly made repeated air attacks against several Iraqi positions. [New York Times]
  • No speedy end of the hostage crisis is expected by United States officials despite encouraging statements this week from Iranian leaders. Officials said that the administration would consider meeting any formal conditions, including a possible Iranian request to obtain $400 million in military hardware and spare parts that the late Shah paid for and that are now stored in the United States. [New York Times]
  • Aleksei Kosygin resigned after 16 years as the Soviet Prime Minister, citing poor health, and was succeeded by his First Deputy, Nikolai Tikhonov, a 75-year-old economic manager. Mr. Tikhonov has been carrying out most of Mr. Kosygin's duties since he suffered a heart attack a year ago. [New York Times]
  • The race in Michigan is so close that it will be decided by voters who make up their minds between now and the presidential election, according to both the Carter and Reagan strategists. They also said that the outcome could be decided by such factors as the sensitivities of black leaders and the behavior of ticket-splitting Republicans. [New York Times]
  • Little change in the campaign images of President Carter and Ronald Reagan are perceived by voters despite $15 million worth of television commercials and dozens of speeches, according to a New York Times/CBS News Poll. Mr. Carter is still viewed as much better in understanding the problems of the presidency, for example, but worse on vision about the nation's future. Mr. Reagan is regarded as more likely to speak carelessly, but much more likely to offer strong leadership. [New York Times]
  • The presidential debate next Tuesday is regarded by both sides as the potentially decisive event of the campaign. Ronald Reagan has said he views the debate as a chance to press President Carter on his record, especially on the economy. The President regards the confrontation as a chance to demonstrate his expertise and to attack Mr. Reagan's specific positions. [New York Times]
  • Attacks on the President's competence were pressed by Mr. Reagan in an extended campaign swing through the South. He is seeking to make Mr. Carter's ability the central issue in the final days of the campaign. [New York Times]
  • Concern about war and peace is influencing many voters. Polls and interviews show that President Carter has scored substantially with his repeated intimations that Mr. Reagan is overly bellicose. At the same time, Mr. Reagan's charge that the President's foreign policies have weakened the nation and lost it respect overseas has also had an impact. [New York Times]
  • Libya is challenging American forces in the Mediterranean Sea and the sky above it in a military test of nerves that has accelerated steadily since last summer. United States Air Force craft have been intercepted by Libyan jets, which have flown within 200 yards of the American craft. [New York Times]
  • A death penalty was upheld by the California Supreme Court in a case of a man convicted of two murders. The 4-3 decision could lead to a resumption of executions in the gas chamber at San Quentin Prison, where 42 other men wait on death row while the court considers their appeals. [New York Times]
  • A threat to the water supply of cities east of San Francisco and the future of one of California's most fertile farm areas was posed by a rail accident. An embankment crossing a major river delta gave way under a 44-car freight train, resulting in the flooding of 6,000 acres of vegetables. [New York Times]
  • The Vatican's ban on abortion and artificial birth control will be reaffirmed by the world synod of Roman Catholic bishops, the Vatican announced. The 216 prelates will end a month-long meeting in Rome on Saturday. [New York Times]
  • A school tragedy in Spain took the lives of at least 64 people, nearly all of them children, and injured more than 100, according to official figures. A powerful explosion destroyed an elementary school in a town near Bilboa. The disaster was attributed by officials to the explosion of a propane gas tank or a basement boiler. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 939.51 (-15.61, -1.63%)
S&P Composite: 129.53 (-2.39, -1.81%)
Arms Index: 1.51

IssuesVolume*
Advances3807.75
Declines1,18136.38
Unchanged3635.07
Total Volume49.20
* in millions of shares

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
DateDJIAS&PVolume*
October 22, 1980955.12131.9243.06
October 21, 1980954.44131.8451.30
October 20, 1980960.84132.6140.91
October 17, 1980956.14131.5243.96
October 16, 1980958.70132.2265.45
October 15, 1980972.44133.7048.28
October 14, 1980962.20132.0248.79
October 13, 1980959.90132.0331.41
October 10, 1980950.68130.2944.03
October 9, 1980958.96131.0443.98


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