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Wednesday October 29, 1980
. . . where the 1970s live forever!

News stories from Wednesday October 29, 1980

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

  • New American overtures to Iran were confirmed by administration officials. They said that Washington had informed Teheran publicly and privately of its readiness to make available to Iran at least $220 million worth of military equipment once the American hostages are released. The officials said that Iran theoretically had legal title to the spare parts and other materiel bought by the regime of the late Shah.

    The fate of the 52 American hostages is to be debated publicly tomorrow in the Iranian Parliament. Some Parliament sources suggested that a vote on the conditions for the release of the captives might take place then, but others said that the debate might require further sessions. [New York Times]

  • An apparent easing in the fighting between Iran and Iraq was suggested by various reports from both combatants. Iraqi planes and artillery pounded the beseiged Iranian city of Abadan, and Baghdad said some of its troops had advanced closer to the oil refinery center, but Iran said the defenders had repulsed the Iraqi advance. [New York Times]
  • Intensive homestretch campaigning was pressed by President Carter and Ronald Reagan as each claimed new confidence from his showing in Tuesday's televised presidential debate. Initial surveys rated their performance close to even or gave a modest edge to Mr. Reagan. A poll of 1,062 viewers by the Associated Press found that each candidate had picked up about 6 percentage points of support. [New York Times]
  • The President showed new confidence as he campaigned in four cities. Mr. Carter denounced as "an extremely dangerous approach" Ronald Reagan's statement that the United States should not try to use its influence to block the spread of nuclear weapons abroad. [New York Times]
  • Mr. Reagan campaigned cautiously across Texas, a critical presidential battleground. Stressing the economy as the main issue in the last days of the campaign, Mr. Reagan attributed the inflation and unemployment rates to President Carter's "lack of competence," "instability" in performing his duties and to "his insensitivity to the economic suffering of millions of Americans." [New York Times]
  • The second largest budget deficit in the government's history was reported by the administration, which said that the deficit in the fiscal year 1980 totaled $59 billion. A deficit of $29 billion was projected in January 1979 when President Carter submitted the budget for the year ending Sept. 30. A record deficit of $66.4 billion occurred in the fiscal year 1976 under President Ford. [New York Times]
  • Morris Udall faces a major challenge on Election Day. The prospects of the Representative, who has served in the House for 10 terms, are threatened by a sharp influx of mostly conservative retirees into his district in Arizona. His Republican challenger holds the liberal Democrat responsible for every government action taken in the last 20 years. [New York Times]
  • Richard Nixon appeared in court for the first time since he resigned as President in 1974. Mr. Nixon testified that he had approved a proposal allowing F.B.I. agents to enter and search residences without search warrants in 1970, but added that he had revoked his approval four days after giving it. The 67-year-old former President testified for 45 minutes at the trial of two former F.B.I. officials. [New York Times]
  • An American pleaded guilty to spying for the Soviet Union. David Barnett, a former agent with the C.I.A., acknowledged in federal court in Baltimore that he had sold United States intelligence secrets to Moscow. The Justice Department said that Mr. Barnett had described "numerous" C.I.A. operations to Soviet officials and had exposed the identities of 30 covert C.I.A. agents. [New York Times]
  • Serious flooding in Washington state in the next year may result from silting caused by fallout from the eruption of Mount St. Helens, according to data developed by federal officials. They said that up to 40,000 people may have to be evacuated. [New York Times]
  • A major leak at a nuclear plant in Buchanan, N.Y., was attributed by officials of Consolidated Edison to cooling system plumbing that had probably been corroded by brackish Hudson River water. A top officer of the utility emphasized that there was no danger of radiation. The plant, called Indian Point 2, may be shut down for several months to permit further tests and repairs. [New York Times]
  • A new explanation for obesity was suggested by researchers. They said they had found a new biochemical abnormality in humans that might explain why some obese people have difficulty in controlling their weight. A co-author of the study said that it had provided the first evidence "that obese people have a primary biochemical defect not caused by overeating or excess weight." [New York Times]
  • Strict new guidelines for priests who seek dispensation from their vows were made public by Pope John Paul II. The new directive stated that a practice of granting dispensations "almost automatically" would be ended. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 929.18 (-3.41, -0.37%)
S&P Composite: 127.91 (-0.14, -0.11%)
Arms Index: 0.88

Total Volume37.20
* 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
October 28, 1980932.59128.0540.30
October 27, 1980931.74127.8834.44
October 24, 1980943.60129.8541.03
October 23, 1980939.51129.5349.19
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

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