News stories from Friday November 7, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The administration's response to Iran on the conditions for the release of the hostages was nearly ready to be sent to Teheran via Algerian diplomatic intermediaries, a State Department spokesman said. Officials cautioned that though the "point of decision-making" had been reached it did not mean that both sides had reached an agreement for the release of the Americans. [New York Times]
- A rise in producer prices last month of eight-tenths of 1 percent was equal to a 10.6 percent compounded annual rate, but much of the increase resulted from a change in computing the prices of new cars. October's increase followed a decline in September of two-tenths of 1 percent in the Producer Price Index that was also caused by the index's automobile change. The two months taken together indicate that prices are rising relatively modestly. [New York Times]
- The jobless rate hardly changed in October, indicating that the economy is still sluggish, the Bureau of Labor Statistics said. It rose to 7.6 percent from 7.5 percent in September, and women workers accounted for much of the increase. The heavy industry and construction categories, where layoffs were especially numerous in the worst of the recession, showed some improvement. [New York Times]
- President-elect Reagan has a plan to group his cabinet members in the Executive Office Building next to the White House. His aides said that bringing the 13 cabinet heads together in offices separate from their departments was regarded as a symbolic gesture to emphasize the importance that Mr. Reagan places on his cabinet. [New York Times]
- Spiro Agnew's defense in a civil trial is expected to be complicated by a co-defendant's out-of-court settlement. I. H. Hammerman agreed to repay the Maryland treasury the $30,000 that he had admitting taking as his share of kickbacks paid to him, Mr. Agnew and Jerome B. Wolff. Mr. Hammerman and Mr. Wolff were major figures in the bribery scandal that brought about Mr. Agnew's resignation as Vice President in 1973. [New York Times]
- The worst record among autos for medical claims in accidents continues to be held by imported subcompacts, according to a report by the insurance industry. The list of the 25 autos with the best safety records was dominated by American-made intermediates, especially four-door models and station wagons, according to the Highway Loss Institute, which analyzes claims data from insurance companies. [New York Times]
- A big pay rise for federal judges has been recommended by bar association leaders and the administrative office of the federal judiciary. Their salaries would be increased from $54,500 to $90,000 or up. Making up for inflation was one of the factors in the recommendation, and "bitter discontent" was another. [New York Times]
- Steve McQueen died of a heart attack in a hospital in Juarez, Mexico, following surgery for removal of a cancerous tumor. His movie portrayals of a tough, macho loner made him one of the most celebrated and highest-paid stars of the 60's and 70's. He was 50 years old and had been undergoing a controversial treatment of the cancer. [New York Times]
- A prime candidate for a deputy mayor at City Hall turned out to be in line for a top post in the Reagan administration, stymying Mayor Koch's search for a deputy in charge of economic development and policy for the second time in four months. The man who instead may go to Washington is Lewis Lehrman, chairman of the executive committee of the Rite Aid drugstore chain. [New York Times]
- Poland's party leader warned the new independent trade union that the right to strike was being abused. In words similar to those of his predecessor, Edward Gierek, the new party chief, Stanislaw Kania, also warned against sowing discontent and attacking Communism. He said that attempts to turn Poland from Communism could bring outside intervention. [New York Times]
- Israel wants a nuclear treaty to bar atomic weapons from the Middle East and plans to introduce its own proposal for this on Tuesday at the United Nations, its diplomats said in New York. Emphasizing its change in policy, Israel will support an Egyptian proposal to keep nuclear arms out of the Middle East. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 932.42 (-2.99, -0.32%)
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* |
| November 6, 1980 | 935.41 | 128.91 | 48.89 |
| November 5, 1980 | 953.16 | 131.33 | 84.29 |
| November 3, 1980 | 937.20 | 129.04 | 36.62 |
| October 31, 1980 | 924.29 | 127.47 | 40.11 |
| October 30, 1980 | 917.75 | 126.29 | 39.06 |
| October 29, 1980 | 929.18 | 127.91 | 37.20 |
| October 28, 1980 | 932.59 | 128.05 | 40.30 |
| October 27, 1980 | 931.74 | 127.88 | 34.44 |
| October 24, 1980 | 943.60 | 129.85 | 41.03 |
| October 23, 1980 | 939.51 | 129.53 | 49.19 |