News stories from Friday November 21, 1980

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

More than 80 people died in a Las Vegas hotel fire and many more were injured. Just after dawn a fire swept from the kitchen through the casino of the 26-story MGM Grand Hotel, trapping 3,500 guests and employees on the upper floors. More than 1,000 people rushed to the roof. At least two persons leaped to their deaths. [New York Times] Ronald Reagan's cabinet choices will be made from a list of 70 names that he took with him on his return to California from Washington. The selection process is expected to begin this weekend in Los Angeles. [New York Times] Mayor Koch said it would be a disaster if the government adopted a proposal by advisers to President-elect Ronald Reagan that would bar federal grants to cities with rent control. He was confident that the government could be persuaded that New York City's rent laws were "reasonable." [New York Times] Dr. Herman Tarnower frantically tried to get help just before he was fatally shot last March in a struggle with Jean Harris, who is charged with his murder, the prosecutor said in an opening statement at the start of her trial in White Plains. [New York Times] The Senate quickly passed a military appropriations bill far larger than that requested by President Carter or voted by the House. The Senate voted, 73 to 1, to appropriate $161.1 billion for the military in the fiscal year that began Oct. 1. The measure now goes to conference to resolve differences with a $157.5 billion bill passed by the House. [New York Times] Iranian jets attacked a major dam and several villages in the mountainous Kurdish area of Iraq. Iranians have attacked Iraq's Kurdish areas repeatedly in recent weeks, apparently trying to create trouble for Iraq's President among the Kurds, who, like Kurds in Iran, are seeking autonomy. [New York Times] Jiang Qing said she was ill and unable to defend herself in court where she and the other members of the so-called Gang of Four, and six other former Chinese leaders are on trial .for allegedly persecuting Communist officials. Her request for a defense lawyer was turned down because under China's criminal code defendants must testify for themselves. [New York Times] The administration has deferred action on Poland's request for extensive economic aid and it is likely that the Reagan administration will have to take it up, the State Department said. The size of the request made it impossible for the Carter administration to consider it in its remaining weeks. A $150 million interim increase in credits to Poland, proposed by Secretary of State Edmund Muskie, has also apparently been shelved. [New York Times] A Polish Roman Catholic was named a Deputy Prime Minister, the first time that a politician openly affiliated with the church was given such a high position by the Communist government. The new deputy, Jerzy Ozdowski, will be in charge of family and social affairs. [New York Times] Advancing detente with the Soviet Union through practical and humanitarian steps was called for by the United States at the 35-nation East-West conference in Madrid. The Americans said that "some specific progress is surely possible" despite the Soviet intervention in Afghanistan. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 989.93 (-10.24, -1.02%)
S&P Composite: 139.11 (-1.29, -0.92%)
Arms Index: 1.23

	Issues	Volume*
Advances	508	13.94
Declines	1,101	37.17
Unchanged	345	4.84
Total Volume		55.95

* 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
Date	DJIA	S&P	Volume*
November 20, 1980	1000.17	140.40	60.17
November 19, 1980	991.04	139.06	69.24
November 18, 1980	997.95	139.70	70.38
November 17, 1980	986.26	137.75	50.30
November 14, 1980	986.35	137.15	71.63
November 13, 1980	982.42	136.49	69.33
November 12, 1980	964.93	134.59	58.51
November 11, 1980	944.03	131.26	41.52
November 10, 1980	933.79	129.48	35.72
November 7, 1980	932.42	129.18	40.06