News stories from Wednesday December 3, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Washington is trying to convince Iran that President Carter cannot legally carry out every aspect of Teheran's demands for the release of the American hostages but will go as far as it believes possible in meeting them, Secretary of State Muskie said. [New York Times]
- Potential conflicts of interest on the part of many members of President-elect Reagan's transition teams have been cited by Carter administration officials. Many of the panel members work for law firms and companies that do business with the agencies under review. They can gain access to information important to their employers that would otherwise not be available and some have reportedly sought information on pending decisions. [New York Times]
- A diminishing stress on human rights was reflected in a report prepared by President-elect Ronald Reagan's transition team at the State Department. The report proposed basic changes designed to reduce the influence of rights proponents and "social reformers" in the bureau that deals mainly with Latin America. [New York Times]
- Two Congressmen were convicted at the latest trial arising from the Abscam investigation into political corruption. Representative Frank Thompson of Trenton was found guilty of bribery and conspiracy and Representative John Murphy of Staten Island was found guilty of conspiracy, conflict of interest and receiving an unlawful gratuity. [New York Times]
- Hamilton Jordan reflected candidly on the shortcomings of the Carter campaign. In an interview, the controversial adviser to the President said that the administration should have articulated its priorities to the public more clearly and been more attentive to members of Congress. [New York Times]
- States with many illegal aliens won a victory in the House. By a vote of 208 to 164, the chamber reversed a previous stand and supported the use of the 1980 census as the basis for congressional reapportionment even though illegal aliens had been counted. [New York Times]
- A key waste cleanup bill was passed in the House by a vote of 274 to 94. Ending a long legislative struggle, the Representatives accepted a Senate-approved measure to establish a $1.6 billion fund to enable the government to clean up toxic waste dumps and chemical spills. The bill is set for signature by President Carter, who personally lobbied for it Wednesday. [New York Times]
- Many urban programs may be saved from elimination or drastic shrinkage under the Reagan administration, according to many mayors. They expect some deep cuts in federal aid to the cities, but they say that many programs fit the conservative Republican philosophy of business-oriented revitalization efforts. [New York Times]
- A fugitive radical leader surrendered in Chicago. Bernardine Dohrn, the reputed leader of the Weather Underground, went into hiding 10 years ago after being indicted on charges involving antiwar demonstrations in 1969. At a news conference, she and William Ayers, a radical leader with whom she has lived in Manhattan, renewed their revolutionary attacks against the Establishment. [New York Times]
- Jordan rejected Syria's conditions for withdrawing troops from their common frontier. Amman said that King Hussein had repeatedly given the Syrians the assurances they were again demanding. [New York Times]
- The plight of the 250,000 made homeless by the Nov. 23 earthquake in southern Italy has worsened, and a four-day effort to persuade the survivors living in makeshift shelters to be transported to luxury hotels on the Mediterranean coast has failed. The plodding and confused rescue operation has deepened the distrust of the government by most of the survivors. [New York Times]
- Poland's leaders warned the people that continuing labor unrest was leading the country "to the brink of economic and moral destruction." The dramatic warning highlighted a mood of rising crisis and coincided with the threat of a military crackdown. The Polish press agency said that military leaders had conferred on the "tasks" facing them "under the circumstances."
A major buildup of Soviet forces along Poland's frontier was cited by President Carter as a subject of "growing concern." A White House official qualified the concern by saying there was no evidence that Moscow had decided on military intervention because of the crisis in Poland, but officials also said that such intervention was viewed as a possibility.
[New York Times] - Jiang Qing confessed when confronted with major evidence at her trial in Peking. In a dramatic reversal of her earlier pleas of innocence, Miss Qing, who is the widow of Mao Tse-tung, said she had personally directed a group that persecuted China's former head of state, Liu Shaoqi, and his wife during the Cultural Revolution. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 972.27 (-2.13, -0.22%)
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* |
| December 2, 1980 | 974.40 | 136.97 | 52.35 |
| December 1, 1980 | 969.45 | 137.21 | 48.17 |
| November 28, 1980 | 993.34 | 140.52 | 34.27 |
| November 26, 1980 | 989.68 | 140.17 | 55.34 |
| November 25, 1980 | 982.68 | 139.33 | 55.83 |
| November 24, 1980 | 978.75 | 138.31 | 51.13 |
| November 21, 1980 | 989.93 | 139.11 | 55.93 |
| 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 |