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Monday December 15, 1980
. . . where the 1970s live forever!

News stories from Monday December 15, 1980

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

  • Saudi oil prices were raised by $2 a barrel, to the $32 base price for crude charged by the other members of the exporting cartel, in the expressed hope of unifying OPEC's pricing structure. But an analyst suggested that the move by Saudi Arabia would provide a basis for a general price increase by the cartel. [New York Times]
  • The naming of Alexander Haig to be Secretary of State and James Watt, a conservative Wyoming lawyer, to be Secretary of the Interior is planned by President-elect Ronald Reagan, according to transition sources. They said that some advisers wanted to delay the next announcement of cabinet appointments to enable Mr. Reagan to include at least one black or a woman. [New York Times]
  • An alleged theft of oil from Indians on central Wyoming's large Wind River Reservation is expected to be considered by a federal grand jury this week. Published reports indicate that up to $3 billion in crude oil has been stolen in the last 20 years from at least seven Western states, including the Wyoming reservation. [New York Times]
  • Mr. Reagan was elected President in the 49th meeting of the electoral college. At meetings around the country, there were no "faithless electors" deserting the candidate who carried their states on Nov. 4. Mr. Reagan and Vice President-elect George Bush received 489 votes to 49 for Jimmy Carter and Walter Mondale. [New York Times]
  • The most lucrative sports contract in history was signed by Dave Winfield. The 29-year-old outfielder will receive a projected $25 million under a 10-year pact with the New York Yankees. Executives of other teams said that the contract provided for a cost of living increase up to 10 percent. [New York Times]
  • Two ex-F.B.I. officials must pay fines arising from their convictions for authorizing a series of illegal break-ins in the early 1970's. Mark Felt, who must pay $5,000, said he was "relieved" by the sentence. Edward Miller, who was sentenced to pay $3,500, said he was "quite pleased" that he would not go to prison. [New York Times]
  • Congress may rescind pay increases promised to federal judges, the Supreme Court ruled, but a raise is irreversible once it has taken effect. The 8-to-0 decision raised the judges' salaries by about 12 percent, but it marked a significant legal setback for the judges and a victory for the Carter administration, which had fought automatic annual raises. [New York Times]
  • Surprising findings in dental research emerged from new studies. Among them is a preliminary result suggesting that cheddar cheese may inhibit the development of cavities. [New York Times]
  • A memorial to Polish workers who died in anti-government riots 10 years ago is to be unveiled tomorrow in Gdansk. Organizers said that several hundred thousand people were expected to attend the ceremony. For a decade, the riots went unmentioned in Poland's media, but a recent article said that the disturbances left 45 people dead and 1,165 wounded. [New York Times]
  • Soviet restraint on Poland has been suggested by Moscow. The press cited with approval speeches by Communist Party leaders in Poland and Hungary describing the labor turmoil as constituting no threat to the Soviet Union, and a top Soviet official said in an interview that the Poles were able to solve their own problems. [New York Times]
  • A tough Soviet stand on arms talks has been indicated by Soviet disarmament specialists. They told a group of Americans that Moscow may not be willing to discuss any new American negotiating initiative that differed substantially from the 1979 pact that has not been acted on by the Senate. [New York Times]
  • The gravest political crisis in China since the death of Mao Tse-tung in 1976 appeared to be occurring. Even the government's official spokesman said he did not know whether the Communist Party Chairman, Hua Guofeng, had resigned or would resign, and there were persistent rumors that he had been placed under custody. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 911.60 (-5.55, -0.61%)
S&P Composite: 129.45 (+0.22, +0.17%)
Arms Index: 1.09

Total Volume39.70
* 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
December 12, 1980917.15129.2339.53
December 11, 1980908.45127.3660.24
December 10, 1980916.21128.2649.31
December 9, 1980934.04130.4853.22
December 8, 1980933.70130.6153.60
December 5, 1980956.23134.0351.99
December 4, 1980970.48136.4851.17
December 3, 1980972.27136.7143.44
December 2, 1980974.40136.9752.35
December 1, 1980969.45137.2148.17

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