News stories from Friday June 1, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The Pope arrives in Poland tomorrow for his first visit to his native land as the leader of the Roman Catholic Church -- a visit that is expected to have an immense impact on Eastern Europe. The nine-day trip to eight cities, the first by a Pope to a Communist country, is expected to touch off an intense emotional reaction. [New York Times]
- President Carter castigated Mobil Oil Corporation for opposing phased decontrol of domestic oil prices, calling the concern "perhaps the most irresponsible company in America." The President made the remarks during a meeting with environmentalists and consumer groups. Mr. Carter said Mobil had opposed decontrol because it opposed his windfall profits tax. [New York Times]
- Replace the Secretary of Energy, James Schlesinger. That advice has been offered to President Carter by senior members of his staff, who regard Mr. Schlesinger as a political liability even though they admit he is not at fault, according to administration officials. The officials said that President Carter had not agreed to Mr. Schlesinger's removal. [New York Times]
- Motorists rushed for gasoline when the new month's supply for the New York-New Jersey-Connecticut area went on sale today, and by midday many stations had already sold their daily allotments and closed their pumps. Gasoline retailers associations warned that only 40 percent of the region's service stations would be open tomorrow, and even fewer would open on Sunday. Meanwhile, Sun Oil Company joined the growing list of major gasoline producers announcing a further cut in allocations to dealers. [New York Times]
- No rise in unemployment was reported for last month, and that means the recent slowdown of the nation's economic growth has still not caused any appreciable loss of jobs. The White House said the May figures were "encouraging," and that the data supported its view that economic growth is slowing, but a recession can be avoided. [New York Times]
- Boston is a segregated city, uniquely troubled by race. The city has a liberal, progressive reputation, but blacks are largely absent from its downtown streets, they complain of feeling unwelcome at tourist attractions, restaurants and nightclubs, and they must often plot their routes to and from work with caution. [New York Times]
- Problems with 68 DC-10's turned up after stiff inspections of the country's 138 jetliners, the Federal Aviation Administration said. The F.A.A., revising previous figures upward, said almost half the DC-10's had flaws ranging "from serious to minor," and that 20 of the jumbo jets were still out of service. [New York Times]
- The Three Mile Island plant was exempt from a set of federal rules designed to prevent radiation leakage during reactor accidents, Nuclear Regulatory Commission officials said. The officials told the commission investigating the accident at the Pennsylvania plant that because the plant was constructed before the rules were drawn, the rules did not apply. [New York Times]
- West Point is changing as it re-evaluates and updates itself. To bring the school in line with most other colleges, the United States Military Academy is even changing the date of its traditional June Week, the graduation week and the reunion period for former cadets. But the old soldiers who returned for this June Week have still found the Point they remember. [New York Times]
- Heavy fighting in Nicaragua has been reported as the country's powerful guerrilla movement opens an offensive to overthrow the government of General Anastasio Somoza. The guerrillas of the Sandinist National Liberation Front have also called for a national strike. [New York Times]
- Spain said it will join NATO but did not say when. The Spanish Foreign Minister told Secretary of State Cyrus Vance that there has been no change in the country's desire to join the North Atlantic Treaty Organization, but during a full day of talks in Madrid, no date was set for the move. [New York Times]
- Four Soviet authors threatened to leave the official Union of Soviet Writers unless two younger colleagues suspended for their part in a challenge to censorship are reinstated, according to one of the four. The resignations, which now seem inevitable, would be a major event in a literary controversy that began last January. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 821.21 (-1.12, -0.14%)
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* |
| May 31, 1979 | 822.33 | 99.08 | 30.31 |
| May 30, 1979 | 822.16 | 99.11 | 29.25 |
| May 29, 1979 | 832.55 | 100.05 | 27.04 |
| May 25, 1979 | 836.28 | 100.22 | 27.77 |
| May 24, 1979 | 837.66 | 99.93 | 25.70 |
| May 23, 1979 | 837.40 | 99.89 | 30.39 |
| May 22, 1979 | 845.37 | 100.51 | 30.31 |
| May 21, 1979 | 842.43 | 100.14 | 25.55 |
| May 18, 1979 | 841.91 | 99.93 | 26.59 |
| May 17, 1979 | 842.95 | 99.94 | 30.55 |