News stories from Wednesday December 5, 1979

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

New diplomatic steps for the release of the 50 American hostages in Teheran and planning for economic sanctions against Iran if diplomacy fails have been decided on by President Carter. A group of ranking Treasury and State Department officials left for Europe to coordinate policies with allies and to discuss economic moves that might be taken against Iran. [New York Times] The Soviet Union is backing Iran in the crisis over American hostages in Teheran even though it recognizes that they are being held in violation of international law, Pravda, the Communist Party newspaper, said. [New York Times] A religious split in Iran was threatened. A crowd angered by his opposition to the new Islamic constitution marched on the home of Ayatollah Kazem Shariat-Madari, and, according to his office, at least one person was killed. He was regarded as the senior religious figure in Iran until the return of Ayatollah Khomeini. [New York Times] Iran's oil industry has been afflicted by continuing unrest and work stoppages as a result of the Islamic revolution, throwing into question whether the national oil company has more than tenuous control over its operations. Even at a deliberately reduced production rate of 3.5 million barrels a day, Iran is the world's second largest oil exporter, behind only Saudi Arabia. [New York Times] Boeing strengthened its dominance of the commercial aircraft market as Trans World Airlines announced that it would buy 10 Boeing 767 airliners, which are to start going into service in the early 1980's. The jets will cost the airline $500 million. Similar commitments have been made by United, American and Delta. [New York Times] The House rebuffed civil rights groups as it dealt another setback to a bill that would make the birthday of the Rev. Dr. Martin Luther King Jr. a national holiday. Republicans and Southerners joined in support of a key amendment that provided that the slain civil rights leader's birthday be celebrated on a Sunday, and that no holiday pay or premium be awarded to federal employees working on that day. [New York Times] A Mormon was excommunicated by the church for her advocacy of the proposed equal rights amendment. Sonia Johnson of Sterling, Va., a fifth-generation Mormon, said she would "not recant of my support of E.R.A." and would appeal her excommunication to a church court. [New York Times] A smoking dispute grounded a jetliner. A non-smoker had been seated in the smoking section of a filled Washington-to-New York shuttle flight. He demanded that his area be made non-smoking, and it was, but passengers in nearby seats apparently were not informed and they lit up. The dispute widened to what was termed "an insurrection" between smokers and non-smokers. [New York Times] Edward Kennedy responded to denunciations of his criticism of the deposed Shah of Iran, saying that any decision to grant him permanent asylum in the United States should be subject to a full public debate. [New York Times] Transporting American military power to land in troubled areas in the third world in the 1980's will primarily involve the dispatching of Marine Corps units by sea and Army units by air, according to a decision by Defense Secretary Harold Brown. Pentagon officials said the administration planned to spend $9 billion over the next five years for the projected force. [New York Times] A $550 million municipal aid bill that is likely to provide up to $50 million for New York City passed a major hurdle as it was approved in a House committee by a 27 to 12 vote. After expected approval by the full House and reconciliation with a similar bill already passed by the Senate, the measure would go to President Carter, who has expressed support for it. [New York Times] Hecklers disrupted Rosalynn Carter and Vice President Mondale in a Harlem church as they tried to speak over such shouts as "Send back the Shah!" The President's wife and Mr. Mondale later attended a $1,000-a-plate campaign fundraising dinner at a midtown Manhattan hotel. [New York Times] The prospect of peace in Rhodesia was raised by a tentative accord in London on a cease-fire after 14 years of conflict. Britain announced that guerrilla leaders had accepted the broad outlines of its proposals in the final major phase of 13 weeks of negotiations and that final details should be worked out in a few days. [New York Times] The Mayor of Nablus was freed from prison by Israel, which reversed a decision to deport him. The Mayor returned to his hometown on the occupied West Bank, where hundreds of supporters hailed him and shouted Palestinian nationalist slogans. [New York Times] Ireland's Prime Minister is resigning. The strong favorite to succeed John Lynch is Health Minister Charles Haughey. Unlike the Prime Minister, who has muted his party's traditional demand for Irish unification, Mr. Haughey is an outspoken republican feared by Ulster Protestants. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 828.41 (+3.50, +0.42%)
S&P Composite: 107.25 (+0.46, +0.43%)
Arms Index: 0.80

	Issues	Volume*
Advances	965	23.24
Declines	557	10.73
Unchanged	416	5.33
Total Volume		39.30

* 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*
December 4, 1979	824.91	106.79	33.53
December 3, 1979	819.62	105.83	29.03
November 30, 1979	822.35	106.16	30.48
November 29, 1979	831.74	106.81	33.56
November 28, 1979	830.46	106.77	39.69
November 27, 1979	825.85	106.38	45.14
November 26, 1979	828.75	106.80	47.94
November 23, 1979	811.77	104.67	23.30
November 21, 1979	807.42	103.89	37.02
November 20, 1979	809.22	103.69	35.01