News stories from Monday August 11, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The renomination of President Carter was guaranteed as his forces easily pushed their delegate-binding rule through the opening session of the Democratic National Convention and Senator Edward Kennedy ended his challenge for the nomination. Mr. Kennedy acknowledged his inevitable defeat in a telephone call to the President and a public statement that he would not let his name be placed in nomination. [New York Times]
- Senator Kennedy's sudden withdrawal from the race for the presidential nomination apparently surprised even close members of his family and his top staff. Since he arrived in New York last week, the Senator's tone had moderated and he had been talking increasingly about Democratic unity. [New York Times]
- Kennedy backers shouted "Oh, no!" as the Senator announced on television that he was a realist who, after a year as a challenger, said he no longer wanted his name placed in nomination for President despite his long, persistent quest. Some Kennedy partisans cried and others, dazed, just wandered away from his headquarters. [New York Times]
- A battle over economic issues between the Carter and Kennedy forces appeared to be in prospect despite Senator Kennedy's withdrawal from the presidential contest. Carter aides continued to seek harmony by offering to negotiate on remaining issues, particularly on how to combat recession and inflation at the same time. [New York Times]
- The Carter drive had an advantage over the Kennedy backers on the convention floor, with more "whips," telephones and a 6-to-1 margin in passes. The more than 200 Carter foot soldiers, equipped with walkie-talkies and electronic beepers, make up a sophisticated management network designed to keep the President's forces in control of all major decisions. [New York Times]
- A new financial plan for New York City was announced by Mayor Koch, and he used the opportunity of the opening of the Democratic National Convention to warn the Carter administration that it had "broken promises" on federal aid to the cities. Addressing the convention delegates as host Mayor, he made a direct appeal for Washington to do more for urban America. [New York Times]
- A counsel in the Billy Carter inquiry has been chosen. He is Philip Tone, a former federal judge who is now an attorney for a leading Chicago law firm. He said he would go to Washington at the end of the week to help prepare an outline on the scope of the investigation by a Senate panel on the dealings between the President's brother and Libya. [New York Times]
- The remnants of Hurricane Allen dealt Texas a parting blow with widespread flooding and then dissipated over Mexico. The storm did not cause the devastation that forecasters had expected, but parts of Texas suffered heavy damage and up to 16 inches of rain closed many roads. [New York Times]
- As the first Abscam trial opened a federal judge rejected a prosecution request to sequester the jury to avoid a risk of its being "affected by publicity." The bribery and conspirary trial in Brooklyn is the first of at least eight that are expected to result from a sweeping inquiry into suspected political corruption. [New York Times]
- A hard-line Iranian cabinet is expected to be chosen by Mohammed Rajai, a former mathematics teacher with little government experience, who was approved overwhelmingly by Parliament as the new Prime Minister. The Islamic clery-dominated party had pressed for weeks for the nomination of Mr. Rajai. [New York Times]
- A better nuclear deterrence policy is being pressed by President Carter in a plan to convince Moscow that Washington could wage an extended nuclear war, according to United States officials. They said the President had ordered improved procedures for protecting civilian and military leaders in the event of such a war, including plans for the speedy evacuation of key personnel from Washington to airborne and underground command posts. [New York Times]
- Edmund Muskie will get a briefing on nuclear war strategy in an effort to resolve a potentially divisive issue for the administration. Defense Secretary Harold Brown sent a representative to Maine, where Secretary of State Muskie was spending a long weekend, following Mr. Muskie's statements to reporters that the new policy had been approved by the White House without his even knowing it existed. [New York Times]
- Chile's junta moved to curb oppositon by critics over alleged violence by the security forces and corruption, including tax frauds, by setting a plebiscite for a new constitution on Sept. 11. The vote is designed to maintain the authoritarian rule of President Augusto Pinochet through the 1980's. Oppostion parties denounced the plan, saying it provided for no democratically elected legislature. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 964.08 (+9.39, +0.98%)
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* |
| August 8, 1980 | 954.69 | 123.51 | 58.86 |
| August 7, 1980 | 950.94 | 123.30 | 62.37 |
| August 6, 1980 | 938.23 | 121.55 | 45.02 |
| August 5, 1980 | 929.78 | 120.74 | 45.51 |
| August 4, 1980 | 931.06 | 120.98 | 41.57 |
| August 1, 1980 | 931.48 | 121.21 | 46.43 |
| July 31, 1980 | 935.32 | 121.67 | 54.60 |
| July 30, 1980 | 936.18 | 122.23 | 58.06 |
| July 29, 1980 | 931.91 | 122.40 | 44.84 |
| July 28, 1980 | 925.43 | 121.43 | 35.33 |