News stories from Monday June 29, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A vow that Iran's revolution will go on was made by Ayatollah Khomeini as he named a new Chief Justice to replace Ayatollah Mohammed Beheshti, who was among 72 public figures killed by a bomb explosion Sunday night. No clue was reported as to who was responsible for the explosion.
Washington had "no involvement" in the bombing in Teheran that killed 72 people, Secretary of State Alexander Haig declared. State Department officials expressed concern that Iran might be moving toward another period of major disorders that could invite Soviet interference.
[New York Times] - The President deplored "handouts" by the government in a speech in Denver before the N.A.A.C.P. Asserting that federal programs of the last 20 years had created "a new type of bondage" for those dependent on them, Mr. Reagan appealed to members of the civil rights organization to join his "coalition for change" and let business and industry achieve "economic emancipation" of blacks and the poor.
The reception accorded the President at the N.A.A.C.P. convention was polite but cool. Mr. Reagan received only brief smatterings of applause from the audience of more than 5,000 people, and some delegates did not stand as he entered and left the meeting.
[New York Times] - The impact of budget cuts approved by the House last Friday would bring about a $1.1 billion reduction in welfare benefits that will largely affect small children and working mothers, according to congressional analysts and welfare specialists. They said that aid would be halted or reduced for nearly 660,000 households. [New York Times]
- The resignation of Fred Silverman as president of NBC will be announced tomorrow, according to high-ranking sources at the network. In his four-year tenure, NBC's audience ratings and profits have dropped sharply. Grant Tinker, the president of MTM Productions, is expected to be named as Mr. Silverman's successor. [New York Times]
- An American accused of espionage had begun to cooperate with federal agents before he and a young Polish national were arrested Sunday, the F.B.I. disclosed. The alleged plot, involving covert payments in gold, furtive flights abroad and clandestine meetings established with a code phrase, was outlined at the arraignment of the two men. [New York Times]
- Family misuse of military pay has led to several suits by former prisoners of war. The Court of Claims has upheld the contention of a much-decorated colonel seeking recovery of $147,184 that the Air Force paid his wife during his seven and a half years as a prisoner in Vietnam. The court ruled that the wife "dissipated" his money without hindrance by the Air Force. [New York Times]
- Broad power to revoke passports on security grounds is held by the executive branch of the government, the Supreme Court ruled. By a 7-to-2 decision, the Justices upheld the State Department's revocation of the passport of Philip Agee, a former C.I.A. officer. He has vowed to expose the agency's global operations. [New York Times]
- A workplace health rule stays in effect. The Supreme Court let stand strict federal controls on permissible exposure to lead, rejecting challenges by dozens of major industries and the Reagan administration. [New York Times]
- An American-Egyptian nuclear accord that will allow Cairo to buy two large atomic reactors and fuel to generate electricity was signed in Washington. The agreement contains two provisions that State Department officials said were designed to prevent Egypt's possible use of the material and technology for military objectives. [New York Times]
- A leadership shift in China increased the power of Deng Xiaoping, Peking's strongest leader. Hu Yaobang, a close associate of Mr. Deng, was named chairman of the Communist Party, replacing Hua Guofeng. Party leaders declared that Mr. Hua, who rose to power five years ago as the personally chosen successor of Mao Tse-tung, was unfit to remain chairman because of "leftist errors." [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 984.59 (-8.28, -0.83%)
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* |
| June 26, 1981 | 992.87 | 132.56 | 39.24 |
| June 25, 1981 | 996.77 | 132.81 | 43.91 |
| June 24, 1981 | 999.33 | 132.66 | 46.65 |
| June 23, 1981 | 1006.66 | 133.35 | 51.84 |
| June 22, 1981 | 994.20 | 131.95 | 41.79 |
| June 19, 1981 | 996.19 | 132.27 | 46.42 |
| June 18, 1981 | 995.15 | 131.64 | 48.40 |
| June 17, 1981 | 1006.56 | 133.32 | 55.47 |
| June 16, 1981 | 1003.33 | 132.15 | 57.77 |
| June 15, 1981 | 1011.99 | 133.61 | 63.34 |