News stories from Tuesday March 2, 1976
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Senator Henry Jackson of Washington won the Massachusetts Democratic primary in a relatively light turnout. Gov. George Wallace of Alabama appeared to be leading Representative Morris Udall of Arizona for second place on the basis of incomplete returns, with the former Georgia Governor, Jimmy Carter, running fourth. Bunched far behind the leaders were Sargent Shriver, Senator Birch Bayh of Indiana and former Senator Fred Harris of Oklahoma. In the Republican contest, President Ford swamped former Gov, Ronald Reagan of California. In Vermont, Mr. Carter won the Democratic primary with about half the votes, running well in the small towns but losing Burlington to Mr. Shriver. Mr. Ford, who was alone on the Republican ballot, received some write-in challenges from Mr. Reagan. [New York Times]
- The House Ethics Committee requested $350,000 to pay for its investigation of the leaking of the Pike intelligence report and prepared to hire an outside staff of about 20, thus confirming that it would mount a detailed and long inquiry. Its chairman, Representative John Flynt, said it would not be aimed at any one person. [New York Times]
- The House Judiciary Committee, which approved a gun control bill by an 18-14 vote last week, sent the measure back to subcommittee for revisions. The 17-16 vote followed a weekend of heavy pro-gun lobbying. The move probably kills any chance for firearms control in this Congress. [New York Times]
- The Department of Justice dropped the civil antitrust lawsuits it brought in 1973 to break up the Goodyear and Firestone tire companies. It concluded that charges of an attempted illegal monopoly could not be proved, but it retained the right to reopen the case. [New York Times]
- The Supreme Court sent back to the Florida Supreme Court the appeal of Time magazine from a libel verdict obtained by Mary Alice Firestone for the magazine's alleged misreporting of the divorce decree entered by her husband. A 5-3 majority narrowed the grounds for reconsideration to failure of the Florida courts to establish "fault" by Time. The Supreme Court did not invoke the First Amendment protection it had previously given the press against libel suits brought by so-called "public figures." [New York Times]
- The New York state Labor Department reported that New York City's economy weakened considerably in January as unemployment rose from 11.5 to 12.2 percent, the highest level since World War II, and the number of jobs was the lowest for any January since 1950. A senior economist said these indications of a severely troubled local economy were a result of such seasonal factors as the post-Christmas decline in retail jobs on top of the job market's rapid decline in 1975. [New York Times]
- President Anwar Sadat of Egypt said at a news conference in Kuwait that he concluded "secret agreements" as part of the Sinai accord last September in which the United States pledged that Israel would not attack Syria and that every effort would be made to insure Palestinian participation in a Middle East settlement. Neither of these agreements was made public at subsequent congressional hearings. Secretary of State Henry Kissinger told a Senate committee on Oct. 7 that the administration had provided all that the United States regarded as "legally binding." [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 985.12 (+9.76, +1.00%)
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* |
| March 1, 1976 | 975.36 | 100.02 | 22.07 |
| February 27, 1976 | 972.61 | 99.71 | 26.94 |
| February 26, 1976 | 978.83 | 100.11 | 34.32 |
| February 25, 1976 | 994.57 | 101.69 | 34.68 |
| February 24, 1976 | 993.55 | 102.03 | 34.38 |
| February 23, 1976 | 985.28 | 101.61 | 31.46 |
| February 20, 1976 | 987.80 | 102.10 | 44.51 |
| February 19, 1976 | 975.76 | 101.41 | 39.21 |
| February 18, 1976 | 960.09 | 99.85 | 29.90 |
| February 17, 1976 | 950.57 | 99.05 | 25.46 |