News stories from Thursday November 20, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Efforts to resolve the hostage crisis were apparently reflected in an informal exchange of signals from Teheran and Washington. The United States confirmed it had accepted in principle Iran's four conditions for the release of the 52 Americans "as a basis for resolution of the crisis." But both governments stressed that they were still not in accord on the details of a settlement. [New York Times]
- A call for Moscow to withdraw troops from Afghanistan was repeated overwhelmingly in the United Nations General Assembly, but in markedly softer tones. The vote, 111 to 22 with 12 abstentions, was similar to the balloting for last January's resolution, but the substance was watered down. [New York Times]
- Cities with rent controls would lose access to all federal grants under a unanimous recommendation by the urban affairs panel advising President-elect Ronald Reagan. The chairman of the panel said that the group felt that rent control laws were such an "egregious failure" that steps had to be taken to encourage municipalities to abolish such statutes. [New York Times]
- Many curbs on intelligence gathering would be ended under proposals prepared for national security advisers to President-elect Reagan. A 97-page report prepared under the auspices of the Heritage Foundation calls for the hiring of more agents, the establishment of competing sources of analysis and revising laws that restrict intelligence activities. [New York Times]
- Rising conservative power in the House was demonstrated as a new group that could hold the balance of power in the next Congress was established by 33 representatives from Southern and Southwestern states. The group, called the Democratic Conservative Forum, would, with the Republicans, form a House majority in January. [New York Times]
- The Reagans visited the White House and caught the Carters by suprise when they arrived at the back door one minute ahead of schedule. But within moments the President and his wife rushed forward to welcome their successors and to pose for the pictures symbolizing the transition from the Carter years to the Reagan era. [New York Times]
- A former legislator pleaded guilty to a federal charge that he had conducted a fraudulent scheme to win a lucrative lobbying contract from Libya. The former official, James Day of Texas, admitted that he had "falsely misrepresented" how much influence he had with federal officials. [New York Times]
- The "Who shot J.R.?" fever is luring streams of tourists to Dallas, where Southfork Ranch is a top attraction. The ranch, of course, is the scene of the phenomenally popular television series' "Dallas," which focuses on J.R. Ewing, a character so diabolically venal that he has become the favorite villain of about 250 million viewers around the world. [New York Times]
- Major testimony at an Abscam trial was given by Representative John Murtha of Pennsylvania. He said that Representative Frank Thompson of Trenton had told him that they, along with Representative John Murphy of Staten Island, would "split a $50,000 payment' offered by men who were later revealed to be federal undercover agents. [New York Times]
- Unease among academic scientists is expected to result from a disclosure that the National Science Foundation plans to put a strong new emphasis on engineering and applied research in addition to its revered role of supporting basic research. The shift arises from increasing pressure from Congress, industry, engineers and the incoming Reagan administration for practical research aimed at spurring industrial growth. [New York Times]
- Queen Elizabeth II opened Parliament amid rich pageantry that contrasted with the grim mood of Britons whose economy is sliding increasingly into recession. The monarch's annual speech stressed that there would be no retreat from fiscal austerity. [New York Times]
- A major treason trial began in Peking. The trial of 10 of China's most prominent radicals during the Cultural Revolution was convened before a panel of 35 judges in a closed courtroom. The defendants include Jiang Qing, the widow of Mao Tse-tung. [New York Times]
- Iraq resumed the pumping of some oil through a pipeline across Turkey to the Mediterranean. Iraqi oil exports were halted in late September because of the war with Iran. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 1000.17 (+9.13, +0.92%)
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* |
| November 19, 1980 | 991.04 | 139.06 | 69.24 |
| November 18, 1980 | 997.95 | 139.70 | 70.38 |
| November 17, 1980 | 986.26 | 137.75 | 50.30 |
| November 14, 1980 | 986.35 | 137.15 | 71.63 |
| November 13, 1980 | 982.42 | 136.49 | 69.33 |
| November 12, 1980 | 964.93 | 134.59 | 58.51 |
| November 11, 1980 | 944.03 | 131.26 | 41.52 |
| November 10, 1980 | 933.79 | 129.48 | 35.72 |
| November 7, 1980 | 932.42 | 129.18 | 40.06 |
| November 6, 1980 | 935.41 | 128.91 | 48.89 |