News stories from Wednesday May 14, 1980
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Thirteen NATO allies rebuked Moscow and agreed on military measures to strengthen Western defenses because of the Soviet intervention in Afghanistan. Ministers of the NATO nations except France and Greece also condemned Iran and urged it "to release immediately and unharmed the American hostages." Secretary of State Muskie denounced the French Olympic Committee for voting to attend the Moscow Olympics. [New York Times]
- A price rise in Saudi crude oil is expected to raise the retail prices of gasoline and other petroleum products sold in the United States by four major companies by at least a penny or two a gallon. Saudi Arabia, this country's main source of foreign crude, increased its price by $2 a barrel, to $28, or 67 cents a gallon, retroactive to April 1. [New York Times]
- An orderly way to transport Cubans to the United States by air or sea was proposed by President Carter, who said that Washington would take firm action to halt the influx of refugees arriving in Florida in private boats. About 39,000 Cubans have come ashore in the last three weeks, but President Castro of Cuba has rebuffed all attempts to control and regulate the flow. After Mr. Carter spoke, the State Department announced that it was withdrawing 17 American diplomats and dependents from Havana because of a "virulent anti-American campaign." [New York Times]
- The burial of three Air Force men who burned to death in the unsuccessful rescue mission to Iran was held at the National Cemetery in Arlington, Va. The three were honored in a solemn ceremony by their government and mourned painfully by their families. The families agreed to a single-coffin burial because the remains of the three were unidentifiable. [New York Times]
- Doubts about balancing the budget for the coming fiscal year increased amid warnings that a House-Senate conference would have to make deeper cuts in domestic programs to prevent a deficit. Newly anticipated cuts in revenues and higher spending needs led sponsors of the budget plans to conclude that both versions could end up in the red -- by $1.1 billion in the Senate and $4.3 billion in the House. [New York Times]
- Future lifting of credit controls was indicated by Paul Volcker, chairman of the Federal Reserve Board. He said that economic conditions had changed enough for the board to "look forward to dismantling" the controls imposed two months ago as a major instrument in the government's anti-inflation program. But he said that the board would not act prematurely. [New York Times]
- President Carter and Ronald Reagan moved to more than 90 percent of the delegate totals needed for the presidential nominations by winning Tuesday's primaries in Maryland and Nebraska.
A likely three-way presidential race is prompting the Democratic and Republican parties to draft alternative strategies based on the possibility that the next President will be chosen by the House in the event that no candidate wins an electoral majority. The objectives are to win a relatively small number of precisely targeted House seats and thus control the 26 state delegations necessary to select a President in the House.
[New York Times] - A massive cleanup after a tornado that killed at least five persons was under way in Kalamazoo, Mich. Repair crews boarded up thousands of smashed windows and began clearing up the littered streets. [New York Times]
- Israeli action against right-wing Jews was prompted by evidence that small numbers of the extremists were charting terrorist attacks against Arabs. As a result, Israel has ordered the arrest and jailing of Jews without trial, under emergency anti-terrorist laws aimed primarily at Arabs. Two Jewish militants have been arrested. [New York Times]
- Resumed Palestinian autonomy talks were backed by President Sadat of Egypt in a policy shift. He said that, in deference to an appeal by President Carter, Egypt would continue the stalled negotiations with Israel and the United States involving self-rule in occupied territories. [New York Times]
- Seoul cracked down on protesters demanding an end of martial law in South Korea, More than 50,000 demonstrators clashed with thousands of riot policemen throughout the capital. At least 200 students were said to have been seriously injured and 900 others were taken into custody. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 819.62 (+2.73, +0.33%)
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* |
| May 13, 1980 | 816.89 | 106.30 | 35.45 |
| May 12, 1980 | 805.20 | 104.78 | 28.21 |
| May 9, 1980 | 805.80 | 104.72 | 30.28 |
| May 8, 1980 | 815.19 | 106.13 | 39.29 |
| May 7, 1980 | 821.25 | 107.18 | 42.59 |
| May 6, 1980 | 816.04 | 106.25 | 40.16 |
| May 5, 1980 | 816.30 | 106.38 | 34.08 |
| May 2, 1980 | 810.92 | 105.58 | 28.14 |
| May 1, 1980 | 808.79 | 105.46 | 32.48 |
| April 30, 1980 | 817.06 | 106.29 | 30.85 |