News stories from Wednesday April 6, 1977
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- An independent consumer agency to represent the buying public within the federal government, long a goal for consumer organizations, was endorsed by President Carter in a message to Congress. He said it would not be another regulatory agency but would improve the way rules, regulations and decisions are drawn up and then put into effect. [New York Times]
- House Republicans opposed President Carter's plan to let previously unregistered voters qualify on Election Day at the plan's first congressional airing. When it was first announced two weeks ago, Republican Senate and House leaders surprised many by endorsing it in principle if not in detail. [New York Times]
- President Carter signed into law the measure giving him powers to reorganize the executive branch of the government. Bert Lance, Director of the Office of Management and Budget, said the first effort would be to draw up by June a plan to reorganize the executive office of the President, including 17 agencies, offices and advisory boards outside the White House and its staff. [New York Times]
- Los Angeles re-elected its mayor, Tom Bradley, with an overwhelming 59 percent of the vote, rejecting 11 white challengers and eliminating the need for a runoff election. The city's first black mayor in a city with fewer than 20 percent black voters strengthened his eventual prospects for high state or national office. [New York Times]
- Stock prices slipped again, sending Dow Jones industrials down 1.41 points to 914.73, its lowest level in nearly 15 months. Selling pressure on Sears Roebuck, the nation's largest retailer, was a factor, ascribed to rumors it would drop its savings and profit-sharing fund for employees. A company spokesman denied this but said some changes in the fund would be announced. [New York Times]
- A halt in plutonium development for nuclear reactor fuel is expected tomorrow from the Carter administration, according to congressional sources in Washington. The announcement is said to be strongly worded in the hope of eliciting similar moves from West Germany, Japan, France, Britain and other countries. The hope is to discourage the spread of plutonium-based nuclear bombs and weapons. [New York Times]
- Egypt's President predicted normalization of relations between Israel and the Arab states following signature of a final settlement ending the state of war in the Middle East. At a Washington press conference after two days of talks with President Carter, President Anwar Sadat seemed to be trying to take positions closer to President Carter's, but he indicated differences on details. [New York Times]
- A bill requiring the United States to vote against loans for development by international agencies to countries violating human rights was passed by the House of Representatives. It rebuffed President Carter's plea for a more flexible policy. [New York Times]
- Diego Garcia, the tiny British island where the United States Navy is rushing completion of its first air and naval facility in the Indian Ocean, may prove a key pawn in disarmament talks that started In Moscow in March. For 10 years the Soviet naval presence has been increasing in the Indian Ocean, and disarmament in the area could affect a Soviet base in Somalia. [New York Times]
- Soviet nuclear arms progress may be linked with its rejection of the United States proposals for limiting strategic weapons deployment, according to Adm. Stansfield Turner, the Director of Central Intelligence. Without confirming or denying reports that 15 new weapons systems are in the test and development stage, he noted that Moscow's acceptance would have entailed reductions in the present Soviet strategic weapons program. [New York Times]
- More backbone for Britain in facing up to race at home and abroad would be in that country's self-interest, Andrew Young told a British television audience. The United States delegate to the United Nations compared the situation in Rhodesia and South Africa to that in the American South before blacks won civil-rights gains. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 914.73 (-1.41, -0.15%)
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* |
| April 5, 1977 | 916.14 | 98.01 | 18.33 |
| April 4, 1977 | 915.56 | 98.23 | 16.25 |
| April 1, 1977 | 927.36 | 99.21 | 17.05 |
| March 31, 1977 | 919.13 | 98.42 | 16.51 |
| March 30, 1977 | 921.21 | 98.54 | 18.81 |
| March 29, 1977 | 932.01 | 99.69 | 17.03 |
| March 28, 1977 | 926.11 | 99.00 | 16.71 |
| March 25, 1977 | 928.86 | 99.06 | 16.55 |
| March 24, 1977 | 935.67 | 99.70 | 19.65 |
| March 23, 1977 | 942.32 | 100.20 | 19.36 |