News stories from Wednesday February 28, 1979
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Social Security benefits could be cut for some Americans because of identification problems dating to 1937. The Social Security Administration said it had been unable to credit nearly $69 billion in wages to the correct workers' accounts. The problems stem from inaccurate or incomplete earnings reports filed by employers or the self-employed, the agency said. [New York Times]
- President Carter's loss of support among California Democrats has become apparent as a result of his now abandoned plan to speak in Los Angeles tomorrow night at a party fundraising event. The dissidents are proceeding with a well-financed protest of administration policies. Vice President Mondale will address the group in place of Mr. Carter, who said he had to be in Washington to confer with Prime Minister Begin of Israel. [New York Times]
- A vast resources reorganization plan has been approved by President Carter, according to high administration officials. They said the plan called for creating a Department of Natural Resources that would absorb the Department of the Interior and $2.65 billion in funds and 35,000 employees now in the Agriculture and Commerce Departments. Sharp opposition is expected in Congress. [New York Times]
- A major Iranian political split surfaced. Prime Minister Mehdi Bazargan assailed the "committee of aides" around Ayatollah Khomeini and the activities of radical political groups that have flourished in the wake of Iran's revolution. In a radio speech, Mr. Bazargan said that if such groups continued their actions the provisional government would have to resign.
A secret electronic listening post in northern Iran used to monitor Soviet missile tests was abandoned by Americans, according to administration officials. They said that 20 Air Force technicians had been forced to leave after being held as virtual hostages in an apparent dispute with Iranian employees over severance pay.
The Kurds in Iran, seeking autonomy, fought with the forces of Ayatollah Khomeini to get rid of the Shah. But the nearly two million mountain people are continuing to fight the new authorities. In the last three weeks the northwest region where they live has been torn by clashes and demonstrations.
[New York Times] - Strains in Israeli-American ties rose over differences delaying an Israeli-Egyptian peace treaty on the eve of Prime Minister Begin's arrival in Washington for talks with President Carter. Israeli officials have said that last week's Egyptian-Israeli-American talks at Camp David set back chances for concluding a pact.
Egypt and Israel are still split by "grave issues" on a peace treaty, according to Prime Minister Begin, who asserted that Washington was backing Egyptian proposals that were "totally unacceptable to Israel."
[New York Times] - Fighting in Vietnam was reported greatest around the city of Lang Son, which seemed to Western intelligence analysts to be the strategic prize sought by the Chinese.
Efforts to call for a cease-fire in the fighting in Vietnam and China by members of the United Nations Security Council were halted because of the conflicting positions held by Moscow and Peking, diplomats said. Western diplomats were said to be considering a new diplomatic initiative that would involve Secretary General Waldheim in mediation attempts.
[New York Times] - Saudi Arabia canceled all leaves for its armed forces and put them on alert in reaction to the continued fighting between Yemen and Southern Yemen. It also called for a ministerial meeting of Arab countries. [New York Times]
- Evidence of the oldest monarchy in history, preceding the rise of the earliest Egyptian kings by several generations, has been found in artifacts in ancient Nubia. Until now, it had been assumed that at that time the ancient Nubian culture, which existed in what is now northern Sudan and southern Egypt, had not advanced beyond of group of scattered tribal clans. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 808.82 (+1.82, +0.23%)
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* |
| February 27, 1979 | 807.00 | 96.13 | 31.47 |
| February 26, 1979 | 821.12 | 97.67 | 22.62 |
| February 23, 1979 | 823.28 | 97.78 | 22.75 |
| February 22, 1979 | 828.57 | 98.33 | 26.30 |
| February 21, 1979 | 834.55 | 99.07 | 26.05 |
| February 20, 1979 | 834.55 | 99.42 | 22.01 |
| February 16, 1979 | 827.01 | 98.67 | 21.11 |
| February 15, 1979 | 829.09 | 98.73 | 22.56 |
| February 14, 1979 | 829.78 | 98.87 | 27.22 |
| February 13, 1979 | 830.21 | 98.93 | 28.47 |