News stories from Monday January 21, 1980

Summaries of the stories the major media outlets considered to be of particular importance on this date:

American pressure on Moscow continued as President Carter sent personal messages to more than 100 government heads, seeking support for his proposal that the Summer Olympics not be held in the Soviet capital if Soviet troops are not withdrawn from Afghanistan by Feb. 20, administration officials said. The State Department spokesman said the initial reaction was "most encouraging," but an internal department report indicated only fragmentary early responses.Jimmy Carter's plea that the Olympics be moved from Moscow or postponed or canceled if Soviet troops remained in Afghanistan beyond Feb. 20 was officially denounced in Moscow as election-year politics by the President aimed at disrupting detente and obtaining campaign funds. [New York Times] Iranian leaders warned Moscow about the presence of Soviet troops in Afghanistan. A leading presidential candidate suggested that Iranians might boycott the Moscow Olympics if he is elected, and another prominent candidate said the Soviet incursion posed a serious threat to Iran. [New York Times] Afghanistan elaborated on charges that Hafizullah Amin, who was deposed as President and executed last month, had spied for the C.I.A. An official of the Soviet-backed regime told reporters that Mr. Amin had tried to end the country's guerrilla war by conspiring with a Moslem rebel leader and the United States intelligence agency and had planned to purge members of his own party in the plot. [New York Times] Canada is expelling three Russians on charges of having spied against the United States. Those accused are two Soviet Embassy military attaches and an embassy chauffeur. A United States citizen was also reportedly involved but was not named. [New York Times] President Carter will seek no tax cuts in his new budget, he told Congress. In a detailed, 75-page State of the Union message, he proposed only a few modest initiatives and said that "restraining inflation remains my highest domestic priority." More than $3 billion in new spending has been forced on the Carter administration by the crises in Iran and Afghanistan, and administration officials predict that the figure will grow in the months ahead. [New York Times] President Carter scored a victory over Senator Edward Kennedy in the Iowa precinct caucuses, the first critical test of the 1980 presidential race. In the G.O.P. contest, George Bush took a lead over former Gov. Ronald Reagan, in his bid to establish himself as Mr. Reagan's chief rival. [New York Times] Curbs on military petitions were upheld by the Supreme Court. Voting 5 to 3, the Court rejected challenges to military regulations that require members of the armed forces to get permission from their commanding officers before collecting signatures on protest petitions to the civilian authorities. Escaped prisoners may not plead to a jury that intolerable prison conditions justified their escape if they do not promptly surrender, the Supreme Court ruled 6 to 2. [New York Times] New England's economy is reviving after decades of depression. The turnabout is epitomized in Lowell, Mass., where some of the nation's first large factories were built. The economy there tumbled as its textile mills went south in search of cheaper labor. But Lowell is now booming. New factories are being built, old ones are being refurbished and expanded and at least 25 large downtown office buildings are being renovated. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 872.78 (+5.63, +0.65%)
S&P Composite: 112.10 (+1.03, +0.93%)
Arms Index: 0.66

	Issues	Volume*
Advances	917	29.07
Declines	643	13.40
Unchanged	371	5.57
Total Volume		48.04

* in millions of shares

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*
January 18, 1980	867.15	111.07	47.15
January 17, 1980	863.57	110.70	54.19
January 16, 1980	865.19	111.05	67.75
January 15, 1980	868.60	111.14	52.37
January 14, 1980	863.57	110.38	52.94
January 11, 1980	858.53	109.92	52.89
January 10, 1980	858.96	109.89	55.98
January 9, 1980	850.09	109.05	65.24
January 8, 1980	851.71	108.95	53.38
January 7, 1980	832.00	106.81	44.50