Stock Market Slips After Rally as Dow Dips Near 950
Profit taking sent gold and blue chips lower amid a broad market retreat on Wednesday. The Dow Jones Industrial Average fell to 985.40, with NYSE losers outpacing gainers and concerns mounting over Lebanon’s conflict and Italy's halted lira trade. Transco led decliners, dropping to 94.8 with a large block traded, while IBM and Johnson & Johnson also fell. Volume remained heavy into the afternoon.
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New York
New York Stock Exchange
Wall Street
Lebanon
Itai
Transco Cos
NYSE
American Exchange
Alcoa
IBM
Johnson & Johnson
New York Stock Exchange Price Amid Market Tangle
The New York market report shows fluctuating prices with notable activity across many stocks. Traders watch key indices as prices move within narrow ranges, signaling caution amid uncertainty.
Dow Jones Stocks Mixed As Market Slows
New York AP report notes stock index shifts amid subdued trading. Trading anomalies and minor price changes appear across major sectors with investors awaiting clearer signals from earnings and economic data.
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Stock Index New York
Raleigh Police Demonstrate As Arrest Slowdown Continues
Raleigh police officers press city officials for a 4 to 10 percent raise and the dismissal of Chief Robert. Arrests have fallen about 30 percent as the Raleigh Police Officers Association begins a work slowdown and contemplates tactics short of a strike.
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Raleigh
Raleigh (Ap
Robert
Raleigh Police Officers Association
RPOA
Goodwin
L.P. Goodwin
Zachary
Olleigh
Florida
Department Alse
Authority Over Welfare Split Into Four Block Grants
The plan would roll about 18 billion dollars in federal welfare funds into four large block grants for health education welfare social services and child nutrition. States would avoid matching funds while federal strings are phased out with spending plans submitted to Washington for approval and post expenditure accounting. Medicaid would be the largest block at 20 billion with 500 million increases in each of the following two years. David Mathews, secretary of health education and welfare, described the proposed new distribution.
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SubIait
Washington
Medicaid
David Mathews
Health, Education and Welfare
Medicare
Hew
National Cancer Institute
National Heart and Lurgy
National Institutes of Health
Ford budget maps defense of states and health role
President Ford proposes a 1977 budget with total outlays near 394.2 billion and a 43 billion deficit, urging a shift to state control over 59 federal programs including Medicaid. He envisions slower net spending growth, a Social Security tax increase, Medicare adjustments, and targeted NIH funding changes while trimming overall 1977 outlays.
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Ford
Bul Pt. Sad
Ford Administration
Budget Highlights Project Mixed Foreign Aid Shifts
The budget highlights show a large cut in emergency security aid to Israel and ending Vietnam assistance, with a 2.1 billion foreign military credit sales program earmarked for Israel. It calls replacing 59 grant programs with block grants for health education feeding and social services, continuing unemployment aid through 1976 then phasing out in 1977, and creating an Ener Independence Assistance Authority to fund private energy projects. About 650 billion spending planned for 1977, with 383 billion sought in spending authority for sub-
MENTIONED IN THIS ARTICLE
Israel
Vietnam
Independence Assistance Authority
Ford tax plan would cut family taxes and boost savings
The proposal would lower Social Security and income tax rates for many households, increase exemptions per dependent, and allow tax-free stock investments. It emphasizes relief for large families and those balancing medical or employment costs, while noting that final passage depends on Congress.
Individual Tax Still Greatest Money Source
The AP report shows individual income taxes funding 39 cents of every federal budget dollar in the next year, surpassing Social Security receipts at 29 cents and corporate taxes at 13. Other sources include excise taxes 4 cents and other 4 cents, with 11 cents borrowed. Defense spending dominates 26 cents, grants to states 15, and remaining operations 11.
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Ford
National Defense
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