Those are differences with a distinction. In the process of reading, you inevitably fill in the missing dialogue, and the Newsweek piece makes you hear one parent say "The baby is missing." Time's story, without manufacturing dialogue, allows you to hear, "But I thought you got Sabrina," or words to that effect. In Newsweek, a desperate father attempts to enter the burning wreckage. In Time, [Michaelson] hears, or thinks he hears, his daughter crying somehwere in the smoke-filled junk. In Newsweek, it is as if Sabrina were saved by an occult hand, as she "turned up safe and sound." In Time, it is [Jerry Schemmel], who heard the crying child and saved it, and gave it to the first woman he saw. Some may prefer the simpler Newsweek version; I'll take Time's.
The last difference, and it is not a small one, is the summary of the history of the DC-10 aircraft. Newsweek, accurately, refers to the "long-simmering controversy over the DC-10, a plane that has previously suffered four major accidents." Time, perhaps more to the point, notes "two major crashes in which the hydraulic lines were implicated." And describes the two crashes in sufficient detail to make it clear that the Sioux City disaster was yet a third, unanticipated, accident involving the hydraulic systems. Time adds, "For the past ten years following major engineering modifications and maintenance program changes, the DC-10 has had a safety record that compares favorably with those of other wide-bodied jets."