News stories from Thursday June 25, 1981

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

President Reagan won a budget victory in the House. A coalition of Republicans and conservative Democrats, spurred by his personal lobbying, rebuffed procedural maneuvers by the Democratic leadership and prepared the way for adoption of the President's proposals for $5.2 billion in additional budget cuts in a single package. The voting marked a stunning victory for Mr. Reagan. [New York Times] The President exulted in his victory in the House. Addressing a taxpayers' group in Los Angeles, he said that his success in winning Democratic support for budget cuts indicated that "a new coalition" had emerged in Congress and that it would approve his entire economic program. [New York Times] A male-only draft was upheld by the Supreme Court. The 6-to-3 decision held that the Constitution permits Congress to limit registration to men. The decision reversed a ruling that a three-judge federal court issued last July 18, three days before a renewed draft registration was to begin. [New York Times] Reactions to the High Court's ruling on the draft varied from elation to disappointment. Conservatives were generally pleased over the reassertion of traditional values, but feminists, civil libertarians and opponents of the Reagan administration's military policies expressed consternation. [New York Times] Opposition to MX missile deployment increased. Two influential Republican Senators, Paul Laxalt of Nevada and Jake Garn of Utah, announced they would oppose the Air Force plan to base 200 MX mobile missiles in their states. As an alternative, they suggested that the missiles be placed in silos in the Middle West that now house the Minuteman 3 missiles. [New York Times] Croation nationalists were arrested in raids across the nation on racketeering and conspiracy charges involving murder, arson and extortion. Federal indictments charged the eight arrested men, along with an associate who was seized in Canada, with leading a Croation terrorist group. [New York Times] The health hazards of cocaine are reflected in statistics around the country. Although cocaine is not a leading cause of drug-related deaths, specialists say that in a number of cities, including New York and San Francisco, the very costly drug is now the fastest-growing source of serious drug-related medical problems. [New York Times] New military pressure on Poland was reported by sources in Warsaw in advance of a special congress of the Polish Communist Party. The reports said that thousands of Hungarian troops had been moved into training camps in the field and that they were due soon to undertake joint maneuvers with Soviet troops. [New York Times] An accord on a new Sinai peace force to patrol the vast desert after the scheduled final withdrawal of Israel from the Egyptian territory next April 25 was announced by Egypt, Israel and the United States. The agreement must be ratified by the Egyptian and Israeli parliaments, but the senior American negotiator seemed confident of their approval. The multinational force of 2,000 to 3,000 members may include 800 Americans. [New York Times] A sharp cut in Britain's naval forces to permit development of the Trident nuclear missile system was set in a major restructuring of defenses. Despite the cuts, the British government insisted it was holding to its commitment to NATO to increase military spending by 3 percent a year after adjustment for inflation. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 996.77 (-2.56, -0.26%)
S&P Composite: 132.81 (+0.15, +0.11%)
Arms Index: 0.84

	Issues	Volume*
Advances	725	20.21
Declines	759	17.83
Unchanged	426	5.88
Total Volume		43.92

* 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*
June 24, 1981	999.33	132.66	46.65
June 23, 1981	1006.66	133.35	51.84
June 22, 1981	994.20	131.95	41.79
June 19, 1981	996.19	132.27	46.42
June 18, 1981	995.15	131.64	48.40
June 17, 1981	1006.56	133.32	55.47
June 16, 1981	1003.33	132.15	57.77
June 15, 1981	1011.99	133.61	63.34
June 12, 1981	1006.28	133.49	60.79
June 11, 1981	1007.42	133.75	59.53