News stories from Monday February 8, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Major opposition to new budget cuts in domestic programs sought by President Reagan was expressed by Gov. Richard Snelling of Vermont, a Republican who is chairman of the National Governors Association, and by officials of the National Conference of State Legislators. Governor Snelling said that the cuts proposed for the next fiscal year could jeopardize Mr. Reagan's plan to transfer 43 federal programs to the states. [New York Times]
- The Democratic counterattack against President Reagan's new budget proposals has been swift and sharp. But Democratic leaders acknowledge privately that it will be difficult to unite their ranks in Congress on a legislative strategy for defeating the President and improving their party's prospects for victories in the November elections. [New York Times]
- President Reagan lost support of two Republican leaders who assailed the proposed federal budget as one that cared more for the military than for people. Senator Alfonse D'Amato of New York said the proposals were "totally unrealistic," and Gov. Thomas Kean of New Jersey said he was upset by the depth of planned cuts in social services. [New York Times]
- The President defended budget plans in Minneapolis, the first stop of a two-day Middle Western tour. Acknowledging that "it was not easy for a conservative like myself" to recommend a $91.5 billion deficit, Mr. Reagan sharply assailed Democratic congressional critics of his proposed new budget. [New York Times]
- An effort to calm Republican Senators who are deeply dismayed by the projected $91.5 billion deficit was pressed by Howard Baker, the Senate majority leader. He urged colleagues to withhold criticism to allow time to develop a unified approach for an alternative plan. [New York Times]
- Increased user fees in national parks were proposed by the Reagan administration, which has also recommended budget reductions of nearly $50 million for the park system. The proposals call for higher park entrance fees and user fees for campgrounds and perhaps the imposition of fees for drinking water and the use of toilet facilities. [New York Times]
- Tuition costs are rising sharply at Yale, Princeton, Columbia and Harvard as a result of reductions in federal aid for higher education, inflation and increasing costs of granting students financial aid. The increases range from 11 percent to 15 percent. They bring the costs at Yale to a record $11,790 a year. [New York Times]
- "Artificial blood" promises to make important contributions to medical research and therapy. The most advanced blood substitute appears to be Fluosol-DA, a strange white fluid that is derived from oil and is chemically similar to Teflon. The fluid has been injected into 490 patients in Japan and may be clinically tested in up to 16 American medical centers. [New York Times]
- Britain cut prices of its North Sea oil by $1.50 a barrel, to $35. The reduction, reflecting the global surplus of oil, was the most substantial price cut since the OPEC producers unified the cartel's price structure last October. Oil is now available on the spot market at prices considerably below the OPEC base. [New York Times]
- A political solution in El Salvador is sought by the Reagan administration, according to Thomas Enders, an Assistant Secretary of State. He reaffirmed before the Senate Foreign Relations Committee that the administration was not seeking a military solution in stepping up aid for the Salvadoran junta. [New York Times]
- Troubles plague Bonn's armed forces, its leaders acknowledge. Financial, personnel and political problems have prompted increasing questions about whether West Germany can fully maintain its long-term commitments to NATO and the advanced technological needs of combat units. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 833.43 (-17.60, -2.07%)
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 5, 1982 | 851.03 | 117.26 | 53.34 |
| February 4, 1982 | 847.03 | 116.42 | 53.30 |
| February 3, 1982 | 845.03 | 116.48 | 49.56 |
| February 2, 1982 | 852.55 | 118.01 | 45.01 |
| February 1, 1982 | 851.69 | 117.78 | 47.73 |
| January 29, 1982 | 871.10 | 120.40 | 73.40 |
| January 28, 1982 | 864.25 | 118.92 | 66.68 |
| January 27, 1982 | 842.66 | 115.74 | 50.05 |
| January 26, 1982 | 841.51 | 115.19 | 44.86 |
| January 25, 1982 | 842.75 | 115.41 | 43.17 |