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Thursday December 2, 1982
. . . where the 1970s live forever!

News stories from Thursday December 2, 1982


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

  • The MX missile program survived a key vote in the House Appropriations Committee by a 26 to 26 tie. At the same time, the panel voted to withhold funds for producing and deploying the experimental intercontinental missile until March 15 to give Congress time to consider President Reagan's newly proposed closely-spaced basing system. [New York Times]
  • Rare bipartisan cooperation was evident as the House Ways and Means Committee formally adopted legislation to increase the federal tax on gasoline by 5 cents a gallon, effective April 1. The tax increase would provide $5.5 billion a year to finance President Reagan's proposed five-year, $32.9 billion highway rehabilitation program. [New York Times]
  • A national nuclear waste policy would be established for the first time under legislation approved by the House. The bill to regulate both the storage and disposal of the waste, which has been accumulating since World War II, faces consideration by a House-Senate conference, where major differences with a Senate-approved version must be reconciled. [New York Times]
  • James Watt was rebuffed in a unanimous action by the House Appropriations Committee. The panel voted to block the Interior Secretary's plan to sell oil and natural gas exploration leases off the central and northern coast of California. [New York Times]
  • The sources of spacesuit failures in last month's flight of the space shuttle Columbia have been traced by space agency engineers. They attributed one failure to human oversight at the manufacturing plant. [New York Times]
  • A permanent artificial heart to replace a dying human heart was implanted by surgeons for the first time. The operation, which lasted seven and a half hours, was performed in Salt Lake City by a team headed by Dr. William DeVries. The patient, Dr. Barney Clark, a 61-year-old retired dentist, was reported in critical but stable condition. [New York Times]
  • Lottery fever gripped New Jersey as $1 tickets for the Pick-6 lottery sold at the rate of 185,000 an hour on the final day of sales. Exuberant state officials allowed the jackpot to climb to a record $11.04 million as sales for the week totaled a record 7.6 million tickets. [New York Times]
  • Ways to avert an accidental war proposed by President Reagan and made public in his Nov. 22 speech have evoked interest on the part of the Soviet leadership, according to administration officials. They said the Kremlin had sent Mr. Reagan a message asking where the United States wanted to discuss the proposals in detail and were told that the administration wished to pursue the subject at the arms control talks in Geneva. [New York Times]
  • American aid for Lebanon's army over the next year has been pledged by the Reagan administration. United States officials said that American forces would train and help rebuild the Lebanese army so that it could eventually maintain the country's internal security. [New York Times]
  • The President decried protectionism in a speech to United States and Brazilian business leaders in Sao Paulo. In his second and final full day in Brazil, Mr. Reagan warned that the global trend toward trade barriers would lead to "economic contraction and eventually dangerous instability" in the Western Hemisphere and the developing world. [New York Times]
  • A papal ultimatum to Nicaragua was delivered to the coordinator of the junta in Managua. Church officials there said that Pope John Paul II had demanded that Roman Catholic priests resign from the positions they hold in the Sandinist government as a condition for his visiting Nicaragua early next year. [New York Times]
  • A Salvadoran panel on human rights was appointed by provisional President Alvaro Magana. The members of the commission, which will also seek to guarantee "physical security" for Salvadorans, are the director of the national police, a Roman Catholic priest, a young peasant leader, an engineer and three lawyers. [New York Times]


Stock Market Report

Dow Jones Industrial Average: 1033.11 (+2.02, +0.20%)
S&P Composite: 138.82 (+0.10, +0.07%)
Arms Index: 0.97

IssuesVolume*
Advances73633.11
Declines81935.80
Unchanged3918.69
Total Volume77.60
* 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
DateDJIAS&PVolume*
December 1, 19821031.09138.72107.84
November 30, 19821039.28138.5493.47
November 29, 19821002.85134.2061.07
November 26, 19821007.36134.8838.81
November 24, 19821000.00133.8867.15
November 23, 1982990.99132.9372.92
November 22, 19821000.00134.2274.96
November 19, 19821021.25137.0270.30
November 18, 19821032.10138.3477.62
November 17, 19821027.50137.9384.44


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