News stories from Thursday July 16, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A third year of income tax cuts appeared to be gaining support. Two Southern Democrats on the House Ways and Means Committee indicated that the Democratic leadership was ready to let the House add the provision to the two-year tax reduction bill being drafted by the committee. The two Democrats said they would back a third year of cuts if it was conditioned on less inflation and a smaller budget deficit in the second year. [New York Times]
- The costliest military bill in the nation's history, an authorization totaling $136 billion in the fiscal year 1982, was approved by the House in a 354-to-63 vote. The Reagan administration's military buildup program has already been passed by the Senate. [New York Times]
- Pessimism about Social Security was reflected in the latest New York Times/CBS News Poll. The survey found that 54 percent of Americans no longer believe that the government fund will have the money available to pay them the full benefits they would be entitled to at retirement. [New York Times]
- A change in Social Security rules that would gradually postpone the retirement age for full benefits from 65 to 68 appears to be moving toward congressional approval later this year. The change is designed to meet a shortage in funds that is expected to occur in the year 2010. [New York Times]
- Harry Chapin, the musician, died when the car he was driving was hit by a tractor-trailer on the Long Island Expressway in Jericho (N.Y.), the police said. The folk-rock composer and performer, who was noted for his "story songs," was 38 years old. [New York Times]
- An attempt to kill a Libyan student in Colorado last year prompted a federal investigation of international terrorism. The investigators have found evidence that they believe links the accused attacker to Edwin P. Wilson, a former C.I.A. agent who is charged with illegally exporting weapons to Libya and training Libyan terrorists. He has fled to Libya. [New York Times]
- A new American nuclear policy was formally announced by President Reagan. It affirmed a commitment to prevent the spread of nuclear weapons, efforts to "improve regional and global stability" to help deter countries from developing nuclear arms and to make the United States a more "predictable and reliable" supplier of nuclear technology for peaceful uses. [New York Times]
- An inquiry on rioting in England was announced by the British government during a tumultuous debate in the House of Commons. [New York Times]
- Britain's new party scored a symbolic victory in a parliamentary by-election by nearly capturing the Warrington constituency, a Labor stronghold for more than half a century. It was the first electoral test of the Social Democratic Party's drive to break the power monopoly of the Labor and Conservative parties. [New York Times]
- A political solution in El Salvador was reflected in a policy statement by the Reagan administration. It committed itself to free elections rather than a military resolution of the Salvadoran conflict. The statement omitted previous references to the war as an arena of Soviet-American conflict. [New York Times]
- Decentralized power in France was proposed by the new Socialist government in a far-reaching change in government. The program, certain to be approved by the Socialist majority in Parliament, calls for the transfer of power from prefects appointed by the national government to regional and community councils. [New York Times]
- Israel intensified air attacks against Palestinian strongholds in southern Lebanon, destroying five bridges on guerrilla supply routes. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 955.48 (+1.33, +0.14%)
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* |
| July 15, 1981 | 954.15 | 130.23 | 48.95 |
| July 14, 1981 | 948.25 | 129.65 | 45.23 |
| July 13, 1981 | 954.34 | 129.64 | 38.10 |
| July 10, 1981 | 955.67 | 129.37 | 39.95 |
| July 9, 1981 | 959.00 | 129.30 | 45.51 |
| July 8, 1981 | 953.48 | 128.32 | 46.00 |
| July 7, 1981 | 954.15 | 128.24 | 53.55 |
| July 6, 1981 | 949.30 | 127.37 | 44.59 |
| July 2, 1981 | 959.19 | 128.64 | 45.09 |
| July 1, 1981 | 967.66 | 129.77 | 49.07 |