News stories from Friday April 2, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Nearly 9.9 million people were jobless as the nation's unemployment rate rose to 9 percent in March, matching the highest level since World War II. The Labor Department report said the unemployment rate tied the postwar record set in May 1975, at the end of the 1973-75 recession. The previous high was reached near the end of 1941. Most economists expect the rate to continue to rise in the next several months, even if there is the beginning of an economic recovery. [New York Times]
- A higher 1983 deficit is expected by the administration than the initial estimate of eight weeks ago, congressional leaders have been told privately, according to congressional sources. The deficit is now expected to reach $124 billion, $32 billion more than the initial estimate. These sources said that without any cuts in present programs or tax increases, the Office of Management and Budget now informally estimates the deficit would be about $180 billion next year, $220 billion in 1984 and $240 billion in 1985. [New York Times]
- A national security executive order signed by President Reagan gives government officials broader authority to withhold information from the public on the grounds of security. Administration spokesmen said the decree would also make it more difficult for judges to declassify information sought by the public under the Freedom of Information Act. [New York Times]
- A severe spring storm that left the High Sierras under 15 feet of snow and may have killed as many as 15 people roared into the Rockies with winds of 140 miles an hour. Northern California, which bore the brunt of the storm, braced for another after 2 feet of snow fell in mountain areas. [New York Times]
- A United States Attorney's dismissal has been recommended to President Reagan by Attorney General William French Smith, administration officials said, confirming reports that William H. Kennedy, the federal prosecutor in San Diego, was asked to resign Wednesday because he confirmed the identity of a key American intelligence source. [New York Times]
- The Falkland Islands were seized by Argentina after three hours of fighting in which several thousand Argentine troops overcame 84 British marines. The Argentine junta announced that it was in control of the Falkland, South Georgia and South Sandwich Islands. The Falklands, 250 miles off Argentina's southeastern tip, were a British colony since 1832.
Britain broke off diplomatic relations with Argentina over the seizure of the Falklands and warned that it was taking appropriate military measures to assert its rights under international law.
[New York Times] - President Reagan failed to persuade Argentina to call off the invasion of the Falkland Islands. In a telephone call to the Argentine President, Gen. Leopoldo Galtieri, Mr. Reagan said that such an invasion would be regarded as aggression by the American people and would probably lead to a military reponse by Britain. [New York Times]
- El Salvador's extreme right-wing leader said that "we are planning to incorporate" the centrist Christian Democratic Party in the new government but that there would be no room for Jose Napoleon Duarte, the Christian Democratic president of the ruling junta. Roberto d'Aubuission said at the headquarters of his Nationalist Republican Alliance, "We will share the destiny of our country with the Christian Democratic Party." [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 838.57 (+5.33, +0.64%)
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* |
| April 1, 1982 | 833.24 | 113.79 | 57.10 |
| March 31, 1982 | 822.77 | 111.96 | 43.37 |
| March 30, 1982 | 824.49 | 112.27 | 43.99 |
| March 29, 1982 | 823.82 | 112.30 | 37.07 |
| March 26, 1982 | 817.92 | 111.94 | 42.40 |
| March 25, 1982 | 827.63 | 113.21 | 51.96 |
| March 24, 1982 | 823.34 | 112.97 | 49.38 |
| March 23, 1982 | 826.67 | 113.55 | 67.12 |
| March 22, 1982 | 819.54 | 112.77 | 57.61 |
| March 19, 1982 | 805.65 | 110.61 | 46.24 |