News stories from Tuesday November 3, 1981

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

The New Jersey gubernatorial contest was one of the closest in this century, with Representative James Florio, the Democratic candidate, and Thomas Kean, the Republican, running neck and neck. The relatively large turnout showed that Mr. Kean had attracted most of the independent voters, who have been responsible for wide swings in previous Jersey elections. [New York Times] New York City Mayor Ed Koch won a second term in a landslide victory as Democrats swept citywide and boroughwide offices. Mr. Koch, who had both the Democratic and Republican endorsements, and his Democratic running mates, city council President Carol Bellamy and Comptroller Harrison Goldin, overwhelmed their opponents.Andrew Stein was re-elected Manhattan Borough President. By a 2-to-1 margin, Mr. Stein, a Democrat, defeated David Dinkins, the city clerk, who ran on the Liberal Party line. [New York Times] Charles Robb won the race for Governor of Virginia. Lt. Governor Robb, a Democrat who is the son in law of the late Lyndon B. Johnson, defeated state Attorney General Marshall Coleman, a Republican who staked his campaign on strong backing for President Reagan. [New York Times] Voters reacted critically to key ballot issues across the nation, rejecting tuition tax credits in Washington, D.C., second terms for governors in Kentucky and highway bonds in West Virginia. Houston's Mayor, Jim McConn, was defeated, failing even to make a runoff, but most incumbent mayors fared well. [New York Times] The first flight of a used spaceship is set to get underway tomorrow morning if the weather permits. The second voyage of the space shuttle Columbia is a critical test of the feasibility of reusing the same craft for scores of trips to and from the orbital frontier. [New York Times] A major budget review has begun at the White House. President Reagan's main economic and political advisers told him he must accept either higher deficits over the next three years or ask an increasingly resistant Congress to approve tax increases to raise billions of dollars. [New York Times] A search of cells and the grounds of the Pennsylvania state prison at Graterford was pressed in an effort to uncover any more weapons that might have penetrated the security system. Meanwhile, officials were questioning the seven armed inmates who held six prison employees and 29 other inmates hostage for five days. [New York Times] Alexander Haig, irritated by articles suggesting he was in disfavor with President Reagan, took the unusual step of charging, through his spokesman, that an unnamed senior White House official had been waging "guerrilla warfare" against him since the administration took office. Friction has long existed between the Secretary of State and other administration officials, particularly Richard Allen, the President's national security adviser. [New York Times] King Hussein concluded talks with President Reagan and said he was more confident about the future than after any of his many other visits to Washington. The remarks by the Jordanian leader seemed to reflect both sides' desire to patch up relations after the strains that developed during the Carter administration. [New York Times] France's role in Africa will continue, with some change in emphasis, President Francois Mitterrand and other French officials pledged at the start of a meeting in Paris of the leaders of 30 French-speaking African countries. The French leaders said that Paris would continue to aid defense and development, but would not meddle in internal politics. [New York Times] A statement by Leonid Brezhnev was given prominence in Soviet newspapers. He said that Soviet military doctrine ruled out the idea of a preventive nuclear strike and he gave unusual details about Soviet deployment of medium-range missiles in Europe. Western diplomats described the statement as a "skillful reiteration" of Moscow's positions on the East-West balance of power, disarmament and detente. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 868.72 (+1.90, +0.22%)
S&P Composite: 124.80 (+0.60, +0.48%)
Arms Index: 0.94

	Issues	Volume*
Advances	911	28.74
Declines	611	18.21
Unchanged	402	7.67
Total Volume		54.62

* 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*
November 2, 1981	866.82	124.20	65.12
October 30, 1981	852.55	121.89	58.56
October 29, 1981	832.95	119.06	40.07
October 28, 1981	837.61	119.45	48.10
October 27, 1981	838.38	119.29	53.03
October 26, 1981	830.96	118.16	38.20
October 23, 1981	837.99	118.60	41.98
October 22, 1981	848.27	119.64	40.63
October 21, 1981	851.03	120.10	48.48
October 20, 1981	851.88	120.28	51.53