News stories from Friday October 9, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Producer prices rose by only two-tenths of 1 percent in September, the government reported. The increase in the Producer Price Index was the smallest one-month rise in more than three years. The monthly report cited price-cutting on the last of the 1981 cars and trucks and lower costs of some foods as the reasons for the slowdown in prices. [New York Times]
- An increase in the money supply has received support from President Reagan, an administration official said. Edwin Meese said Mr. Reagan's endorsement came at the urging of Treasury Secretary Donald Regan, who has pressed the Federal Reserve to increase the currency in circulation and in bank accounts. But Federal Reserve officials contend that faster money supply growth could hinder their strategy to reduce inflation. [New York Times]
- A juvenile murder case in South Carolina in which a 5-year-old boy was investigated in the shooting death of a playmate has drawn the attention of the federal government in what appears to be unprecedented involvement in such a matter. While lawyers, investigators and the court are barred from revealing anything about the case, other attorneys and child welfare experts questioned the government's investigation of the death, which was ruled an accident. The incident took place on a military base last August. [New York Times]
- City officials hindered investigations of fraud in New York City's food stamp program, a group of current and former city investigators have charged. The former chief of a fraud-prevention unit in the Human Resources Administration said his investigators were told to limit their inquiries to fraud by recipients. James Krauskopf, the administration's commissioner, said the charges were "completely untrue." [New York Times]
- The hottest spot ever detected has been reported by a team of space scientists. Scientists disclosed that the Voyager 2 spacecraft discovered a cloud of electrified gases circling Saturn that are 300 times hotter than the sun and the hottest spot found in the solar system. [New York Times]
- An appeal for the Awacs plane sale to Saudi Arabia was made by Vice President Bush. Mr. Bush said a congressional approval of the sale of the Awacs and other military equipment was necessary to tell the world that the United States was not "a confused, contradictory, often helpless, sometimes clumsy giant." [New York Times]
- Israeli and Egyptian leaders met in Cairo and vowed to press for peace in the Middle East. Prime Minister Menachem Begin of Israel talked for 40 miniutes with Hosni Mubarak, the new Egyptian leader. Mr. Mubarak is virtually certain to be approved to replace Mr. Sadat in a referendum Tuesday. Mr. Begin was among the host of world leaders who began assembling in Cairo for the funeral of President Anwar Sadat, who was assassinated during a military parade this week. Mr. Sadat will be honored with a state funeral. [New York Times]
- Calm returned in Egypt after more that 24 hours of fighting between policemen and Moslem fundamentalists in Asyut. Soldiers brought in to restore calm hunted for remaining snipers. According to officials 20 persons were killed, but witnesses said at least 40 people were killed. Asyut is a center of Moslem fundamentalists critical of Mr. Sadat's pro-Western policies. [New York Times]
- The assassination of President Sadat was organized by an army officer seeking revenge, the Egyptian government said. The Defense Ministry said in a report that Lt. Khaled Ahmed Shawki al-Istanbuli, who commanded one of the auxiliary units in the parade at which the President was slain, gave leave to three of his soldiers and installed three accomplices in a military vehicle taking part in the review. A ministry spokesman said the lieutenant's brother belonged to a Moslem fundamentalist group and was arrested in a Sept. 5 crackdown ordered by President Sadat. [New York Times]
- China pressed Taiwan to reconcile their differences and as part of the campaign the Peking government invited top Nationalist party leaders to the mainimil for visits to ancestral homes. The invitation was extended during a ceremony commemorating the anniversary of the 1911 revolution that lead to the creation of the fist Chinese Republic. It was the first official observation on the mainland in the 32 years since the Communists took power. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 873.00 (-5.14, -0.59%)
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* |
| October 8, 1981 | 878.14 | 122.31 | 47.08 |
| October 7, 1981 | 868.72 | 121.31 | 50.02 |
| October 6, 1981 | 856.26 | 119.39 | 45.45 |
| October 5, 1981 | 859.87 | 119.51 | 51.28 |
| October 2, 1981 | 860.73 | 119.36 | 54.57 |
| October 1, 1981 | 852.26 | 117.08 | 41.59 |
| September 30, 1981 | 849.96 | 116.18 | 40.70 |
| September 29, 1981 | 847.89 | 115.94 | 49.79 |
| September 28, 1981 | 842.56 | 115.53 | 61.32 |
| September 25, 1981 | 824.01 | 112.77 | 54.39 |