News stories from Thursday July 2, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Rejection of a flight controller pact tentatively reached with the government was recommended to the union's 15,000 members by its nine-member executive board. The recommendation, along with the angry reaction to the contract expressed by many controllers, led experts to predict that the accord would be rejected. [New York Times]
- A sweeping reversal of federal policy and practices is being accomplished quietly by the Reagan administration. It has lifted curbs on business while muting the government's role as a protector of workers, consumers and minorities. The major transformation also involves a broad effort to review and, in many cases, to modify the reforms enacted as a result of the Watergate scandals, the civil rights movement of the 1960's and the environmental movement of the 1970's. [New York Times]
- A three-member crew is not needed to fly the new generation of jet airliners, according to a recommendation by a presidential advisory panel after a four-month study. Rejecting arguments by the Air Line Pilots Association, the panel concluded that the two-member operation of the McDonnell Douglas DC-9 Super 80, already in wide operation, was safe. [New York Times]
- The jobless rate declined last month, but so did the number of Americans with jobs, the government reported. Officials said that the dip in the unemployment rate, from 7.6 percent in May to 7.3 percent in June, brought the figure back to the level that prevailed in the three months before May, and that the spring figures were subject to statistical uncertainty. [New York Times]
- Upholding state energy-source taxes, the Supreme Court ruled that Montana could impose a 30 percent levy on the production of coal without interfering unconstitutionally with interstate commerce. Critics of the 6-to-3 decision predicted that it would increase pressure for federal legislation setting a limit on such taxes. [New York Times]
- The accord with Iran was upheld by the Supreme Court, which ruled unanimously that Presidents Carter and Reagan had the legal authority to carrry out the agreement that ended the hostage crisis. The Court issued the narrowly worded decision on the final day of its 1980-81 term, only 17 days before more than $2 billion in Iranian assets are due to be transferred out of the United States under the accord. [New York Times]
- Bjorn Borg and John McEnroe won in the Wimbledon tennis tournament and reached the men's singles final for the second consecutive year. Borg recovered from two sets down and defeated Jimmy Connors in 3 hours 18 minutes, and McEnroe dispatched Rod Frawley, an unseeded Australian. [New York Times]
- Iranians were exhorted to be alert for any suspicious activities and to report them at once to the authorities. The instructions were issued in an effort to deter further violent attacks on the revolutionary leaders. [New York Times]
- A test on future East-West relations is planned by the United States, according to Reagan administration officials. They said that Washington had decided to inform the Soviet Union that constructive responses to international proposals for resolving the issues of Afghanistan and Cambodia could help ease tensions. [New York Times]
- A new Soviet-bloc warning to Poland was reported by Polish sources in Warsaw. They said that a letter from Czechoslovakia had asserted that "counterrevolutionary" forces were taking over in Warsaw. [New York Times]
|
Stock Market Report
Dow Jones Industrial Average: 959.19 (-8.47, -0.88%)
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 1, 1981 | 967.66 | 129.77 | 49.07 |
| June 30, 1981 | 976.88 | 131.25 | 41.55 |
| June 29, 1981 | 984.59 | 131.89 | 37.93 |
| June 26, 1981 | 992.87 | 132.56 | 39.24 |
| June 25, 1981 | 996.77 | 132.81 | 43.91 |
| June 24, 1981 | 999.33 | 132.66 | 46.65 |
| June 23, 1981 | 1006.66 | 133.35 | 51.84 |
| June 22, 1981 | 994.20 | 131.95 | 41.79 |
| June 19, 1981 | 996.19 | 132.27 | 46.42 |
| June 18, 1981 | 995.15 | 131.64 | 48.40 |