News stories from Tuesday March 9, 1982

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

On a peacemaking visit to Capitol Hill, President Reagan held firm on the budget plan that Senate Republican leaders oppose because of the high projected deficit. He told Senate Republicans that he would not consider any budget alternative that did not have broad bipartisan support in both houses of Congress. [New York Times] Cuts in personal benefit programs would be more acceptable if the sacrifice was shared fairly, according to several of the interest groups that would be most affected by proposals to freeze or cut the entitlement programs. Their position is in sharp contrast to the situation last year, when suggestions for limiting retirees' benefits were strongly opposed. Entitlements now acccount for about half the federal budget, with Social Security accounting for nearly half the programs. [New York Times] Assailing the administration's proposed budget as a "colossal mistake in economic policy," former Vice President Walter Mondale urged Congress to repeal the 10 percent income tax cut scheduled for next year and to cut $10 billion from the military budget. Mr. Mondale, an all-but-declared aspirant for the 1984 Democratic presidential nomination, spoke at the National Press Club. [New York Times] A vote on Harrison Williams is expected in the Senate tomorrow. The Senate majority leader said there was "almost no support" among Republicans for a resolution to censure rather than expel the New Jersey Democrat, and reports circulated that Senator Williams was again being pressured by fellow Democrats to resign before an expulsion vote on Thursday. [New York Times] John Belushi was buried in Martha's Vineyard, Mass., as reports spread that the 33-year-old actor's death last Friday was caused by a large dose of cocaine or other drugs. He had a reputation for using drugs heavily. A spokesman for the Los Angeles County Coroner said that laboratory tests would be completed in two or three days. [New York Times] Vietnam veterans should be given "special consideration" by parole boards because of the traumatic effects of their war experience, according to a proposal by Judge D.J. Skinner of Federal District Court in Boston. The government reports that more than 2,000 of the 24,000 inmates now in federal prisons are Vietnam veterans. [New York Times] A black police chief in Houston is in prospect for the first time with the nomination of Lee P. Brown, who is now Atlanta's Public Safety Commissioner. [New York Times] The world will not end tomorrow, despite widespread rumors, because of an unusual alignment of the sun, the planets and the moon, which is called a syzygy by astronomers. Because the nine planets will be on the same side of the sun, all will be observable, some without a telescope, shortly before dawn tomorrow and Thursday. Much superstition is attached to the syzygy, but astronomers expect nothing unusual to occur. [New York Times] A Nicaraguan military buildup is being pressed and has upset Central America's military balance, according to the Reagan administration. It made public aerial reconnaissance photographs that intelligence officials said proved that Nicaragua, with Cuban and Soviet aid, was assembling the largest military force in the region.Nicaragua's buildup is defensive only, according to one of the three members of the Sandinist junta. He charged that Washington was making charges to the contrary to justify possible intervention. He conceded that the size of the Nicaraguan armed forces had been increased, but asserted, "There is not a single foreign soldier in Nicaragua." [New York Times] Victory in Guatemala's election was claimed by the government's candidate, and his three opponents were detained by the police as they were marching to the presidential palace to present what they said was evidence of fraud. They had called on their supporters to stage a mass protest, an action that the government warned was illegal. [New York Times] The Irish Parliament's choice for Prime Minister was Charles Haughey, a millionaire Dublin businessman who was Prime Minister from December 1979 until last June. He defeated Prime Minister Garret FitzGerald by a vote of 86 to 79. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 803.84 (+8.37, +1.05%)
S&P Composite: 108.83 (+1.48, +1.38%)
Arms Index: 0.41

	Issues	Volume*
Advances	810	51.44
Declines	689	17.98
Unchanged	398	6.64
Total Volume		76.06

* 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*
March 8, 1982	795.47	107.35	67.33
March 5, 1982	807.36	109.34	67.44
March 4, 1982	807.55	109.88	74.34
March 3, 1982	815.16	110.92	70.26
March 2, 1982	825.82	112.68	63.80
March 1, 1982	828.39	113.31	53.01
February 26, 1982	824.39	113.11	43.83
February 25, 1982	825.82	113.21	54.15
February 24, 1982	826.77	113.47	64.80
February 23, 1982	812.98	111.51	60.20