News stories from Thursday December 17, 1981

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

"No plans for increasing taxes in any way" have been set, according to an emphatic remark by President Reagan at a news conference. However, a White House spokesman said later that Mr. Reagan had been speaking about income taxes and had not meant to rule out possible proposals for higher excise taxes aad the closing of "loopholes" to require higher payments under existing taxes. [New York Times] On civil rights issues, the President said he had no objection to voluntary affirmative action programs to expand job opportunities for minority members in private industry. But Mr. Reagan reaffirmed opposition to a House bill that would allow blacks and Hispanic-Americans to challenge electoral procedures under the Voting Rights Act without having to prove discriminatory intent. [New York Times] The President dismissed suggestions that his administration had overreacted to reported threats of Libyan assassination teams, saying "the threat was real" and based on information from reliable sources. [New York Times] The opening of public lands for development is being pressed by the Interior Department. It has completed rules for mining for minerals and drilling for oil and natural gas in five Western national recreation areas operated by the National Park Service. Approval by the federal budget office is expected. [New York Times] A plea for a end to the arms race was issued by the leaders of two major Protestant denominations, the American Baptists and United Presbyterians. They called on members to work and pray to halt the production of nuclear weapons. [New York Times] No broad decision on evolution theory or the biblical version of creation will be handed down in the trial centered on Arkansas' creation science law. The presiding judge said that his opinion would not go beyond the narrow question of whether the creation science theory on the origin of the world involved religion and was thus legally prohibited from public school instruction as a science. [New York Times] Seven Poles have been killed and hundreds wounded in scattered clashes with troops enforcing martial law restrictions, the Warsaw radio reported. The broadcasts gave the first official confirmation of casualties since the Polish authorities imposed martial law Sunday. The radio also reported that 160 militiamen and 164 civilians were wounded in Gdansk Wednesday night when troops dispersed the demonstrators. [New York Times] Fear has pervaded Poland since the crackdown began Sunday, according to a letter written by John Darnton, The New York Times' bureau chief in Warsaw. He said the authorities had mounted an overwhelming show of force, isolated demonstrators and slowly wore them down. "A major factor in the ease with which military rule has been established so far," he wrote, "was the Polish love and respect for the army. The army, like the flag and church, is a symbol of nationalism." [New York Times] The President deplored suppression of the independent union movement in Poland, charging that it was continuing with "the full knowledge and the support" of the Kremlin. Mr. Reagan warned that the United States and its allies would be seriously concerned over any direct intervention by the Soviet Union. [New York Times] Jimmy Carter strongly criticized the Reagan administration, voicing deep concern over "radical changes" in American foreign policy and accusing the administration of assuming a "one-sided attitude of belligerence toward the Soviet Union." It was Mr. Carter's first foreign policy speech since he left the White House. [New York Times] The United Nations Security Council approved unanimously a Syrian resolution declaring Israel's annexation of the Golan Heights Illegal and threatening to take "appropriate measures" if the action is not reversed. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 870.53 (+1.81, +0.21%)
S&P Composite: 123.12 (+0.70, +0.57%)
Arms Index: 0.60

	Issues	Volume*
Advances	742	25.42
Declines	716	14.62
Unchanged	486	7.19
Total Volume		47.23

* 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*
December 16, 1981	868.72	122.42	42.37
December 15, 1981	875.95	122.99	44.13
December 14, 1981	871.48	122.78	44.81
December 11, 1981	886.51	124.93	45.84
December 10, 1981	892.03	125.71	47.02
December 9, 1981	888.22	125.48	44.80
December 8, 1981	881.75	124.82	45.14
December 7, 1981	886.99	125.19	45.72
December 4, 1981	892.69	126.26	55.04
December 3, 1981	883.85	125.12	43.77