News stories from Thursday January 29, 1981

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

Revenge on Iran was rejected by President Reagan as unworthy of the American national character. He declined to say what actions he might take to enforce his pledge of "swift and effective retribution" against future acts of terrorism against Americans.An American-Soviet dispute over Moscow's position on the freed American hostages intensified. Replying to American protests, the Soviet Union defended its stand as proper and accused Washington of keeping the issue alive as a pretext for a naval buildup in the Persian Gulf. [New York Times] President Reagan denounced Moscow for reserving "the right to commit any crime, to lie, to cheat." Officials said that Secretary of State Alexander Haig had sent a message to Andrei Gromyko, the Soviet Foreign Minister, warning that a Soviet invasion of Poland could mean dire consequences for East-West relations. [New York Times] A former hostage was jailed alone for long periods, part of the time in cramped, unheated cells while snow fell outside and the walls exuded a cold sweat, according to his account of capitivity in Iran. Michael Metrinko, the former captive, said he believed that his treatment was especially harsh because his record as a political officer had led his captors to think he was a spy and because he often returned their curses and verbal abuse.A freed hostage hopes for an inquiry by the Senate into why the Carter administration allowed the deposed Shah to enter the United States in 1979 for medical treatment. Barry Rosen, the former captive, said that the American Embassy in Iran had warned the State Department about the likely consequences of accepting the Shah. [New York Times] A freeze on new federal regulations for 60 days was ordered by President Reagan as he reaffirmed his opposition to "wildly skyrocketing deficits and runaway government." At his first news conference since taking office on Jan. 20, Mr. Reagan also announced that he had abolished the federal agency that has monitored wage and price increases for the last six years. He said that his program of deep budget cuts, which is to be ready by mid-February, would be "bigger than anyone has ever attempted." [New York Times] Some Cuban criminals will be freed under a plan being formulated by the Justice Department. Officials said that, under the plan, an undetemined number of the 1,700 refugees being held in federal prisons because of crimes committed in Cuba would be moved to a refugee camp and then released in the United States. [New York Times] Sex education should not be promoted by the government, Richard Schweiker, the new Secretary of Health and Human Services, said. In another break with the views of the Carter administration, he said that doctors treating poor, unmarried teenagers under Medicaid should not be allowed to prescribe contraceptives. [New York Times] A drop in toxic shock syndrome cases in the United States has been confirmed by federal health officials. They are unsure about the reasons for the sharp decline in the incidence of the rare but sometimes fatal disease, which primarily afflicts young women who use tampons, but the researchers say that the three-month trend is not a statistical aberration. [New York Times] Jean Harris gave her version of the fatal shooting of Dr. Herman Tarnower. Testifying at her murder trial in Westchester County Court, Mrs. Harris described the cardiologist's death as the tragic aftermath of what was to have been a "few quiet minutes with Hy, for me to feel safe again" before she killed herself. [New York Times] Poland's labor crisis grew more grave as the authorities issued their sternest warning in six months of recurrent turmoil. Asserting that the country was threatened by anarchy, the government warned that it was ready to "take the necessary steps" to keep factories operating. The government and the independent union agreed to hold talks tomorrow in an effort to end a wave of wildcat walkouts. [New York Times] A call for an immediate truce in the Iranian-Iraqi war was issued by the leaders of 37 Islamic countries and the Palestine Liberation Organization. They said that a six-nation panel should be set up to aid the United Nations in peace efforts and that, if necessary, an Islamic force should be created to enforce a cease-fire. [New York Times] Spain's Prime Minister resigned. Adolfo Suarez, who has led the country out of four decades of dictatorship toward democracy since mid-1976, said on television that his resignation was "irrevocable." Mr. Suarez has recently come under criticism from rightists and others in his faction-ridden center party over his leadership. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 948.89 (+6.31, +0.67%)
S&P Composite: 130.24 (-0.10, -0.08%)
Arms Index: 0.85

	Issues	Volume*
Advances	774	19.12
Declines	710	14.99
Unchanged	428	4.06
Total Volume		38.17

* 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*
January 28, 1981	942.58	130.34	36.69
January 27, 1981	949.49	131.12	42.25
January 26, 1981	938.91	129.84	35.37
January 23, 1981	940.19	130.23	37.22
January 22, 1981	940.44	130.26	39.88
January 21, 1981	946.25	131.36	39.19
January 20, 1981	950.68	131.65	41.74
January 19, 1981	970.99	134.37	36.64
January 16, 1981	973.29	134.77	43.26
January 15, 1981	969.97	134.22	39.63