News stories from Friday October 22, 1982

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

A used car dealer law was upheld by the federal appeals court in Washington, which unanimously struck down a so-called legislative veto by Congress of a Federal Trade Commission rule requiring the dealers to disclose major defects and other information to used car buyers. The eight judges sitting in the case ruled in an unusually brief, unsigned opinion that laws empowering both houses of Congress acting together to veto federal agency rules are unconstitutional. The decision was the first by any federal court in a two-house veto case. It left one of the F.T.C.'s most controversial initiatives in a state of legal limbo. [New York Times] Churches using marketing methods developed by businesses and computer technology hope to attract potential members and reverse declining membership. Several church agencies are constructing extensive demographic profiles of local communities, using data collected in the 1980 census. [New York Times] Removal of three California Justices of the Supreme Court, all appointees of Gov. Jerry Brown, is one of the campaign aims of conservatives, including some of the leading Republican candidates for election in November. The backers of the movement are capitalizing on public dissatisfaction with the Governor's court appointments. [New York Times] The U.S. and Arab proposals for peace in the Middle East along with United Nations Security Council resolutions could be the basis for "peace and co-existence" in the region, King Hassan II of Morocco said after a meeting in Washington with President Reagan. The King, who is the leader of an Arab League delegation, did not specifically define what he meant by "co-existence," nor did he mention Israel, but a senior State Department official said that his choice of words was important. Mr. Reagan said the meeting with the delegation was "an important milestone" toward "a common objective, a just and lasting peace in the Middle East," and emphasized the importance of a negotiating process. [New York Times] Elections in Northern Ireland strengthened the political arm of the outlawed Irish Republican Army. Incomplete returns gave Sinn Fein two more seats, for a total of five, in the 78-member assembly. The gains were widely regarded as a pyschological victory for the party, which entered only 12 candidates, all in urban areas where Roman Catholics are concentrated, which campaigned on a slogan of "a ballot in one hand and a gun in the other." [New York Times] Seizure of five key Salvadoran leftists in San Salvador this week were reported by political sources and human rights groups. Relatives and human rights activists appealed to the the United States and the Salvadoran government to seek the release of the five, who reportedly were the core of the Democratic Front leadership remaining within the country. [New York Times] Historical opinion has not been kind to the middle course that President John F. Kennedy took in the Cuban missile crisis that seemed to bring the United States and the Soviet Union to the point of nuclear war just 20 years ago when Mr. Kennedy demanded that the Soviet Union remove its missiles from Cuba. Twenty years later there is little new evidence to clear up the central mysteries of the crisis. [New York Times] The first round of high-level talks in nearly three years between China and the Soviet Union ended without a thaw in their chilly relations. No details of the talks, which began Oct. 5 in Peking, were released. But the discussions are expected to resume in Moscow, possibly next month, and then alternate in Peking and Moscow. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1031.46 (-5.52, -0.53%)
S&P Composite: 138.83 (-0.23, -0.17%)
Arms Index: 1.12

	Issues	Volume*
Advances	1,014	53.80
Declines	659	39.09
Unchanged	338	8.23
Total Volume		101.12

* 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*
October 21, 1982	1036.98	139.06	122.46
October 20, 1982	1034.12	139.23	98.68
October 19, 1982	1013.80	136.58	100.85
October 18, 1982	1019.22	136.73	83.79
October 15, 1982	993.10	133.57	80.29
October 14, 1982	996.87	134.57	107.50
October 13, 1982	1015.08	136.71	139.80
October 12, 1982	1003.68	134.44	126.30
October 11, 1982	1012.79	134.47	138.53
October 8, 1982	986.85	131.05	122.26