News stories from Friday November 19, 1982

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

A cut from 9.5 percent to 9 percent in the key lending rate of the Federal Reserve Board was announced and becomes effective Monday. The rate was lowered to counter "continued sluggishness in the economy," the board said. [New York Times] More domestic spending cuts, up to $30 billion, have been tentatively decided on by President Reagan, White House officials said. Much tougher resistance to similar reductions than was shown by the outgoing Congress is expected from the new one. [New York Times] Local steelworkers leaders turned down a tentative agreement approved by the union's executive board that called for major concessions in wages and benefits in return for increased aid to laid-off workers and a profit sharing plan. [New York Times] Claude Pepper wants to be head of the influential House Rules Committee, where he would in a position to shape Social Security legislation in the next session of Congress. The Florida Democrat, who at 82 is the oldest member of Congress, wants the job so that he can thwart efforts to trim Social Security benefits, his aides say. [New York Times] Lawyers for Texas prisoners who won a lawsuit against the state have been awarded $1.71 million in legal fees by federal district judge William Justice of Tyler, Texas, who ordered the state to pay the costs. The prisoners' lawsuit challenged conditions in the state prison system, the nation's largest. About 30,000 prisoners were plaintiffs in the case, which was in the courts for a decade. [New York Times] Music scores by George Gershwin, Cole Porter, Richard Rodgers, Vincent Youmans and others were discovered in a Warner Bros. warehouse in Secaucus, N.J. The find was called "one of the monumental discoveries in the history of American musical theater" by the president of the Institute of the American Musical. [New York Times] Chinese-Soviet relations depend upon whether the Soviet Union acts to remove its threats to China, Prime Minister Zhao Ziyang said during a second round of talks in Peking with the Thai Prime Minister, Gen. Prem Tinsulanonda. [New York Times] Israel criticized remarks by Secretary of State George Shultz, who said Thursday that a requirement for foreign teachers in the Israeli-occupied West Bank to sign an oath disavowing the Palestine Liberation Organization was a "problem of freedom, freedom of thought." At least 20 foreign teachers have been expelled because of the requirement; they refused to sign the oath on the ground that it was politically biased. [New York Times] A challenge to Roberto d'Aubuisson is building up in El Salvador among Christian Democratic politicians and some top military officials. Mr. d'Aubuisson is the President of the Salvadoran Constituent Assembly and the leader of the rightist National Alliance Party. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1021.25 (-10.85, -1.05%)
S&P Composite: 137.02 (-1.32, -0.95%)
Arms Index: 1.63

	Issues	Volume*
Advances	722	20.98
Declines	862	40.71
Unchanged	378	8.62
Total Volume		70.31

* 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*
November 18, 1982	1032.10	138.34	77.62
November 17, 1982	1027.50	137.93	84.44
November 16, 1982	1008.00	135.42	102.91
November 15, 1982	1021.43	137.03	78.89
November 12, 1982	1039.92	139.53	95.08
November 11, 1982	1054.73	141.76	78.39
November 10, 1982	1044.52	141.16	113.24
November 9, 1982	1060.25	143.02	111.23
November 8, 1982	1037.44	140.44	75.22
November 5, 1982	1051.78	142.16	96.55