News stories from Wednesday May 26, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A defense psychiatrist reversed testimony at the trial of John W. Hinckley. The psychiatrist, Dr. Thomas Goldman, acknowledged under a tough cross-examination that the defendant had apparently lied to him about how he loaded his pistol before he shot President Reagan. Dr. Goldman also said that Mr. Hinckley had viewed Jodie Foster as an "idealized mother figure." [New York Times]
- Used car dealers were backed by Congress as the House joined the Senate in rejecting a proposed rule that would require the dealers to disclose major defects in cars and state the extent of any outstanding warranties. It was the first time that Congress has vetoed a rule proposed by the Federal Trade Commission. [New York Times]
- The Democratic primary for Governor of Arkansas was won by Bill Clinton, a former Governor who was upset in 1980. But, because he did not get more than 50 percent of the vote, he faces a tough runoff June 8 with Joe Purcell, a longtime officeholder who is said to have the fewest enemies of any Arkansas politician. [New York Times]
- Members of the Saudi royal family rich beyond desire are generating fascination and controversy in Miami because of their generous gifts to a plethora of charities and civic projects. Critics, and there are many, say that the largesse is no less staggering than the baldness of the attempt to buy Miami's goodwill. [New York Times]
- Fewer traffic bottlenecks are likely to occur this weekend than during previous Memorial Day holidays because of severe cuts in federal highway funds for New York, New Jersey and Connecticut. But the drop in current improvement projects will probably lead to bumpier rides this summer and to more emergency road closings in the future. [New York Times]
- British troops are poised for a drive across East Falkland Island toward Argentine forces in Stanley despite the loss of two ships in Tuesday's air strikes, Defense Minister John Nott announced. He said that 24 men had been killed aboard the two vessels and that about 25 had been wounded. Addressing a grim House of Commons, Mr. Nott said that the destroyer Coventry had capsized after being bombed and strafed and that the container ship Atlantic Conveyor, being used as a makeshift aircraft carrier, had been crippled by two Exocet missiles. [New York Times]
- The first report of key ground contact in the Falkland war was reported by Argentina's military command. It said its forces had engaged British units operating from their beachhead and had shot down two helicopters and damaged two. It was not clear which side had initiated the clash. [New York Times]
- Britain assumed a stiffer position on any cease-fire, saying it would no longer accept a mutual withdrawal of forces around the Falklands, but only a pullout of Argentine troops. The United Nations Security Council asked Secretary General Javier Perez de Cuellar to resume peace efforts, but he called the Council's instructions too vague to be helpful. [New York Times]
- Israeli military equipment on an Ecuadorean cargo plane detained by federal authorities in New York Tuesday was destined for Argentina, according to a senior Reagan administration official. In Jerusalem, a government spokesman denied that the cargo was to be flown to Argentina from Ecuador. [New York Times]
- The Pope will visit Argentina June 11 and 12 after his trip to Britain, government and church officials in Buenos Aires announced. A papal envoy said that John Paul II felt he "could not visit Britain without making a trip to Argentina." [New York Times]
- Shrinking Argentine grain exports have intensified the country's severe economic problems and shortage of foreign exchange. In the latest setback, industry officials in Buenos Aires said that the Soviet Union, Argentina's major trading partner, had postponed half of its scheduled June purchase of Argentine agricultural commodities. [New York Times]
- A cut in aid to El Salvador was pro-posed by the Senate Foreign Relations Committe, which fears that recent actions by Salvadoran leaders could block promised land redistribution. In a 12-to-0 vote, the panel called for a cut in the Reagan administration's military aid program from $166.3 million next year to $66 million. [New York Times]
- Rising concern on the Persian Gulf was suggested by Secretary of State Alexander Haig. He said that the United States in coming weeks would take "a more active role" in trying to end the Iran-Iraq war. But he seemed to warn Iran that if it expanded the conflict to neighboring nations, Washington would move to protect its "vital interests." [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 828.77 (-5.80, -0.69%)
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* |
| May 25, 1982 | 834.57 | 114.40 | 44.01 |
| May 24, 1982 | 836.38 | 114.79 | 38.51 |
| May 21, 1982 | 835.90 | 114.89 | 45.26 |
| May 20, 1982 | 832.48 | 114.59 | 48.33 |
| May 19, 1982 | 835.90 | 114.89 | 48.87 |
| May 18, 1982 | 840.85 | 115.84 | 48.96 |
| May 17, 1982 | 845.32 | 116.71 | 45.57 |
| May 14, 1982 | 857.78 | 118.01 | 49.90 |
| May 13, 1982 | 859.11 | 118.22 | 58.22 |
| May 12, 1982 | 865.77 | 119.17 | 59.21 |