News stories from Monday May 10, 1982

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

A Democratic budget plan was tentatively agreed upon by the party's House leaders. Under the plan, Social Security benefits would be preserved and federal taxes would be raised by 50 percent more than under the plan endorsed by President Reagan and Senate Republicans. [New York Times] Moderate Republican Congressmen from the Northeast and Middle West said that the budget plan worked out by Senator Pete Domenici and the Reagan administration was not acceptable. Last year, the group voted for Mr. Reagan's budget. [New York Times] The President expressed sympathy with the desire of blacks to honor the Rev. Dr. Martin Luther King Jr., but said that making a holiday of the civil rights leader's birthday might start a trend toward too many holidays that cost the government too much money. In a day designed to show Mr. Reagan's concern for minority groups and the poor, he visited a predominantly black high school in Chicago and said that he had tried to extend tax exemptions to segregated private schools because he did not know that such schools still existed. [New York Times] A one-term Reagan presidency is the subject of mounting and bipartisan speculation in Washington amid rising criticism of the administration. Those who assert that the President will decide not to run for re-election cite polls showing that public support for Mr. Reagan's programs has eroded steadily, even among people who voted for him, and a widening fragmentation in the Reagan coalition. [New York Times] The Colorado psychiatrist who treated John W. Hinckley in the five months before Mr. Hinckley shot President Reagan testified that he had not observed the defendant to have delusions or other symptoms associated with mental illness and never thought there was much "cause for concern" that Mr. Hinckley could not care for himself. The psychiatrist acknowledged under questioning that he had never drawn Mr. Hinckley out on his mental problems. [New York Times] Sirhan B. Sirhan pleaded urgently for his freedom before the California panel that is considering whether he should be paroled on Sept. 1, 1984, from the life term he is serving for the 1968 assassination of Senator Robert F. Kennedy. The prisoner said he had no intention of assassinating Senator Edward Kennedy. [New York Times] The Western boom has burst. The full force of the national recession is raking the Rocky Mountain states, deflating the region's energy-based prosperity and forcing widespread layoffs among the tens of thousands of workers who flocked to the region in recent years to seek their fortune. [New York Times] Many on California's coast are angry over last week's moves by Interior Secretary James Watt to accelerate exploration for oil and natural gas off some of the most scenic parts of the state's shoreline. [New York Times] Cosmic dust is being collected systematically by U-2's and other high-altitude reconnaissance planes and scrutinized by American scientists. Experts believe that the tiny extraterrestial particles are so primitive and pristine that they may be revealing conditions that existed at the beginning of the solar system. [New York Times] A New Jersey vote on nuclear arms is in prospect. The state Senate gave final legislative approval for a referendum on the Nov. 2 ballot on whether the United States and the Soviet Union should agree to halt nuclear arms production. Governor Kean has said he will sign the bill. [New York Times] Britain's flotilla advanced to within sight of Argentine positions in the Falklands after bombarding shore installations for the second successive day, according to correspondents' dispatches from the combat zone. Frigates and destroyers armed with anti-aircraft missiles were said to be lying only a few miles off Stanley, the capital of the islands. [New York Times] Argentian confirmed an easing in its terms for a peace settlement with Britain. A high official acknowledged that Buenos Aires had dropped its insistence on gaining recognition of its sovereignty over the Falklands before its troops are withdrawn. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 860.92 (-8.28, -0.95%)
S&P Composite: 118.38 (-1.09, -0.91%)
Arms Index: 1.47

	Issues	Volume*
Advances	523	10.63
Declines	967	28.85
Unchanged	438	6.82
Total Volume		46.30

* 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*
May 7, 1982	869.20	119.47	67.18
May 6, 1982	863.20	118.68	67.54
May 5, 1982	854.45	117.67	58.86
May 4, 1982	854.45	117.46	58.72
May 3, 1982	849.03	116.81	46.48
April 30, 1982	848.35	116.44	48.03
April 29, 1982	844.94	116.13	51.33
April 28, 1982	852.64	117.26	50.52
April 27, 1982	857.50	118.00	56.48
April 26, 1982	865.58	119.26	60.50