News stories from Wednesday November 24, 1982

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

Opposition to advancing the tax cut to January from July was expressed by the Federal Reserve Board chairman, Paul Volcker. He also said he favored increasing the federal gasoline tax to pay for the repair of highways and bridges. [New York Times] Jobless proposals far broader than the highway repair plan endorsed by President Reagan are being prepared for his consideration. Larry Speakes, the White House spokesman, said the package of job stimulation measures would be shaped from seven or eight proposals now being considered by a council of cabinet members. [New York Times] New auto financing incentives offered by the Big Three domestic manufacturers pushed sales in mid-November 41.7 percent above last year's sales, the companies reported. The programs offer new car financing below most normal lending rates. [New York Times] A hurricane lashed northern Hawaii with a 110-mile-per-hour fury, leaving a Navy seaman dead from the huge waves that slammed his ship, millions of dollars worth of homes and businesses in ruins and the fate of those on the sparsely populated island of Niihau unknown. The storm struck three islands, sending 7,000 people fleeing to emergency shelters. [New York Times] Columbia, Md., a "new town" founded in the 1960's, was shaped to harmonize with the environment and serve as a model for an urban ecology where nature and humanity are harmonious. The community of 55,000 people has planted more than 80,000 trees and shrubs, and overall the experiment appears to be a success. [New York Times] The Israeli commission of Inquiry on the massacre of Palestinian civilians in Beirut notified Prime Minister Menachem Begin and eight other top officials that there was a possibility they might be harmed by its findings. The panel said Mr. Begin and Defense Minister Ariel Sharon might be found to have failed in their duties by ignoring the dangers of asking Lebanese Christian militiamen to go into the Palestinian refugee camps and, in the cases of some of the other officials, by neglecting to report or act quickly to halt the killings. [New York Times] Foreign Miniser Yitzhak Shamir testified it was not true that a fellow Israeli cabinet member told him Sept. 17 that Lebanese Christian militiamen were killing Palestinian civilians in Beirut. In a 40-minute appearance before the Israeli judicial commission investigating Israeli involvement in the killings, Mr. Shamir denied testimony given by Communications Minister Mordechai Zipori. [New York Times] An expression of U.S. concern over reports of Israel's West Bank policies has been sent to Israel, the State Department said. At issue are reports that the Israeli military authorities are trying to reduce the influence of Palestinians living in the occupied territories who favor cooperation with Jordan or the Palestine Liberation Organization. [New York Times] Global economic troubles are worse than they have been at any time since the Depression. In country after country, the world is afflicted with high unemployment, declining production, failing businesses, sagging trade and enormous foreign debts. [New York Times] Opposition parties in Brazil have won an overwhelming majority of the vote and control of several major states in the first nationwide elections in 17 years. Although the continuing tabulation of the Nov. 15 election gave the the government leaders only about 30 percent of the vote, it was enough to assure them a majority of the states and control of the electoral college that will choose Brazil's next President in 1985. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1000.00 (+9.01, +0.91%)
S&P Composite: 133.88 (+0.95, +0.71%)
Arms Index: 0.72

	Issues	Volume*
Advances	937	39.82
Declines	644	19.72
Unchanged	339	7.68
Total Volume		67.22

* 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 23, 1982	990.99	132.93	72.92
November 22, 1982	1000.00	134.22	74.96
November 19, 1982	1021.25	137.02	70.30
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