News stories from Monday June 28, 1982

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

Raymond Donovan apparently committed no wrongdoing when he was a New Jersey construction company executive. Leon Silverman, a special prosecutor, announced he had found no evidence to justify charging the Labor Secretary with any crime. Mr. Donovan said he planned to remain as Labor Secretary, but some White House officials said there was doubt he would stay on. [New York Times] Columbia's astronauts began an experiment that could lead to the manufacture of medical products in space. The experiment, begun in the mission's first full day of orbiting the earth, marked the first use of the space shuttle by American business. The astronauts also had their hands full dealing with a rash of malfunctions, but none of them was said to threaten the flight. [New York Times] A law banning ownership of pistols by most individuals was enacted by the San Francisco Board of Supervisors by a vote of 6 to 4. [New York Times] Another record winter wheat crop is being stored in the Middle West at a time when the huge supplies from last year's crop have deflated farmers' prices. The amount of wheat in the bins is so great as to make meaningless the government's acreage reduction program. [New York Times] The Supreme Court gave employers who are sued for job discrimination a potentially important device for minimizing their eventual financial liability if they lose the suit. [New York Times] Feminist lawyers are disheartened but not discouraged by the failure of the campaign for the proposed federal equal rights amendment. They say they will use existing laws to extend the frontiers of sexual equality, although the battle will be more diffused, costly and time-consuming than it would have been if the measure had been enacted. [New York Times] Maintaining a government during and after a nuclear war is a top priority for the Reagan administration. The Reagan planners have embraced a policy first adopted by the Carter administration that would enable the United States to wage "controlled and protracted nuclear war" after a Soviet attack. [New York Times] A setback for handicapped children arose from a 6-to-3 decision by the Supreme Court. The Justices ruled that federal law entitled the handicapped to a public education from which they could derive "some educational benefit," but added that local school districts were not obliged to provide services that such children needed to reach their full academic potential. [New York Times] Negotiations continued in Beirut among Palestinian, Lebanese and United States officials. Government sources said that the conferees were seeking to reach agreement on a proposal by the Palestine Liberation Organization that would neutralize the guerrilla group's military presence in Lebanon and permit the eventual departure of its leadership from Beirut.The P.L.O. has only a few days to accept Israel's offer of safe passage out of Beirut, according to officials in Jerusalem. [New York Times] Alexander Haig's differences with Defense Secretary Caspar Weinberger and Vice President Bush over how much to criticize Israel for its actions in southern Lebanon do not seem to have played as big a role in Mr. Haig's resignation as Secretary of State as his concern that others were interfering in his ability to manage foreign relations. [New York Times] The strategic arms reductions talks begin in Geneva tomorrow with wide differences separating the American and Soviet positions. The two superpowers are on the threshold of deploying more devastating nuclear weapons than ever before, including ones so small and numerous as perhaps to defy future control. [New York Times] Britain's royal baby will be known as Prince William of Wales, Buckingham Palace announced. The full name of the week-old son of the Prince and Princess of Wales is William Arthur Philip Louis. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 811.93 (+8.85, +1.10%)
S&P Composite: 110.26 (+1.12, +1.03%)
Arms Index: 0.55

	Issues	Volume*
Advances	879	26.67
Declines	511	8.49
Unchanged	453	5.54
Total Volume		40.70

* 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*
June 25, 1982	803.08	109.14	38.74
June 24, 1982	810.41	109.83	55.86
June 23, 1982	813.77	110.14	62.70
June 22, 1982	799.66	108.30	55.29
June 21, 1982	789.95	107.20	50.36
June 18, 1982	788.62	107.28	53.80
June 17, 1982	791.48	107.60	49.23
June 16, 1982	796.90	108.87	56.28
June 15, 1982	801.27	109.69	44.97
June 14, 1982	801.85	109.96	40.10