News stories from Thursday February 4, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Busing could be virtually eliminated as a device for desegregating public schools under a proposal approved by the Senate. The proposal drew strong support from both Republicans and Democrats and passed 58 to 38, a strong signal that school busing has become increasingly unpopular across the country. [New York Times]
- Transcripts of cockpit exchanges on the airliner that crashed in Washington last month show that the pilot and co-pilot talked and joked about the snowstorm around them and differed over the significance of an instrument reading just before the crash, which killed 78 persons, including them. The transcripts also show that the pilots were aware of a buildup of snow or ice on the airliner's wings. [New York Times]
- States could suffer a net loss of money after 1987 as a result of President Reagan's "new federalism" proposals, David Stockman, the federal budget director, publicly confirmed for the first time. President Reagan had promised a "financially equal swap" if the federal government assumed all Medicaid costs in exchange for the states' takeover of welfare and food stamp programs. [New York Times]
- New epidemics of polio, measles, rubella and other serious childhood diseases could threaten the nation if the federal government's childhood immunization program is cut substantially, a panel of health experts warned. Budget cuts this year, along with a 30 percent rise in vaccine prices, will sharply reduce the number of children immunized. [New York Times]
- Worsened housing for the poor would result from the proposed federal housing voucher program, according to a forthcoming study. The plan would restrict benefits to only the very poor, forcing them to use more of their income for rent, and eliminate other other federal housing aid programs, the report said. [New York Times]
- Interest rates and fees for banking services have risen steeply for individuals over the past six months, while interest rates for big corporations have declined. Bankers attribute the increases to a rapid rise in the amount of interest they must pay depositors, and the rising costs of handling consumer accounts. [New York Times]
- Oil prices are tumbling as demand remains unexpectedly weak through one of the worst cold spells in memory afflicting the United States and Europe. Oil traders said that the substantial decrease in demand for home heating oil and other refined products had pounded spot market prices. [New York Times]
- The prosecution in Atlanta rested its murder case against Wayne Williams, who is charged with the slaying of two of Atlanta's 28 missing and murdered black youths. [New York Times]
- Pretrial hypnosis hearings on the fire that killed 26 at Stouffer's Inn on Dec. 4, 1980, entered their third day in Westchester (N.Y.) County court, where the testimony of three witnesses is being compared with recorded descriptions that they gave under hypnosis after the fire. The hearings seek to determine whether the witnesses' memories were altered by hypnosis. [New York Times]
- Medium-range nuclear missiles in Europe would be eliminated under a draft treaty presented to the Soviet Union by the United States, President Reagan announced. The proposal was introduced at the arms reduction talks underway in Geneva. At the same time, the White House said, the United States rejected a Soviet proposal, saying it was based on a distorted missile count. [New York Times]
- Continued Soviet missile deployment was reported by an official West German source. The official said that Bonn had indications that the Kremlin had not halted the deployment of SS-20 nuclear missiles targeted on Western Europe. [New York Times]
- The expulsion of a Soviet attache in an espionage case was confirmed by the State Department. A spokesman said Gen. Vasily Chitov, the senior military attache in the Soviet Embassy, had been declared persona non grata and left the United States on Wednesday. [New York Times]
- Key American-Arab differences arose over a resolution in the United Nations, sponsored by the Arab countries, urging nations to punish Israel for annexing the Golan Heights. The United States, in a sharp departure from normal diplomatic practice, waged an open and fierce campaign against the resolution, which the General Assembly is expected to approve. [New York Times]
- Stiff jail sentences for Poles were set in the Baltic port of Gdansk and in the coal-mining region of Silesia. Courts in Gdansk sentenced 101 young people to jail terms ranging from one to three months on charges of fighting security forces on Saturday, and tribunals in Katowice sentenced nine miners to three to seven years in prison on charges of organizing an underground strike last month. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 847.03 (+2.00, +0.24%)
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* |
| February 3, 1982 | 845.03 | 116.48 | 49.56 |
| February 2, 1982 | 852.55 | 118.01 | 45.01 |
| February 1, 1982 | 851.69 | 117.78 | 47.73 |
| January 29, 1982 | 871.10 | 120.40 | 73.40 |
| January 28, 1982 | 864.25 | 118.92 | 66.68 |
| January 27, 1982 | 842.66 | 115.74 | 50.05 |
| January 26, 1982 | 841.51 | 115.19 | 44.86 |
| January 25, 1982 | 842.75 | 115.41 | 43.17 |
| January 22, 1982 | 845.03 | 115.38 | 44.39 |
| January 21, 1982 | 848.27 | 115.75 | 48.60 |