News stories from Thursday May 27, 1982

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

The House rejected 1983 budget plans proposed by Democratic leaders and a bipartisan coalition after turning down a Republican budget plan endorsed by President Reagan, creating turmoil that cast doubt on the future of the budget process. [New York Times] The Senate rebuffed the President and its leadership and approved a $5 billion program to stimulate the troubled housing industry by subsidizing mortgage rates over the next five years. In the key vote, the measure was approved 63 to 27. Earlier, the Senate bowed to intense public pressure and voted 70 to 23 to repeal the tax benefits that both chambers of Congress voted for members in December. [New York Times] Sharply lower support for the G.O.P. and the policies of the Reagan administration was shown in the latest New York Times/CBS News Poll. President Reagan's personal standing held steady, perhaps because of his increasingly visible activities in recent weeks, with 43 percent approving his performance. But the poll showed that 48 percent of Americans back House candidates opposed to administration policies, 38 percent prefer administration supporters and 14 percent are undecided. [New York Times] Modifications in the Clean Water Act are sought by the Reagan administration, which asked Congress to make 15 revisions in the key water protection law. Environmentals attacked the proposals as "special interest loopholes and back-door fixes" to reverse legal defeats suffered by the Environmental Protection Agency. [New York Times] Enforcement of civil rights laws would probably be reduced as a result of budget cuts proposed by the Reagan administration, according to a report issued by the government's Commission on Civil Rights. [New York Times] A study of reproductive deaths found that the total number of women who died in pregnancy or in efforts to avert pregnancy or childbirth has decreased dramatically in recent decades. The report, published in The Journal of the American Medical Association, also found that, over the same period, deaths caused by contraception or sterilization have begun to occur at nearly the same rate as they do from pregnancy itself. [New York Times] The arrival of a third N.H.L. team in the New York City metropolitan area next season is now certain. The board of governors of the National Hockey League approved the transfer of the financially troubled Colorado Rockies from Denver to the Jersey Meadowlands. The team will play in Brendan Byrne Arena, and the new owners include the former Governor. [New York Times] The Rev. Sun Myung Moon testified under oath for the first time about his religious beliefs amid repeated and often angry objections by his lawyers. Appearing in Manhattan's federal courthouse, the 62-year-old Korean evangelist said he had met and conversed in his native tongue with Jesus, Moses and Buddha. [New York Times] Britain opened an offensive from its beachhead at San Carlos Bay against the Argentine troops in the Falklands, Prime Minister Margaret Thatcher announced in the House of Commons. Unofficial reports in London said that paratroopers were moving south toward the Darwin area and that marines were advancing east toward Stanley, the main island settlement. [New York Times] Argentina reported ground clashes and a series of British air raids on the Falklands and said that one British plane had been shot down. [New York Times] Argentina denounced Washington for backing Britain in the Falkland conflict, asserting that the United States was encouraging "aggression" and jeopardizing its future relations with Latin America. The attack, made by Foreign Minister Nicanor Costa Mendez at the opening of an emergency meeting of the Organization of American States, was greeted with long applause and a standing ovation by Latin American delegates. [New York Times] An American-Moroccan base accord was formally completed and initialed. The agreement will allow United States military planes to use air bases in Morocco in any emergency in the Middle East or Africa. [New York Times] Fewer troops in Central Europe will be stressed by President Reagan in Bonn next month, administration officials said. They said he would propose a new approach to efforts to trim East and West ground troops to common ceilings of 700,000. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 824.96 (-3.81, -0.46%)
S&P Composite: 112.66 (-0.45, -0.40%)
Arms Index: 1.63

	Issues	Volume*
Advances	459	8.67
Declines	926	28.44
Unchanged	481	7.62
Total Volume		44.73

* 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 26, 1982	828.77	113.11	51.25
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