News stories from Monday April 27, 1981

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

An administration budget victory was in prospect as legislators returned to Capitol Hill from an Easter recess. Democratic leaders in the House expressed serious doubts that they could muster enough votes to alter President Reagan's proposals while Republican leaders in the Senate said they had brought rebellious conservatives into line behind the program. But major compromises over proposed tax cuts were expected. [New York Times] Higher dairy price supports than those proposed by the administration were approved by the Senate Agriculture Committee. The panel rejected the administration's bill and adopted a substitute that would cost at least $1.5 billion more over four years. [New York Times] Deterring the illegal immigration of Haitians and Cubans to the United States is sought by administration officials. They have tentatively decided to recommend a series of tough enforcement measures that are expected to include proposed legislation to expedite deportation and exclusion proceedings and the detention of new arrivals who lack visas. [New York Times] A court ruled that Spiro Agnew had accepted thousands of dollars in "bribes" from contractors while he was Governor of Maryland and Vice President. The judge at a civil trial in Annapolis then ordered Mr. Agnew to pay the state $248,735. [New York Times] Supreme Court justices were rebuked by a colleague, Associate Justice William Rehnquist, for declining to hear a death penalty appeal. Justice Rehnquist, an outspoken supporter of capital punishment, criticized the Court for permitting multiple appeals and long delays in the cases. [New York Times] Anger over Boston's financial crisis is focusing increasingly on Mayor Kevin White. The city council has demanded that any rescue plan include sharp curbs on his strong powers while crowds at public rallies have blamed him for the city's problems and have called for his resignation. [New York Times] A foreign-policy difference between President Reagan and Secretary of State Alexander Haig was disclosed by White House officials. They said that Mr. Haig did not reflect the President's views when he said Saturday that Washington would impose a total trade embargo against the Soviet Union if it invaded Poland. A spokesman called an embargo "one of many options" that the President could choose. [New York Times] The administrstion was rebuffed in an attempt to end congressional restrictions on American military aid to insurgents in Angola. By a 7-to-0 vote, a House subcommittee backed retention of the restrictions. [New York Times] Reports of nuclear weapons plans by India and Pakistan prompted a warning by Senator Alan Cranston. In a speech on the Senate floor, Mr. Cranston, the Democratic whip, asserted that both countries were making "final preparations" at test sites for underground nuclear explosions. [New York Times] Possible arms sales by Bonn to Riyadh were expected to be a major topic in two days of talks between Chancellor Helmut Schmidt and the Saudis. But Mr. Schmidt sought to play down the issue in a series of interviews before he arrived in the Saudi capital. [New York Times] Human skeletons 7,700 years old have been uncovered by scientists digging on the barren central coast of Peru. The discovery of more than 220 skeletons from 56 domiciles led the specialists to believe they have found the site of the oldest known village in the Western Hemisphere. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1024.05 (+3.70, +0.36%)
S&P Composite: 135.48 (+0.34, +0.25%)
Arms Index: 0.77

	Issues	Volume*
Advances	807	26.72
Declines	755	19.26
Unchanged	358	5.10
Total Volume		51.08

* 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*
April 24, 1981	1020.35	135.14	59.90
April 23, 1981	1010.27	133.94	64.20
April 22, 1981	1007.02	134.14	60.65
April 21, 1981	1005.94	134.23	60.29
April 20, 1981	1015.94	135.45	51.01
April 16, 1981	1005.58	134.70	52.95
April 15, 1981	1001.71	134.17	56.03
April 14, 1981	989.10	132.68	48.39
April 13, 1981	993.16	133.15	49.85
April 10, 1981	1000.27	134.51	58.12