News stories from Tuesday June 8, 1982

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

The Endangered Species Act was extended for three years by the House in amendments sought by environmentalists were added to the law. In another major step affecting the environment, the House Interior Committee introduced a bill, with bipartisan support, that would immediately ban future oil, gas and coal leasing in federal wilderness areas and most proposed wilderness areas. [New York Times] Water that could be unsafe is being drunk by many rural Americans, according to a study mandated by Congress. The study, applying federal standards, found that nearly 29 percent of rural homes have enough bacteria in their water to be a potential health hazard. [New York Times] New federal budget proposals presented by Democratic and Republican leaders in the House were only slightly different from those rejected by the House last month. Both parties' proposals more clearly reflected their traditional values. The Democrats would provide more money for social programs at the expense of a larger deficit. The Republicans said their measures would cut the deficit to under $100 billion, and to do so they would cut spending for social programs. [New York Times] A Democratic runoff in Arkansas's gubernatorial primary was won by former Gov. Bill Clinton, who defeated former Lt. Gov. Joe Purcell. Mr. Clinton will oppose Gov. Frank White in November. The primary was among those held in 10 states from Maine to California. [New York Times] Representative Millicent Fenwick won the Republican nomination for the United States Senate from New Jersey, defeating Jeffrey Bell of Leonia, who had called his candidacy a referendum on President Reagan's economic policies. The Democratic nomination was sought by nine candidates, but Frank Lautenberg of Montclair held a strong lead over his two closest challengers, Andrew Maguire of Ridgewood and Joseph LeFante of Bayonne, former United States Representatives. [New York Times] Israeli forces moved toward Beirut, converging on Lebanon's capital from two directions in an apparent attempt to trap as many Palestinian guerrillas as possible. As Israeli units progressed northward along the Shouf mountain range running through central Lebanon they ran into large concentrations of Syrian peacekeeping troops. A Syrian military spokesman said Syrian tanks, helicopter gunships and artillery attacked the Israelis at several points. [New York Times] The U.S. vetoed a resolution voted by all 14 other members of the Security Council of the United Nations that threatened Israel with sanctions for refusing to halt its invasion of Lebanon. [New York Times] Israeli and Syrian forces clashed, but Israeli officials said the Syrians had not entered the battle in force. The Israeli Chief of Staff said six Syrian MiG's were shot down. Prime Minister Menachem Begin called publicly on Syria's President to refrain from engaging the Israelis. [New York Times] Syria reiterated its intention to hold its troops in their present positions in Lebanon despite Israel's growing military and political pressures for them to withdraw. Damascus said a withdrawal was out of the question. It also affirmed that its troops had yielded none of their forward positions in southern Lebanon since the Israeli invasion began. [New York Times] An expanded U.N. peacekeeping force and "some lessening" of Syria's 25,000-man military force in Lebanon should be part of a "comprehensive solution" in Lebanon after a cease-fire, Secretary of State Alexander Haig said in London. [New York Times] A militantly anti-Communist tone was taken by President Reagan in an address to both houses of Britain's Parliament, the first ever made by an American President. He urged Britain and the world to join the United States in a crusade for freedom by encouraging the spread of democracy, even in Communist countries. The warmest response from his audience came when he praised British troops in a reference to the war in the Falklands, saying they were fighting for the belief that armed aggression must not be allowed to succeed. [New York Times] British ships were bombed by Argentine warplanes, the Defense Ministry in London announced. The frigate Plymouth and two landing ships were hit, causing at least five casualities, the ministry said. In the first intensive fighting between British ships and Argentine jets in 10 days, two Argentine aircraft were reported to have been shot down. [New York Times] Argentina said its planes attacked an attempted British amphibious landing at Pleasant Bay, 16 miles southeast of Stanley, the Falklands' capital, sinking a frigate and killing many British troops. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 802.23 (-1.80, -0.22%)
S&P Composite: 109.63 (-0.49, -0.44%)
Arms Index: 1.43

	Issues	Volume*
Advances	531	11.81
Declines	854	27.14
Unchanged	491	7.87
Total Volume		46.82

* 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 7, 1982	804.03	110.12	44.63
June 4, 1982	804.98	110.09	44.11
June 3, 1982	816.50	111.86	48.45
June 2, 1982	816.88	112.04	49.22
June 1, 1982	814.97	111.68	41.65
May 28, 1982	819.54	111.88	43.89
May 27, 1982	824.96	112.66	44.73
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