News stories from Thursday April 15, 1982

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

Insudtrial output fell eight-tenths of 1 percent in March, further confirming that the recession is not over, the Federal Reserve Board reported. Earlier, Treasury Secretary Donald Regan characterized the nation's economy as "dead in the water." [New York Times] Tuition tax credits for families whose children attend private and parochial schools were proposed by President Reagan in a speech in Chicago before about 4,000 Roman Catholic educators. Mr. Reagan said that the plan, which would cost the government $100 million in the coming fiscal year, would not be a "divisive threat" to public education, but an encouragement for public schools because of increased competition.The proposal for tuition tax credits has virtually no chance of passage in this session of Congress because of the budget crisis, most legislators from both parties agree. [New York Times] Big mortgage interest subsidies to prospective home buyers, which have support in Congress, are opposed by the administration, according to Samuel Pierce, the Secretary of Housing and Urban Development. But he announced a series of measures designed to provide a "modest" short-term economic stimulus to the depressed housing industry. [New York Times] A partly built bridge collapsed in East Chicago, Ind., as construction crews were pouring concrete. Twelve workers were killed and at least 17 were injured. [New York Times] A campaign against drunken drivers is under way in states from Maine to California amid rising public concern over the tens of thousands of deaths and injuries caused each year by the intoxicated. Various new laws have toughened the penalties, increased the legal drinking age and made it easier to obtain convictions. [New York Times] Residual levels of PBB were retained in about 97 percent of all the residents of Michigan five years after the toxic chemical contaminated some livestock feed in 1973, a four-year scientific study concluded. The long-term health effects are unknown. [New York Times] President Reagan urged Argentina to show flexibility and restraint in the Falklands crisis with Britain. Mr. Reagan made the appeal in a 20-minute telephone call initiated by President Leopoldo Galtieri. The White House said the Argentine leader had "reaffirmed to President Reagan his personal desire for a peaceful resolution of the dispute." [New York Times] Argentina's only aircraft carrier and most of its fleet reportedly put out to sea from a port 800 miles north of the Falklands. Navy spokesmen declined to say if the vessels planned to challenge the British naval blockade within 200 miles of the islands, but Western military attaches suggested that the military junta might be dispersing the ships to prevent their being sealed in port. [New York Times] The NATO strategy of flexible response to any Soviet conventional attack in Europe was affirmed by West Germany. Foreign Minister Hans-Dietrich Genscher made clear that Bonn opposed a proposal by four former American officials for NATO to consider a policy of not being first to use nuclear weapons in the event of such an attack. [New York Times] Egypt has pledged to withdraw "within a few days" the troops it stationed in Sinai that Israel says exceeded the limits permitted by the peace treaty, according to Defense Minister Ariel Sharon. In addition, he said, a senior Egyptian army officer is to arrive in Israel tomorrow to discuss ways to halt the infiltration of arms by the Palestine Liberation Organization through Sinai into the Gaza Strip. [New York Times] Egypt carried out the executions of five Moslem fundamentalists convicted in the assassination of President Anwar Sadat only hours after a clemency plea was rejected by his successor, Hosni Mubarak. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 839.61 (+1.52, +0.18%)
S&P Composite: 116.35 (+0.52, +0.45%)
Arms Index: 0.59

	Issues	Volume*
Advances	829	26.31
Declines	587	10.94
Unchanged	458	8.45
Total Volume		45.70

* 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*
April 14, 1982	838.09	115.83	45.15
April 13, 1982	841.04	115.99	48.66
April 12, 1982	841.32	116.00	46.51
April 8, 1982	842.94	116.22	60.18
April 7, 1982	836.85	115.46	53.14
April 6, 1982	839.33	115.36	43.20
April 5, 1982	835.33	114.73	46.90
April 2, 1982	838.57	115.12	59.86
April 1, 1982	833.24	113.79	57.10
March 31, 1982	822.77	111.96	43.37