News stories from Wednesday March 18, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Action on budget cuts was speeded by the Republican-dominated Senate Budget Committee as it neared completion of more than $35 billion in reductions. The legislation, which includes the major part of President Reagan's proposed cuts from the budget submitted by the Carter administration, is scheduled to reach the Senate floor next week and is expected to receive equally swift treatment. [New York Times]
- President Reagan suffered a setback in his effort to avert an April 1 increase in milk price supports when a House subcommittee scrapped the administration proposal and substituted one supported by the dairy lobby. If the adjustment takes effect, the price of a gallon of milk is expected to increase by about 7½ cents. [New York Times]
- The prospect of a long coal strike in the Eastern and Middle Western mines will increase over the next few days, according to union and industry spokesmen. A walkout by 160,000 miners is set to begin on March 27, and wildcat strikes erupted among more than 6,000 angry miners in Appalachia. [New York Times]
- Work on the land-based MX missile is plunging ahead, despite debate over whether the system should be scattered in shelters on land or stationed at sea. The system, which has cost more than $2 billion and employs 8,000 workers, presents President Reagan and Congress with a difficult choice. If they decide to base the missile at sea or in an alternative land-shelter system much of the money and effort already expended will be wasted. [New York Times]
- Doubts about the Mormon succession of leadership after the death of Joseph Smith Jr., the churches prophet, were raised by a document brought to light. The early 19th century document has been acquired by the Church of Jesus Christ of Latter-day Saints, according to sources outside the Salt Lake City-based church. [New York Times]
- Chicago area mass transit could halt soon because the system is running out of money despite a 20-cent fare increase to 80 cents in the city on Jan. 1 and a parallel increase on suburban carriers. Illinois politicians are preparing for a showdown over plans to keep the system operating. [New York Times]
- Lobbyists for the arts in Washington are pressing a campaign to avert cutbacks in federal funds with festivities for members of Congress. [New York Times]
- The use of military force against Cuba has not been ruled out in contingency plans developed by the Reagan administration for stemming the flow of arms to El Salvador, according to Walter Stoessel, the Under Secretary of State for Political Affairs. [New York Times]
- Another attack on Soviet policy was made by Secretary of State Alexander Haig. At a House hearing, he accused Moscow of responsibility for "international terrorism" and of having a "hit list" for Communist domination of Central America. [New York Times]
- A satellite-killing weapon test by the Soviet Union was successful, according to Pentagon sources. It was the first such test since 1977 in the Soviet anti-satellite development program, which is considered to be ahead of the United States program. [New York Times]
- The collapse of Cambodian unity talks was reported by Prince Norodom Sihanouk, the former chief of state. In an interview, he said that his conversations last week with a leader of the ousted Cambodian Communists had convinced him there was no hope of forging a united front to oppose the Vietnamese occupation of Cambodia. [New York Times]
- Emigration of Soviet Jews has declined after a month-long spurt in the issuance of exit visas in Moscow, according to Jewish activists and Western diplomats. There was speculation that the authorities had sought to keep the Jewish community peaceful in Moscow during the 26th Congress of the Communist Party, which was held there from Feb. 23 to March 3. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 994.06 (+1.53, +0.15%)
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* |
| March 17, 1981 | 992.53 | 133.92 | 65.92 |
| March 16, 1981 | 1002.79 | 134.68 | 49.94 |
| March 13, 1981 | 985.77 | 133.11 | 68.29 |
| March 12, 1981 | 989.82 | 133.19 | 54.63 |
| March 11, 1981 | 967.67 | 129.95 | 47.39 |
| March 10, 1981 | 972.66 | 130.46 | 56.61 |
| March 9, 1981 | 976.42 | 131.12 | 46.17 |
| March 6, 1981 | 964.62 | 129.85 | 43.93 |
| March 5, 1981 | 964.62 | 129.93 | 45.37 |
| March 4, 1981 | 971.44 | 130.86 | 47.25 |