News stories from Thursday June 17, 1982

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

Agreement on a new budget was reached by members of a House-Senate conference. The program would provide spending of $769.8 billion and a projected deficit of $104 billion that some experts have said is unrealistically low. [New York Times] In a $5.1 billion merger, the Gulf Oil Corporation has agreed to take over the Cities Service Company. The agreement by the two oil giants, which would be one of the biggest corporate acquisitions on record, was viewed in Wall Street as an effort to frustrate a takeover of Cities Service being attempted by the Mesa Petroleum Company. [New York Times] A major shift on water use rights on federal lands in the West was announced by Attorney General William French Smith. In a reversal of policy, he said the federal government would no longer assert claims to the water. The decision could make more water available for private development and could reduce the amount of water available on some public lands for wildlife maintenance and other purposes. [New York Times] John W. Hinckley broke down in tears as his senior defense attorney described his hopes of a relationship with the actress Jodie Foster as "pathetic" and "delusional." Federal district judge Barrington Parker abruptly called a recess when he noticed the defendant's display in front of the jury. Closing arguments will resume tomorrow. [New York Times] Thirty-four tall ships were greeted by Delaware River throngs in Philadelphia in honor of the city's 300th anniversary. The sailing vessels, nudged by tugboats and powered by their own engines, arrived off Penn's Landing with their sails furled because of the river's narrow channel. [New York Times] A major shake-up in Argentina is underway. Leopoldo Galtieri resigned under pressure as President, army commander in chief and junta member. Government sources said he would be replaced as President temporarily by Gen. Alfredo Oscar St. Jean, the Interior Minister, while the junta decides on a permanent successor. [New York Times] Britain said it would consider an Argentine proposal to send ships to the Falklands to help repatriate Argentine prisoners, the Foreign Office said. Argentina had announced that the repatriation would be conducted with the British and the Red Cross. [New York Times] Philip Habib, the American special envoy, held a series of meetings with Lebanese officials that were reportedly aimed at heading off a collapse of the Israeli-Palestinian and Israeli-Syrian cease-fires. [New York Times] A P.L.O. offer to give up arms was reported by Egypt's Foreign Minister, Kamal Hassan Ali, who was conferring with officials in Washington. He said the Palestinian leaders in Beirut had offered to surrender their weapons and talk with the United States to move toward "mutual recognition with Israel." [New York Times] Menachem Begin, in New York, told leaders of major American Jewish groups that the Israeli army would remain in Lebanon as long as the Palestine Liberation Organization posed a threat to Israeli security. [New York Times] Lessons from the conflicts in Lebanon, the Falklands and the Persian Gulf are being sought by military leaders. The fighting has tended to focus public attention on advanced missiles and weapons, but the combat also seems to underscore the importance of such basic military factors as training, tactics, motivation and the skillful use of standard ordnance and weapons. [New York Times] President Reagan mixed appeals for peace with blunt denunciations of Soviet behavior in a speech to the United Nations special session on disarmament. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 791.48 (-5.42, -0.68%)
S&P Composite: 107.60 (-1.27, -1.17%)
Arms Index: 1.77

	Issues	Volume*
Advances	394	7.68
Declines	1,043	35.96
Unchanged	428	5.59
Total Volume		49.23

* 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 16, 1982	796.90	108.87	56.28
June 15, 1982	801.27	109.69	44.97
June 14, 1982	801.85	109.96	40.10
June 11, 1982	809.74	111.24	68.61
June 10, 1982	798.71	109.61	50.93
June 9, 1982	795.57	108.99	55.77
June 8, 1982	802.23	109.63	46.82
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