News stories from Monday July 27, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Reagan urged support of his tax reduction program, which he termed "the first real tax cut for everyone in almost 20 years." In a televised address from the Oval Office, Mr. Reagan accused the Democratic leadership in Congress of engaging in "political fun and games." [New York Times]
- Democratic leaders denounced President Reagan's tax relief plan as geared to the "wealthy of America" and predicted that they would defeat his proposal and enact their own package when the issue is taken up on the House floor Wednesday. A Democratic leader said that "our bill favors working American families earning less than $50,000." [New York Times]
- An accord on health care block grants was tentatively agreed on by House and Senate conferees. But hopes that the conferees could reach agreements on all proposed budget cuts for submission to Congress before the five-week August recess were dashed when a subcommittee working on a Medicaid ceiling adjourned after failing to reach a compromise. [New York Times]
- President Reagan was rebuffed by a federal judge in an environmental dispute. She blocked the planned sale of oil drilling leases for more than 150,000 acres of California coastal waters, ruling that the administration had violated a 1972 federal law in designating the area for development without adequately consulting with California officials. [New York Times]
- Discord over air pollution rules among key policy makers has forced Presi-ent Reagan to delay sending to Congress recommendations for revisions in the Clean Air Act. Several administration officials said that, because of the disagreements as well as unexpectedly strong public opinions on environmental issues, they would not be surprised if the White House waited until next year before proposing major changes in the law. [New York Times]
- A long inquiry on William J. Casey, the Director of Central Intelligence, centering on his business activities, appeared to be likely. Senator Barry Goldwater, chairman of the intelligence committee, announced that it had hired as its special counsel Fred Thompson, who served as the Republican counsel for the Watergate investigation. [New York Times]
- Major problems in nuclear plants across the nation were reported by Critical Mass, a group associated with Ralph Nader, the consumer activist. It said that the plants had reported 3,804 incidents of equipment problems, flaws in design and human errors in 1980. Industry officials said that the plants were safe. [New York Times]
- The areas of most rapid growth in recent years are mostly regions that have outdoor recreation, a pleasant climate or natural beauty, according to a detailed analysis of the 1980 census. A geographer who helped prepare the analysis said that millions of Americans were apparently free to live where they wished. [New York Times]
- California produce will be inspected at the Texas line to bar fruit bearing Mediterranean fruit flies. Meanwhile, officials stepped up their efforts to strip contaminated fruit from trees. [New York Times]
- The sharing of housing is an increasing phenomenon across the country. Faced with soaring charges for mortgages and rents, many Americans are moving in with people they barely know. In New York City, apartment sharing is common, and "buying syndicates" are on the rise. [New York Times]
- Traffic was backed up for miles on major roadways near Newark International Airport and hundreds of workers were evacuated after a rail tank car containing 26,000 gallons of a volatile toxic chemical caught fire at a Conrail freight yard. Major routes were closed in both directions during the morning rush. No injuries were reported. [New York Times]
- Legislation to aid British youths in obtaining jobs was announced by Prime Minister Margaret Thatcher in response to the recent outbreak of rioting. The emergency bills, estimated to cost up to $1 billion next year, face almost certain approval in Parliament. [New York Times]
- With Britain's royal wedding just 36 hours away, Prince Charles and Lady Diana Spencer rehearsed their vows in St. Paul's Cathedral. The 300-year old church was sealed off by the police, and security specialists locked the doors and checked every nook and crevice of the vast edifice. [New York Times]
- India moved to prohibit strikes in "essential services," setting up the prospect of the most serious confrontations with public- service unions since the authoritarian rule of Prime Minister Indira Gandhi in the mid-1970's. The law provides for summary trials, fines and imprisonment. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 945.87 (+9.13, +0.97%)
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* |
| July 24, 1981 | 936.74 | 128.46 | 38.88 |
| July 23, 1981 | 928.56 | 127.40 | 41.88 |
| July 22, 1981 | 924.66 | 127.13 | 47.49 |
| July 21, 1981 | 934.46 | 128.34 | 47.26 |
| July 20, 1981 | 940.54 | 128.72 | 40.24 |
| July 17, 1981 | 959.90 | 130.76 | 42.78 |
| July 16, 1981 | 955.48 | 130.34 | 39.01 |
| July 15, 1981 | 954.15 | 130.23 | 48.95 |
| July 14, 1981 | 948.25 | 129.65 | 45.23 |
| July 13, 1981 | 954.34 | 129.64 | 38.10 |