News stories from Wednesday February 11, 1981

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

A busboy was charged with homicide and arson in the eight deaths that resulted from a fire that swept through the Hilton Hotel in Las Vegas, Nev. Nearly 200 people were injured in the blaze. The authorities said that separate fires had been set on four floors and that the nozzle of a fire hose mounted on a wall had been slashed and stuffed with a combustible material. [New York Times] Frank Sinatra won permission to re-enter Nevada's gambling industry more than 17 years after he was barred from it because of alleged ties to organized crime. By a unanimous vote, the three-member Nevada Gaming Control Board voted to recommend that Mr. Sinatra be granted a license to act in a principal role in the management of a casino. The panel heard five hours of testimony in behalf of the entertainer, including two hours by him. [New York Times] Ten accused terrorists were convicted of all counts by a federal jury that deliberated for two hours in Chicago. The defendants, who were said to be members of the Puerto Rican independence group F.A.L.N., were found guilty of seditious conspiracy, auto theft and the illegal possession and use of weapons. [New York Times] Offshore fuel exploration was pressed by the new Secretary of the Interior, James Watt. He proposed reversing a decision of the Carter administration by restoring four disputed areas off northern California to an oil-and-gas-lease sale. Environmentalists said that the plan would endanger local economies and the coastal environment and they charged that Mr. Watt was acting for special interests. [New York Times] State control of many social services is sought by the Reagan administration in proposals to relieve Washington of the bulk of welfare, housing, health care and food programs. In an effort to cut federal outlays for the poor, Washington would grant a fixed amount of money to each state, and each would decide precisely how much would be spent for each program. [New York Times] President Reagan is courting Congress in ways that have impressed Democrats as well as Republicans. He has shown deference to the sensitivities of the influential legislators and has reacted speedily to their suggestions. Mr. Reagan's staff has worked hard to establish good relations by avoiding some of the early mistakes that long plagued President Carter. [New York Times] U.S. concern about Poland was re-jected by Soviet Foreign Minister Gromyko in a letter to Secretary of State Haig that the Soviet Embassy made public in Washington. Officials speculated that Moscow was irritated by the harsh statements issued by the Reagan administration about Soviet policy and was countering with its own criticism. [New York Times] Iran's Moslem clergy was warned to stay out of government affairs by Ayatollah Khomeini on the second anniversary of the Islamic revolution. The Islamic leader said that continued "interference in executive affairs" could turn the people against the clergy and plunge Iran into turmoil. [New York Times] Nicaragua seeks peace in El Salvador. Washington, citing "overwhelming evidence" of Nicaraguan support for the leftist rebels in El Salvador, suspended economic aid to Managua last month. As a result, Nicaragua has been pressing the Salvadoran guerrillas to seek a political settlement rather than a military victory in their conflict with the United States-backed junta. [New York Times] A seven-year term for Seoul's leader was in prospect as South Koreans voted for members of an electoral college. In incomplete returns, about 64 percent of the eligible voters cast ballots for candidates aligned with the party of President Chun Doo Hwan. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 942.49 (-6.14, -0.65%)
S&P Composite: 128.24 (-1.00, -0.77%)
Arms Index: 1.00

	Issues	Volume*
Advances	544	12.65
Declines	915	21.30
Unchanged	398	3.82
Total Volume		37.77

* 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*
February 10, 1981	948.63	129.24	40.81
February 9, 1981	947.18	129.27	38.32
February 6, 1981	952.30	130.60	45.82
February 5, 1981	946.76	129.63	45.31
February 4, 1981	941.98	128.59	45.53
February 3, 1981	941.38	128.46	45.95
February 2, 1981	932.17	126.91	44.08
January 30, 1981	947.27	129.55	41.16
January 29, 1981	948.89	130.24	38.16
January 28, 1981	942.58	130.34	36.69