News stories from Friday September 3, 1982

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

The jobless rate remained unchanged at 9.8 percent in August, the Labor Department reported. Its lack of movement upset some predictions that it would reach 10 percent. It remained the highest unemployment rate since 1941 and it means that 10,805,000 people were out of work. [New York Times] The third largest trading day on record in the New York Stock Exchange was fed by buying demand from pension funds, individuals and foreign investors. Volume totaled 130.9 million shares and the Dow Jones industrial average reached its highest level in more than year. [New York Times] No ceremony marked the signing of the $98.3 billion tax bill by President Reagan at his ranch in California. It was witnessed by only two aides, in sharp contrast to the many reporters who attended the signing a year ago of a bill that cut income taxes. The official reserve was attributed to the November elections. [New York Times] Assuring the voting rights of blacks in the South is the aim of two actions taken by the Justice Department. It announced it was sending federal observers to nine counties in Alabama to monitor primary elections Tuesday and was also assigning examiners to two counties in Georgia. [New York Times] The Clinch River breeder reactor was delayed again. A federal district court judge ordered a halt to work on a 245-acre site in Oak Ridge, Tenn., until completion of an environmental impact statement. [New York Times] Four Abscam convictions were upheld by a federal appeals court, which rejected the contentions of the four defendants, all former Congressmen, that government agents had improperly instigated the crimes that led to their conviction on bribery charges. The former Congressmen are John Murphy of New York, Frank Thompson of New Jersey, Michael Myers of Philadelphia and Raymond Lederer of Philadelphia. [New York Times] Salvatore Odierno was indicted on charges of killing Nathan Masselli last Saturday in the Bronx. Investigators leaned further toward the theory that Mr. Masselli was killed in an underworld business dispute unrelated to his role as a witness in the federal inquiry into Labor Secretary Raymond Donovan. [New York Times] A political action committeethat is part of the homosexual rights movement will sponsor a $150-a-plate dinner at the Waldorf-Astoria Hotel in New York City on Sept. 29. The event marks the first time a political dinner has been given to raise funds for a campaign group devoted exclusively to issues of homosexual rights. Former Vice President Walter Mondale is scheduled to give the keynote address. [New York Times] A national debate in Israel will be initiated by Shimon Peres, the leader of the Labor opposition, over President Reagan's proposal for Palestinian self-rule in the occupied West Bank and Gaza Strip. Mr. Peres said the Labor Party will put the issue before a special session of Parliament next week. [New York Times] The Israeli army is ready for action across Lebanon. Its tanks, long-range artillery and infantry face the Syrian army across a cease-fire line that extends from 15 miles east of Beirut and sweeps for about 45 miles southeast to within a few miles of the Syrian border, placing artillery within shelling distance of Damascus. [New York Times] One of Italy's top police officials was assassinated in the center of Palermo, Sicily, and his wife, who was driving their car, died later of wounds. Gen. Carlos Alberto Dalla Chiesa had been named to the political post of prefect of Palermo last May, and was in charge of the fight against the Sicilian mafia, which has turned Palermo into a major heroin trading center. [New York Times] Four Polish dissidents were formally arrested on charges of attempting to overthrow the the state by force. The arrest of Jacek Kuron and three other leaders of the dissident intellectual group KOR was a formality because they have all been interned since martial law was declared. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 925.13 (+15.73, +1.73%)
S&P Composite: 122.68 (+2.40, +2.00%)
Arms Index: 0.67

	Issues	Volume*
Advances	1,182	97.76
Declines	455	25.03
Unchanged	306	8.12
Total Volume		130.91

* 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*
September 2, 1982	909.40	120.28	74.73
September 1, 1982	895.05	118.25	82.83
August 31, 1982	901.31	119.51	86.36
August 30, 1982	893.30	117.66	59.56
August 27, 1982	883.47	117.11	74.39
August 26, 1982	892.41	118.55	137.28
August 25, 1982	884.89	117.58	106.19
August 24, 1982	874.90	115.34	121.65
August 23, 1982	891.17	116.11	110.30
August 20, 1982	869.29	113.02	95.88