News stories from Tuesday November 9, 1982

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

Pressure for a tax increase intensified in Congress. Representative Dan Rostenkowski, the chief tax writer in the House, said that Congress must raise the federal gasoline tax next year by 5 cents a gallon, to 9 cents, to pay for a "massive" repair of the nation's highways and bridges. Mr. Rostenkowski, Democrat of Illinois, also challenged President Reagan to cut his proposed military budget. [New York Times] A public works plan to provide jobs for the unemployed will be pressed by the House Democratic leadership in the post-election session of Congress. The leaders believe that a jobs program was endorsed by the outcome of the Nov. 2 elections and has gained enough momentum to insure adoption this year. [New York Times] The relatively high turnout in the Nov. 2 elections was attributed by specialists to rising partisan rivalry in the South, an increased black vote and a polarization over unemployment. The turnout reversed a 20-year national trend of declining voter participation in midterm elections. [New York Times] An upset in the miners' union election was recorded by Richard Trumka, a 33-year-old challenger and former union lawyer, as he swept to a resounding victory over the incumbent, Sam Church, the president of the United Mine Workers. [New York Times] Hazardous levels of dioxin have been found by federal officials in a residential development outside St. Louis. Officials said they had detected the highly toxic substance at levels thousands of times higher than those at which federal experts order cleanups. The tainted earth was used as landfill after it was removed from a nearby horse arena in 1973. [New York Times] A six-pound meteorite struck a home in Wethersfield, Conn. The meteorite, about the size of a grapefruit, hurtled through the roof and two ceilings and came to rest in the dining room, leaving a trail of plaster and splinters. On April 8, 1971, a meteorite struck another home in the Hartford suburb about a mile away. [New York Times] A way toward revoking the sanctions imposed by President Reagan on companies that take part in construction of the Soviet natural gas pipeline has been devised, according to Washington officials. They said the administration would be able to end the sanctions under a new policy for East-West economic relations virtually agreed upon by the United States and its European allies. [New York Times] The American envoy to El Salvador has been ordered to refrain from making public criticism of human rights abuses by Salvadoran security forces, according to Reagan administration officials. The Ambassador, Deane Hinton, had assailed the Salvadoran legal system and acts of violence by right-wing extremists. [New York Times] An explosion and fire killed hundreds of Soviet soldiers and Afghan civilians in northern Afghanistan last week, according to Western diplomats in Pakistan. They said that as many as 900 people were killed when a fuel truck exploded in a 1.7-mile-long mountain tunnel as a Soviet military convoy was moving through it and engulfed the tunnel with fire and fumes. [New York Times] The conference on European security resumed in Madrid. Western nations at the two-year-old conference that is reviewing the 1975 Helsinki accords made new demands on the Soviet bloc to accept free trade unions and political self-determination. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 1060.25 (+22.81, +2.20%)
S&P Composite: 143.02 (+2.58, +1.84%)
Arms Index: 0.69

	Issues	Volume*
Advances	1,336	83.70
Declines	397	17.28
Unchanged	272	10.24
Total Volume		111.22

* 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*
November 8, 1982	1037.44	140.44	75.22
November 5, 1982	1051.78	142.16	96.55
November 4, 1982	1050.22	141.85	149.38
November 3, 1982	1065.49	142.87	137.01
November 2, 1982	1022.08	137.49	104.77
November 1, 1982	1005.70	135.47	73.52
October 29, 1982	991.72	133.71	74.87
October 28, 1982	990.99	133.59	73.59
October 27, 1982	1006.35	135.28	81.66
October 26, 1982	1006.07	134.48	102.07