News stories from Wednesday July 1, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A major labor split ended as the United Automobile Workers formally rejoined the A.F.L.-C.I.O. 13 years after philosophical and policy differences caused the union to leave the federation. The return was prompted by a desire on both sides to strengthen labor's role in industry and politics at a time of economic distress and rising conservatism. [New York Times]
- The granting of resident status to about 125,000 Cuban and Haitian refugees now in the United States has been recommended by top aides of President Reagan, according to administration officials. They said that Mr. Reagan had also been advised to admit 50,000 Mexican aliens each year as temporary workers. [New York Times]
- An obligatory access to television was granted by the Supreme Court for the first time. Voting 6 to 3, the Justices ruled that TV stations must sell "reasonable" amounts of air time to candidates for federal office who seek it. The Court also upheld the regulatory power of the Federal Communications Commission to override the judgment of the networks on whether a political campaign is sufficiently underway to require such access. [New York Times]
- Two rulings involving searches were issued by the Supreme Court. It held that the police generally need a warrant to open a closed container found in a car trunk, but do not need a warrant to search the passenger area of a car after they have arrested the occupants. Both opinions reversed rulings by state appellate courts. [New York Times]
- Mass transit faces a financial squeeze across the nation. Two years ago the use of public transportation was growing, but now it has leveled off. The money shortage is generating transit crises in many cities, and fare increases are dragging down the ridership. [New York Times]
- Leadership by Menachem Begin appeared likely to continue in Israel. As the results from Tuesday's election continued to show a close race, the religious parties indicated they preferred forming a coalition with Prime Minister Begin's Likud bloc rather than with the Labor Party of Shimon Peres. Aides of Mr. Begin predicted that an accord would be reached by next week. [New York Times]
- Fifty leftists were arrested in Teheran as they were planning to destroy the Parliament buiding, the revolutionary authorities announced. The arrested guerrillas are members of a group that has been blamed for the bomb attack Sunday that killed more than 70 leading public figures. [New York Times]
- Six F-16 jets will be sent to Israel this month as scheduled, the White House announced. administration officials also said they expected that four other F-16 fighter-bombers, which were withheld from Israel after the Israelis bombed an Iraqi nuclear reactor with American-made jets on June 7, would be sent to Israel soon. [New York Times]
- China's leadership pledged advances for the nation under Communist rule. A statement of party goals called for slow but steady economic development, improved living standards, a loose mix of public and private enterprise, a legal system that guarantees the people's rights, a commitment to intellectual achievement and protection of religious freedom. [New York Times]
- Surgery that spares most of the breast can be as effective as radical mastectomy in treating women with early, very small breast cancers, according to a major study in Italy. The study, considered the best to date, has thus far shown no difference in cancer recurrence or survival between women who had a partial mastectomy followed by radiation therapy and women who underwent the more disfiguring surgery. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 967.66 (-9.22, -0.94%)
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 30, 1981 | 976.88 | 131.25 | 41.55 |
| June 29, 1981 | 984.59 | 131.89 | 37.93 |
| June 26, 1981 | 992.87 | 132.56 | 39.24 |
| June 25, 1981 | 996.77 | 132.81 | 43.91 |
| June 24, 1981 | 999.33 | 132.66 | 46.65 |
| June 23, 1981 | 1006.66 | 133.35 | 51.84 |
| June 22, 1981 | 994.20 | 131.95 | 41.79 |
| June 19, 1981 | 996.19 | 132.27 | 46.42 |
| June 18, 1981 | 995.15 | 131.64 | 48.40 |
| June 17, 1981 | 1006.56 | 133.32 | 55.47 |