News stories from Tuesday March 17, 1981

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

A major coal strike on March 27 is virtually certain. Plans for a walkout by 160,000 union miners in the Appalachian and Middle West coal fields were begun after last-minute efforts to overcome a deadlock in contract talks failed in Washington, and union negotiators went home. [New York Times] Reaffirming his economic program, President Reagan rejected a congressional proposal to reduce the cost of living benefits for Social Security recipients and federal retirees. In a visit to Capitol Hill, Mr. Reagan denounced as false an analysis by the Congressional Budget Office that the administration had underestimated spending in the 1982 fiscal year by $20 billion to $25 billion. [New York Times] No domestic spying by the C.I.A. is contemplated by the White House, according to Ed Meese, the counselor to President Reagan. Mr. Meese said that the administration was "absolutely opposed" to any change in regulations that would permit such a role for the Central Intelligence Agency. [New York Times] A major submarine contract was won by the Newport News Shipbuilding and Drydock Company. The Navy announced that the Virginia concern would build three new nuclear-powered attack subs worth about $1 billion. The General Dynamics Corporation at Groton, Conn., is far behind in constructing 21 of the submarines. [New York Times] The theories of evolution and creation are to be taught with balance in public schools in Arkansas, under a bill approved by the legislature. Gov. Frank White is expected to sign the measure, which specifically prohibits the teaching of religion and reference to religious writings. [New York Times] Action against income tax protesters was pressed by the Internal Revenue Service. It issued new regulations to thwart employees who falsely claim dependents to reduce the taxes withheld by employers. [New York Times] The 219th St. Patrick's Day parade in New York City was celebrated by more than 100,000 marchers and upwards of one million cheering bystanders in a sea of green. For more than five hours, Fifth Avenue was a grand pedestrian mall filled with marching bands, skirling bagpipes and thousands of banners and flags. [New York Times] The American Embassy in El Salvador was sprayed with automatic rifle fire a half hour after a United States Congressman ended a news conference in the heavily guarded building. An embassy spokesman said that two gunmen, firing from a truck, had injured no one. In neighboring Costa Rica, unidentified attackers fired at a van carrying United States Marine guards, wounding five people. [New York Times] Fear about possible Soviet intervention in Poland during Warsaw Pact military exercises has eased in Washington. The Reagan administration said intelligence information and Soviet assurances had diminished its concern over the prospect. The maneuvers in and around Poland are due to begin tomorrow. [New York Times] Improved United States-Argentine ties were sought by President Reagan. He conferred with Gen. Roberto Viola, who is to become Argentina's president on March 29. Administration officials said Mr. Reagan was considering a request to Congress to repeal an embargo on military aid to Buenos Aires. About 6,000 people are believed to have been arrested or abducted by Argentine security forces. [New York Times] Protests by young West Germans are becoming increasingly intense and violent. The young people are demonstrating against a housing shortage, nuclear energy, the military and now the Salvadoran war. They are deeply angry at politicians and a life with diminishing expectations. Over the weekend, by one count, the young people protested violently against authority in 18 West German cities. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 992.53 (-10.26, -1.02%)
S&P Composite: 133.92 (-0.76, -0.56%)
Arms Index: 1.47

	Issues	Volume*
Advances	835	25.58
Declines	763	34.40
Unchanged	381	5.94
Total Volume		65.92

* 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*
March 16, 1981	1002.79	134.68	49.94
March 13, 1981	985.77	133.11	68.29
March 12, 1981	989.82	133.19	54.63
March 11, 1981	967.67	129.95	47.39
March 10, 1981	972.66	130.46	56.61
March 9, 1981	976.42	131.12	46.17
March 6, 1981	964.62	129.85	43.93
March 5, 1981	964.62	129.93	45.37
March 4, 1981	971.44	130.86	47.25
March 3, 1981	966.02	130.56	48.73