News stories from Monday June 7, 1982

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

Primaries will be held In 10 states tomorrow. Six governorships and four United States Senate seats are at stake. [New York Times] Support for employee ownership of a steel mill in Weirton, W. Va., is strong among the mill's workers. The National Steel Corporation has offered to sell its Weirton division to its 8,300 employees under an employee stock ownership plan. [New York Times] More funds for Medicare and less for welfare programs and military spending than had been proposed in a Republican budget rejected by the House last month were tentatively agreed on by House Republican leaders in a new budget plan. [New York Times] Federal funds for acid rain research conducted by the quasi-official National Academy of Sciences have been cut off by the Reagan administration. Some critics contend that the cutoff shows that the administration is prepared to reject scientific information that runs counter to its policies. The administration has raised the question whether the Academy has been impartial in its studies. [New York Times] John W. Hinckley's shooting of the President was a cool, rational decision, a prosecution psychiatrist testified. Dr. Park Dietz of Harvard University, continuing testimony that was begun Friday, said the defendant had "a long-standing interest in becoming famous without working" and wanted the attention of Jodie Foster, an actress. [New York Times] A string of P.L.O. bases was captured by Israeli forces advancing from southern Lebanon northward into Palestinian-controlled towns and villages just south of Beirut. Israeli and Syrian jets fought over the southern suburbs of Beirut. Syria reportedly lost a plane. A spokesman for the Syrian army said that the Israelis came into direct conflict with units of the 30,000-man Syrian peacekeeping force in Lebanon. [New York Times] Syrian and Israeli ground forces began fighting in southern Lebanon, a communique from the army high command in Damascus said. It said that Syrian forces confronted Isfaeli tanks advancing on Syrian positions south of Jezzin and that an undisclosed number of them had been destroyed. [New York Times] Beaufort Castle in southern Lebanon, which was captured by Israel, was the setting for a meeting between Prime Minister Menachem Begin and Defense Minister Ariel Sharon. The 12th-century Crusader castle near the Israeli border had been an observation post for guerrillas. [New York Times] The U.S. wants a cease-fire in Lebanon and immediate withdrawal of Israeli forces, Secretary of State Alexander Haig said, but he held out little prospect for an early pullout after the first high-level American-Israeli contact since the invasion of southern Lebanon. That contact was between Philip Habib, a special envoy, and Prime Minister Menachem Begin. [New York Times] The U.S. did not criticize Israel for invading southern Lebanon, but the State Department said Israel "will have to withdraw its forces from Lebanon." The statement also said that "the Palestinians will have to stop using Lebanon as a launching pad for attacks on Israel." [New York Times] President Reagan arrived in Britain and was greeted at Windsor Castle by Queen Elizabeth. His arrival at Windsor capped a grueling day that began with a six-hour visit to Rome for meetings with Italian government leaders and Pope John Paul II. [New York Times] The U.S. was described as "impotent" in the United Nations by Jeane Kirkpatrick, the chief American delegate. "We simply have behaved like a bunch of amateurs," she said in an address to the Heritage Foundation, a private conservative research group. Mrs. Kirkpatrick said she reached her conclusions after months of reflection on "our unhappy fall from influence to impotence." [New York Times] An appearance of optimism was sought by Argentina as it awaited a major British assault on Stanley. There was no confirmation in Buenos Aires of reports by journalists with the British troops that the British had taken high ground near the Stanley airport. [New York Times] The British captured a ridge five miles north of the center of Stanley, the main Argentine garrison in the Falklands, and overlooking its vital airstrip, a British correspondent reported to London. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 804.03 (-0.95, -0.12%)
S&P Composite: 110.12 (+0.03, +0.03%)
Arms Index: 0.69

	Issues	Volume*
Advances	556	17.93
Declines	886	19.68
Unchanged	449	7.02
Total Volume		44.63

* 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*
June 4, 1982	804.98	110.09	44.11
June 3, 1982	816.50	111.86	48.45
June 2, 1982	816.88	112.04	49.22
June 1, 1982	814.97	111.68	41.65
May 28, 1982	819.54	111.88	43.89
May 27, 1982	824.96	112.66	44.73
May 26, 1982	828.77	113.11	51.25
May 25, 1982	834.57	114.40	44.01
May 24, 1982	836.38	114.79	38.51
May 21, 1982	835.90	114.89	45.26