News stories from Thursday May 28, 1981

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

The crew of the carrier Nimitz was welcomed home at a somber reception in Norfolk, Va., after the accident at sea that killed 14 and wounded 48. The family reunions were marked by long embraces, quick kisses and silent gratitude. Officers told of death and destruction and heroism, after a Marine Corps jet crashed and cut through men and machines on the flight deck before exploding in a ball of flames. [New York Times] President Reagan accused Wall Street of misunderstanding his economic program. He reflected the administration's apparent frustration with recent disarray in the financial markets. Officials have acknowledged that the financial community is skeptical about Mr. Reagan's program of deep tax cuts and concern that it would produce new deficits and more inflation. [New York Times] A setback for education-aid proposals made by the Reagan administration occurred as key Republicans in the House expressed opposition to plans for consolidating federal spending into block grants to states and localities. The programs include the major areas of federal spending on elementary and secondary education. [New York Times] Bolstering Social Security funds with general tax revenues will be considered by the Reagan administration. The shift in position was indicated by Richard Schweiker, the Secretary of Health and Human Services. In response to questions, he told a House hearing that the administration would be "willing to look at anything" to help save the retirement system from the threat of insolvency. [New York Times] A professional assassin may have been responsible for the fatal shooting Wednesday of Roger Wheeler, the millionaire chairman of the Telex Corporation, according to the police in Tulsa, Okla. Mr. Wheeler, whose diverse holdings included what was said to be the largest network of jai alai courts in the country, was slain as he finished a round of golf at a country club. The assailant fled. [New York Times] A rebuke over gene splicing was issued by the National Institutes of Health. The federal agency reprimanded a California professor for trying to treat two cases of blood disorder through genetic experimentation involving two human patients without obtaining proper permission for the work from the appropriate academic committees. The rebuke may jeopardize about $600,000 in grants that the researcher has received. [New York Times] Israel jets swept over Lebanon and destroyed what a military spokesman described as a complex of Libyan antiaircraft missile batteries guarding Palestinian guerrilla positions south of Beirut. The spokesman said that the attack was made after missiles had been fired at Israeli reconnaissance planes.Reports from around Lebanon contrasted with Israel's announcement that its planes had destroyed missile batteries at only one encampment. Jets from Israel struck at Palestinian guerrilla camps in wide-ranging raids along Lebanon's Mediterranean coast and also reportedly in the southeastern part of the country. [New York Times] Stefan Cardinal Wyszynskl died of stomach cancer in Warsaw at the age of 79. He had been the Roman Catholic Primate of Poland since 1948, the year that the Communists seized total power. The Cardinal was a strong moderating force who had influence in all the corridors of power, especially on the independent union and its leader, Lech Walesa.The legacy of Cardinal Wyszynski was considered extraordinary. Treading a thin line between resistance and compromise, the Primate spent more than three decades in a struggle with the Communist authorities in Poland and left the Roman Catholic Church more powerful than before. [New York Times] The government scandal in Italy widened. The caretaker administration of Prime Minister Arnaldo Forlani suspended five high military and security officials pending an inquiry into their alleged membership in an illegally secret Masonic lodge. Reports that hundreds of public figures were members of the clandestine organization have prompted the resignation of the cabinet. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 994.25 (+1.11, +0.11%)
S&P Composite: 133.45 (-0.32, -0.24%)
Arms Index: 1.12

	Issues	Volume*
Advances	900	28.91
Declines	657	23.74
Unchanged	371	6.85
Total Volume		59.50

* 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*
May 27, 1981	993.14	133.77	58.73
May 26, 1981	983.96	132.77	42.76
May 22, 1981	971.72	131.33	40.70
May 21, 1981	976.59	131.75	46.79
May 20, 1981	976.86	132.00	42.37
May 19, 1981	980.01	132.09	42.21
May 18, 1981	985.77	132.54	42.51
May 15, 1981	985.95	132.17	45.46
May 14, 1981	973.07	131.28	42.75
May 13, 1981	967.76	130.55	42.59