News stories from Wednesday July 8, 1981

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

Jimmy Carter assailed the policies of the Reagan administration in a three-page letter to officials of the Carter administration. The former President criticized the Reagan budget cuts as punishing to the poor, but his harshest remarks dealt with his concerns over support for human rights, halting the development and proliferation of nuclear arms and preservation of the environment. [New York Times] The evolving human rights policy of the Reagan administration was reflected in new instructions to United States delegates at the international development banks to support loans to Argentina, Chile, Paraguay and Uruguay. The decision, which reverses the policy of the Carter administration, has stirred criticism in Congress from human rights activists. [New York Times] A Senate vote on the nomination of Judge Sandra Day O'Connor to the Supreme Court is not likely until September, according to the Republican leaders of the Senate. They reported that no significant opposition was developing despite the critical statements by anti-abortion lobbyists. [New York Times] The White House rebutted criticism by conservatives over the nomination of Judge O'Connor. It asserted she had never been an activist on any feminist issue and that her position on abortions had been distorted. [New York Times] Key rulings by the Supreme Court in its latest term included affirmations of the authority of the government to safeguard the health of workers and to override private legal claims to settle a major international crisis the hostage crisis with Iran. The term removed doubts about the constitutionality of televised trials and the all-male draft, with the Court ruling that the Constitution does not require either but permits both. [New York Times] A California political-fund inquiry led to accusations against top aides of Gov. Jerry Brown. The state's Fair Political Practices Commission charged that the aides had destroyed, concealed and altered evidence in the investigation of allegations that the Governor had used public funds for political purposes. [New York Times] A newly discovered Mozart symphony had its American premiere on the White House lawn, with about 300 public figures led by President and Mrs. Reagan in attendance. Mozart composed the 11-minute work in London at the age of 9. [New York Times] Newark (N.J.) began importing water and exhorting residents to conserve it to ease the crisis created Tuesday when an apparently vandalized aqueduct collapsed, cutting off the city's main reservoir supply. City officials and engineers worked feverishly to arrange financing and materials for bringing in additional water before a small storage reservoir goes dry, imperiling the entire system.The cutoff of Newark's water raised fears about the vulnerability of other water systems in the New York metropolitan area. Municipal officials acknowledged that their systems were also open to vandalism, but expressed doubts that it could have such serious consequences. A New York City official said there was more than one route for carrying water to all parts of the city. [New York Times] A new Israeli government is to be composed of a coalition with a one-seat majority in Parliament, Prime Minister Menachem Begin announced. Leaders of three small conservative parties confirmed they had agreed in principle to work with Mr. Begin's bloc pending the resolution of their demands over the allocation of cabinet posts and endorsement of religious-oriented legislation. [New York Times] Polish workers idled the docks on the Baltic coast in a one-hour strike to press demands for improved working conditions and higher pay. About 40,000 workers took part. [New York Times] Rioting in three English cities, London, Liverpool and Manchester, together with widespread attacks on the police, continued for a fifth consecutive night. Speaking on television, Prime Minister Margaret Thatcher pleaded for a halt in the violence, which she said threatened to "destroy everything we value," but she offered no new programs to help remedy the economic and social problems that most local leaders blame, in part, for the outbreaks. [New York Times] New violence erupted in Belfast after a fifth hunger striker died and Britain reaffirmed a tough stand. A 16-year-old youth was fatally shot by British soldiers during a firebomb attack on an army unit, cars were hijacked and set on fire, and three people were injured in a bomb explosion. [New York Times] A new economic program for France includes the nationalization of several major corporations, state takeover of some banks, the creation of 210,000 new civil service jobs and reduction of the workweek. The Socialists' broad program, which was outlined in Parliament by Prime Minister Pierre Mauroy, is believed to be assured of early passage. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 953.48 (-0.67, -0.07%)
S&P Composite: 128.32 (+0.08, +0.06%)
Arms Index: 0.87

	Issues	Volume*
Advances	667	19.89
Declines	777	20.13
Unchanged	451	5.98
Total Volume		46.00

* 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*
July 7, 1981	954.15	128.24	53.55
July 6, 1981	949.30	127.37	44.59
July 2, 1981	959.19	128.64	45.09
July 1, 1981	967.66	129.77	49.07
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