News stories from Monday March 15, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- High interest rates have jeopardized the prospects for a business recovery this spring, according to Murray Weidenbaum, the administration's chief economist. His comments in an interview suggested a downward revision next month in projected federal revenue for the next fiscal year and thus a larger deficit. [New York Times]
- New G.M. contract proposals were presented to the United Automobile Workers in Detroit. General Motors' proposals parallel the pattern of union concessions in exchange for increased job security and profit sharing that the union has accepted at the Ford Motor Company. The reaction of union officials was positive, but they requested more details. [New York Times]
- A veto to safeguard income tax cuts may be in prospect. President Reagan raised the possibility in denouncing a congressional "propaganda campaign" that he said was designed to force him to roll back his program of tax reductions as a means of lowering projected deficits. Mr. Reagan spoke before the legislatures of Tennessee and Alabama. [New York Times]
- An aid program for blighted areas is to be detailed next week by President Reagan after months of delay, a White House official said. The plan calls for a revitalization of inner city areas by creating 25 urban enterprise zones every year for three years. [New York Times]
- Police reform in Houston is sought by Kathy Whitmire, the new Mayor, who announced last week her nomination of Lee P. Brown, the Public Safety Director of Atlanta, to be the first black ever and the first outsider in more than 40 years to serve as police chief. The severely understaffed Houston police department is plagued by a narrow leadership, serious morale problems and repeated charges of racism and police brutality. [New York Times]
- Jury deliberations in Newport, R.I., continued for a fifth day at the trial of Claus von Bulow for the attempted murder of his wife. The judge asked the jury foreman if the panel expected to reach a verdict if given enough time, and she replied yes. [New York Times]
- Graduate schools face a crisis as many of the brightest college students who traditionally earned Ph.D. degrees and became professors are shifting to more lucrative careers in business, law, medicine and engineering. However, a leading administrator cited a grave paradox: "There are too many Ph.D. candidates and not enough quality." [New York Times]
- Gains in treating narcissism are being reported by American psychoanalysts. The problems of joyless men and women who cannot love anyone, but spend their lives desperately seeking admiration to counteract their feelings of inner emptiness used to seem nearly insoluble to traditional analysts. [New York Times]
- Differing views on Nicaragua were suggested by Secretary of State Alexander Haig. He made public the proposals he presented Sunday to Mexico's Foreign Minister for settling problems with Nicaragua over El Salvador, but said he had no reason to assume they would be acceptable to the Sandinist leadership. [New York Times]
- The leftist government of Nicaragua suspended all individual rights and guarantees for 30 days because of what it said were United States "plans of aggression against our country." Dainel Ortega of the ruling Sandinist junta said the suspension of rights might be extended "in keeping with the prevailing circumstances in the country." [New York Times]
- The United Nations was criticized strongly in a 22-page statement by a private group of prominent Americans. The group, including three Democratic former Secretaries of State, warned that the United Nations sometimes heightened world tensions and said the United States should be ready to act alone. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 800.99 (+3.62, +0.45%)
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 12, 1982 | 797.37 | 108.61 | 49.59 |
| March 11, 1982 | 805.56 | 109.36 | 52.95 |
| March 10, 1982 | 804.89 | 109.41 | 59.44 |
| March 9, 1982 | 803.84 | 108.83 | 76.06 |
| March 8, 1982 | 795.47 | 107.35 | 67.33 |
| March 5, 1982 | 807.36 | 109.34 | 67.44 |
| March 4, 1982 | 807.55 | 109.88 | 74.34 |
| March 3, 1982 | 815.16 | 110.92 | 70.26 |
| March 2, 1982 | 825.82 | 112.68 | 63.80 |
| March 1, 1982 | 828.39 | 113.31 | 53.01 |