News stories from Friday April 30, 1982

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

A Republican budget strategy was planned by President Reagan and Republican congressional leaders after the collapse Wednesday of bipartisan negotiations. The meeting at the White House led to a general agreement to accept the $182 billion deficit that would exist without new taxes or spending cuts, one of the participants said. [New York Times] Cities were urged to seek protection against the many antitrust suits that are expected to follow a Supreme Court decision in January by supporting federal legislation intended to provide relief. Members of the National League of Cities held a special meeting in Dallas to discuss such support. The Court ruled that cities are no longer immune from antitrust suits unless they are acting under specific approval from state government. The ruling was made in the case of a cable television company that wanted to sue Boulder, Colo., for stalling its expansion plans. [New York Times] Toxic shock cases are now fewer than they were in 1980, but the disease shows no sign of disappearing, the Centers for Disease Control in Atlanta said. The federal agency said 1,660 cases have now been confirmed since the first documented case in 1970. Thirty to 50 cases a month are being reported, the agency said. [New York Times] The New York Daily News will not be sold. Its owner, the Tribune Company of Chicago, said that it would continue to operate the paper and that it was ending its attempt to sell it. The company gave no reason for the reversal of its proposal to sell the News, which was announced four months ago. Stanton Cook, president of the parent company, told union leaders representing the News that they would still be required to negotiate cost cuts to restore the paper's profitability. If the talks are successful, he said, the Tribune Company will invest "a substantial amount" in the News. [New York Times] The U.S. went to Britain's side in the dispute with Argentina over the Falkland Islands. President Reagan accused Argentina of "armed aggression" and ordered it placed under limited sanctions. The President also offered to provide British military forces with "materiel support," but he ruled out any direct military involvement. [New York Times] British ships ringed the Falklands, putting into effect a 200-mile air and sea blockade. Sources in Buenos Aires and London said both sides appeared to be waiting for the other to fire first to avoid being accused of starting a war. The exact position of the Argentine fleet was not known, but NATO sources in London said it was far from the blockade zone. [New York Times] The British ships have supplies sufficient for 90 days, according to information given to the United States by British officials. The Reagan administration consequently has not made contingency plans for resupplying the fleet, officials said. A senior official said that British requests for help so far have been moderate. [New York Times] Britain welcomed U.S. support in the Falklands crisis, Foreign Secretary Francis Pym said. He said he would fly to Washington and New York over the weekend to keep alive efforts toward a peaceful settlement. [New York Times] A sea treaty was adopted by third world nations in a vote at the United Nations, but the United States was in an isolated group that rejected the treaty governing the use and exploitation of the seas. The vote, ending eight years of diplomatic bargaining, was 130 to 4. Seventeen nations in the European Economic Community and the Soviet bloc abstained. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 848.35 (+3.41, +0.40%)
S&P Composite: 116.44 (+0.31, +0.27%)
Arms Index: 0.78

	Issues	Volume*
Advances	729	24.50
Declines	656	17.26
Unchanged	473	6.44
Total Volume		48.20

* 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*
April 29, 1982	844.94	116.13	51.33
April 28, 1982	852.64	117.26	50.52
April 27, 1982	857.50	118.00	56.48
April 26, 1982	865.58	119.26	60.50
April 23, 1982	862.16	118.64	71.85
April 22, 1982	853.12	117.19	64.46
April 21, 1982	843.42	115.72	57.81
April 20, 1982	840.56	115.44	54.60
April 19, 1982	846.08	116.70	58.46
April 16, 1982	843.42	116.81	55.89