News stories from Friday February 27, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- $13 billion more in budget cuts were decided on by President Reagan and his economic counselors to enable the administration to set a ceiling of $695.5 billion on spending in the fiscal year 1982. The specific programs affected were not announced. While the White House meeting was going on, representatives of trade unions, civil rights organizations and religious groups announced at a meeting in Washington that they had formed a coalition to oppose reductions in federal programs that aid the poor. [New York Times]
- Chrysler reported the biggest loss in American industrial history. In 1980, company lost $1.71. billion, overcoming the record recently held briefly by Ford. Meanwhile, Chrysler received additional federal loan guarantees totaling $400 million, voted unanimously by the Chrysler Loan Guarantee Board. Treasury Secretary Donald Regan said, "I think Chrysler's prospects are reasonably good," but he indicated further federal aid would be hard to get. [New York Times]
- A much larger naval fleet than previ-ously planned is proposed by the Reagan administration. It will ask Congress to provide funds to reactivate two World War II battleships, and possibly two more later, when it submits a new military budget totaling nearly $223 billion next week, Pentagon and congressional officials said. The buildup would counter what a senior American naval intelligence officer described as an "unbelievably ambitious" Soviet naval program. [New York Times]
- Wide changes in the Clean Air Act have been recommended by the National Commission on Air Quality, but they are likely to be opposed by environmentalists and business interests when Congress debates the renewal of the act in coming weeks. [New York Times]
- A boy suspected of robbing a bank in midtown Manhattan Wednesday surrendered to the Federal Bureau of Investigation. Accompanied by a lawyer reportedly appointed by his family, the 9-year-old child was placed in custody of the Police Department and juvenile authorities. A boy matching the suspect's description held up a branch of the New York Bank for Savings with what appeared to a .25-caliber revolver. He escaped with $100. [New York Times]
- Cuba and Nicaragua were warned against shipments of arms to El Salvador by Secretary of State Alexander Haig, who told reporters that Cuban activity has reached a peak no longer acceptable in this hemisphere, whether in El Salvador, Honduras or Guatemala, and that if the "externally managed" arms flow continued the United States would "deal with it at the source." [New York Times]
- Huge demonstrations in Spain hailed the government's victory over an attempted an attempted military coup. King Juan Carlos, who halted the coup by rallying key commanders to his side, was repeatedly cheeered in Madrid, where more than 1 million people joined the country's largest demonstration. "Dictatorship no, democracy yes," the crowd shouted. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 974.58 (+7.77, +0.80%)
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* |
| February 26, 1981 | 966.81 | 130.10 | 60.31 |
| February 25, 1981 | 954.40 | 128.52 | 45.71 |
| February 24, 1981 | 946.10 | 127.39 | 43.96 |
| February 23, 1981 | 945.23 | 127.35 | 39.59 |
| February 20, 1981 | 936.09 | 126.58 | 41.90 |
| February 19, 1981 | 933.36 | 126.61 | 41.64 |
| February 18, 1981 | 947.10 | 128.48 | 40.42 |
| February 17, 1981 | 939.68 | 127.81 | 37.94 |
| February 13, 1981 | 931.57 | 126.98 | 33.36 |
| February 12, 1981 | 936.60 | 127.48 | 34.71 |