News stories from Friday August 20, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Stock market indexes advanced more than in any previous week in history following the trading of a record number of shares when interest rates dropped. It was further buoyed by the third half-percentage-point drop in the prime rate by three major banks in less than a week. [New York Times]
- The licensing of copyrighted music to local television stations faces a sharp change following a federal court decision that struck the present licensing system down for antitrust reasons. The decision could significantly reduce the more than $80 million in fees television stations pay annually to the American Society of Composers, Authors and Publishers and Broadcast Music Inc., for the right to use copyrighted pieces. [New York Times]
- Kidnappers freed Dr. Hector Zevallos and his wife, Rosalie Jean, who operate an abortion clinic in Granite City, Ill. They were abducted a week a ago, and the Army of God, an anti-abortion group, said it was responsible. The doctor and his wife were in good physical condition, an agent of the Federal Bureau of Investigation said. [New York Times]
- Eight persons were killed in Miami and three others wounded by a man with a shotgun who was apparently dissatisfied with repair work on motorcycle by a local shop. The gunman fled on a bicycle, but was struck and killed by a car several minutes after the shootings. [New York Times]
- Social Security benefits will not be paid on time by 1985 if the system does not get more than $14 billion in funding, Alice Rivlin, director of the Congressional Budget Office, told the National Commission on Social Security Reform. Alan Greenspan, the commission's chairman, said he thought the system needed "a good deal" more than $14 billion. [New York Times]
- A plan to move WOR-TV's Channel 9 from Manhattan to New Jersey, giving the state its first commercial very-high-frequency television station since 1961, was announced by RKO General Inc. RKO said it would apply to move its license. An amendment by Senator Bill Bradley that was attached to the tax bill passed by Congress on Thursday directs the Federal Communications Commission to approve the application. [New York Times]
- Multibillion dollar aid for Mexico on an international basis was outlined by the United States. To help Mexico out of an acute financial crisis, the assistance will include $1.5 billion in loans from foreign central banks, expected to be available next week; direct loans from the United States in the form of prepayments for Mexican crude oil, and up to $1 billion in guarantees by Washington of new loans from American commercial banks. Up to $4.5 billion of credits from the International Monetary Fund are expected by October. [New York Times]
- The Soviet Union accepted the one-year extension of the grain sales agreement offered by President Reagan, Agriculture John Block announced. [New York Times]
- The P.L.O. freed two Israeli captives, the first step in an American-negotiated plan to withdraw Palestinian guerrillas from west Beirut. The two Israelis were delivered to Israeli troops in east Beirut, where French Foreign Legion paratroops, the first of a multinational peacekeeping force that is to supervise the pullout, are to land at dawn Saturday. [New York Times]
- 800 Marines will go to west Beirut by order of President Reagan to participate in a three-nation peacekeeping force. Mr. Reagan said in a televised statement that an agreement had been reached to end the crisis in west Beirut and that the successful evacuation of Palestinian and Syrian fighters would "set the stage" for the rapid departure of all foreign troops from the rest of Lebanon. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 869.29 (+30.72, +3.66%)
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* |
| August 19, 1982 | 838.57 | 109.16 | 78.26 |
| August 18, 1982 | 829.43 | 108.53 | 132.68 |
| August 17, 1982 | 831.24 | 109.04 | 92.86 |
| August 16, 1982 | 792.43 | 104.09 | 55.42 |
| August 13, 1982 | 788.05 | 103.85 | 44.72 |
| August 12, 1982 | 776.92 | 102.42 | 50.04 |
| August 11, 1982 | 777.21 | 102.60 | 49.04 |
| August 10, 1982 | 779.30 | 102.84 | 52.65 |
| August 9, 1982 | 780.35 | 103.08 | 54.56 |
| August 6, 1982 | 784.34 | 103.71 | 48.65 |