News stories from Friday January 29, 1982

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

General Motors will cut prices of some cars and trucks sold over the next two months by $500 to $2.000. The reductions, generally amounting to $750 or less, would be made despite failure to win wage and benefit concessions from G.M.'s unionized factory workers that would have been used to offset the price cut. G.M. is the only domestic auto maker not currently offering purchase incentives. Its reductions will become effective Monday. [New York Times] The one-house veto was struck down by the United States Court of Appeals for the District of Columbia. The veto is a popular congressional device for keeping control over federal agencies by allowing either house to block an agency policy from taking effect. The court said that the procedure violated several provisions of the Constitution, and implied that two-house vetoes, requiring a decision by both houses to block agency action, might also be unconstitutional. [New York Times] Waiver of the minimum wage law for workers under the age of 21 would be permissible under the administration's plan to encourage the establishment of enterprise zones in urban rehabilitation areas, officials who developed the program said. But at the insistence of Representative Jack Kemp, Republican of New York, the idea is being reconsidered, the White House said. By allowing enterprise zone employers to hire workers at less than the statutory $3.35 an hour, the administration hopes to remove a major obstacle to hiring unskilled laborers. [New York Times] The Los Angeles police held a suspect in the assassination of the Turkish consul general Thursday. He was identified as Harry Sassounian, 19 years old, and reportedly a member of the city's large Armenian community. [New York Times] Lech Walesa was officially interned after having been held in custody since Dec. 13 when martial law was declared in Poland. Mr. Walesa, the Solidarity trade union leader, is willing to start talks with the government in the presence of legal advisers, Solidarity sources said. They said Mr. Walesa received formal papers Tuesday notifying him of his internment, dated Dec. 12. [New York Times] A captured Italian terrorist's tip provided the crucial break that enabled the Italian police to find and free Gen. James Dozier in Padua Thursday. According to Italian officials, the informer, who was arrested in northern Italy Monday, gave the addresses of several apartments and other places that terrorists had been using. The police located the hideout in Padua by Wednesday. [New York Times] El Salvador's leaders were praised this week by an organization representing Salvadoran peasants for "positive attitudes" toward the troubled land redistribution plan and for accepting policy recommendations from the group, the Union Comunal Salvadorena. The group says its speaks for more than 100,000 peasants. The favorable response to the government's stance was contained in a letter to William Doherty, executive director of the American Institute for Free Labor Development, an affiliate of the A.F.L.-C.I.O. that has supported the Salvadoran land program. [New York Times] An early Israeli-Egyptian agreement on Palestinian self-rule is out of the question, Secretary of State Alexander Haig has concluded on a trip to the Middle East. He was optimistic about the chances for making progress after his first visit to Israel and Egypt two weeks ago, but he subsequently found that serious differences between the two sides ruled out much progress before the return of the last part of Sinai to Egypt on April 25. [New York Times] Ten major Christian churches have moved toward resolving some of the theological disagreements that have divided them for centuries. At a meeting in Lima, Peru, an international panel of Protestant, Orthodox and Roman Catholic leaders endorsed a doctment that had been in preparation for six years and that encourages individual churches to recognize differing approaches to baptism, holy communion and ordination. The intent is to create a more tolerant climate among the churches, enabling them to express Christian unity without insisting on any one form of Christianity as the only true form. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 871.10 (+6.85, +0.79%)
S&P Composite: 120.40 (+1.48, +1.24%)
Arms Index: 0.89

	Issues	Volume*
Advances	1,143	48.66
Declines	431	16.25
Unchanged	315	8.49
Total Volume		73.40

* 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*
January 28, 1982	864.25	118.92	66.68
January 27, 1982	842.66	115.74	50.05
January 26, 1982	841.51	115.19	44.86
January 25, 1982	842.75	115.41	43.17
January 22, 1982	845.03	115.38	44.39
January 21, 1982	848.27	115.75	48.60
January 20, 1982	845.89	115.27	48.86
January 19, 1982	847.41	115.97	45.06
January 18, 1982	855.12	117.22	44.91
January 15, 1982	847.60	116.33	43.31