News stories from Thursday March 11, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Harrison Williams resigned from the Senate as it prepared to expel him for his conduct in the Abscam investigation. The New Jersey Democrat offered no apology to fellow Senators and maintained he was not guilty of any wrongdoing. [New York Times]
- A reopening of G.M. contract talks has been overwhelmingly approved by local leaders of the United Automobile Workers. Douglas Fraser, the U.A.W. president, reported that the union's General Motors council had voted 299 to 15 in favor of resuming the negotiations, which will almost certainly result in wage and benefit concessions by blue-collar workers similar to those accepted at the Ford Motor Company. [New York Times]
- A recall of infant formula was sought by the Food and Drug Administration after a spokesman for the manufacturer, Wyeth Laboratories, acknowledged at a House hearing that the formula was defective. The agency asked the company to begin an immediate recall of the formula, known by the brand name SMA. [New York Times]
- The Deep South's economic revival, characterized over the last 20 years by a dramatic shift to manufacturing from farming, seems to have slowed considerably. Research groups say that Southern states in the years ahead are unlikely to repeat the economic gains made in the past, although their growth should surpass that of the rest of the nation. [New York Times]
- The burying of drums of toxic liquids in hazardous waste landfills was heatedly debated at an Environmental Protection Agency hearing. Two weeks ago, the agency said it was lifting for 90 days a prohibition against such dumping, on the ground that the regulation was impractical. [New York Times]
- A dispute over double jeopardy in a murder case is raging in Boston. Last week, a 20-year-old youth confessed to the murder of a taxi driver at the trial of a 21-year-old friend accused of taking part in the slaying. The jury acquitted the 21-year-old. However, the 20-year-old was found not guilty of the murder two months ago by another jury, and the Constitution protects him from facing jeopardy twice for the same crime. [New York Times]
- The largest shopping mall in the New York City metropolitan area, the Stamford (Conn.) Town Center, will start opening tomorrow amid some uneasiness. There is a growing sense that Stamford must assert new zoning restraints to prevent the wealth of commercial expansion from overwhelming residential neighborhoods. [New York Times]
- Support for nuclear arms control was expressed by the Reagan administration. It said it shared the concern of 139 members of Congress who have urged a freeze on the levels of Soviet and American weapons arsenals, but asserted it could not support the proposal because it would "freeze the United States into a position of military disadvantage and dangerous vulnerability." [New York Times]
- A big U.S. arms sale to Britain was announced by London and hailed by Washington. The British government has decided to buy an advanced new nuclear submarine fleet designed to take its independent deterrent into the next century. The Trident 2 missile system, which Britain said would cost $14 billion over 18 years, will replace Polaris missile submarines. [New York Times]
- Improved American-Cuban relations are the key to easing tensions in the Caribbean Basin, in the view of President Jose Lopez Portillo of Mexico. In an interview, he expressed certainty that "Cuba is willing to negotiate all the questions worrying to the security of the United States" and said that such a dialogue would facilitate solutions to differences over El Salvador and Nicaragua. [New York Times]
- Lesser Soviet trade sanctions than expected have been decided by the 10 members of the European Economic Community to protest the military crackdown in Poland, according to diplomats. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 805.56 (+0.67, +0.08%)
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 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 |
| February 26, 1982 | 824.39 | 113.11 | 43.83 |
| February 25, 1982 | 825.82 | 113.21 | 54.15 |