News stories from Thursday September 30, 1982

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

Leading economic Indicators declined nine-tenths of 1 percent in August after four successive monthly increases, the Commerce Department said. Prospects for recovery were further dampened by a government report that unemployment claims had risen to a record level. This suggested that the September jobless rate could well reach 10 percent, the highest since the Depression. [New York Times] Cyanide was known or suspected to have caused the deaths of five persons who took Extra-Strength Tylenol in suburban Chicago. The manufacturer recalled nearly 4.7 million capsules of the leading pain reliever, and officials said the case was under investigation as "possible homicide." [New York Times] The leakage of American technology to the Soviet Union is "substantial and serious" and is "damaging to national security," according to a panel of experts given top secret intelligence briefings. But the panel found that open scientific communications and exchanges, particularly the activities of universities, played "a very small part" in the leakage. [New York Times] A major new job training program to replace the expiring Comprehensive Employment and Training Act was unanimously approved by the Senate, clearing the way for House approval this weekend. [New York Times] A balanced budget amendment is to be voted on tomorrow in the House. Democratic leaders reluctantly agreed to allow the vote on the proposed constitutional amendment, but the Democrats plan to offer a simplified, alternative measure. [New York Times] Many changes in federal benefits take effect tomorrow, the start of a new fiscal year, or soon after. The 20.5 million food stamp recipients will get an 8 percent increase in aid, and, under a temporary program, more than two million jobless Americans will be entitled to additional unemployment insurance benefits over the current maximum of 39 weeks. [New York Times] The election battle for the House will hinge primarily on the 58 districts where neither major party has an incumbent running, in the view of the Democratic and Republican congressional campaign chairmen. They cited the difficulty of making significant gains against campaigning incumbents -- 162 Republicans and 209 Democrats. [New York Times] A law limiting hospitals' spending each year takes effect in Massachusetts tomorrow in an effort to hold down the soaring expenses of health care. The state hospital association estimates that the unusual experimental program will save $1.4 billion over six years and become a model for similar laws in other states. [New York Times] An American Marine was killed and three others were wounded at Beirut International Airport as undetected explosives were "accidentally detonated," a United States military spokesman announced. The blast occurred soon after the airport was reopened to the first commercial flights since June 7, the day after the Israelis invaded Lebanon. [New York Times] Contrasting U.S. and Israeli policies were reflected in the general debate at the United Nations General Assembly. Secretary of State George Shultz said that Israel must yield territory to gain peace and that Palestinians had an "undeniable claim" to an identifiable place. But Foreign Minister Yitzhak Shamir ruled out any further "territorial amputations" and said Palestinian refugees in search of homes and jobs should find them in Arab countries. [New York Times] China, rebuking Britain, asserted it was not bound by the 19th-century treaties that ceded Hong Kong to Britain and would recover the colony "when conditions are ripe." Peking's statement was issued to rebut remarks by Prime Minister Margaret Thatcher after her visit to China. She contended the treaties were valid under international law. [New York Times] Eleven Amerasian children arrived in Bangkok on their way to the United States. The children of Vietarnese-American parentage are headed for reunions with their fathers. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 896.25 (-10.02, -1.11%)
S&P Composite: 120.42 (-1.21, -0.99%)
Arms Index: 1.21

	Issues	Volume*
Advances	552	18.28
Declines	939	37.58
Unchanged	410	6.75
Total Volume		62.61

* 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*
September 29, 1982	906.27	121.63	62.54
September 28, 1982	919.33	123.24	65.90
September 27, 1982	920.90	123.62	44.83
September 24, 1982	919.52	123.32	54.59
September 23, 1982	925.77	123.81	68.24
September 22, 1982	927.61	123.99	113.09
September 21, 1982	934.79	124.88	82.89
September 20, 1982	916.30	122.51	58.52
September 17, 1982	916.94	122.55	63.94
September 16, 1982	927.80	123.77	78.89