News stories from Tuesday April 27, 1982

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

The trial of John W. Hinckley began with the task of selecting 12 jurors and six alternates from a pool of 90 prospective choices. Mr. Hinckley, who shot President Reagan and three other men before television cameras nearly 13 months ago, sat expressionless through the day-long proceeding. The 26-year-old defendant, looking boyish and neatly groomed, appeared to be wearing a bulletproof vest. [New York Times] Top-level budget negotiations were set as White House aides and congressional leaders agreed that their month-long talks had reached an impasse that could be overcome only by involvement of the principals. President Reagan said he would confer on Capitol Hill tomorrow with the leader of the Democratic majority in the House and the leader of the Republican majority in the Senate. [New York Times] Basic reforms in the military budget were urged by Gen. Maxwell Taylor, a former Chairman of the Joint Chiefs of Staff. General Taylor said that under present procedures "there is no way for Congress to know whether the budget is adequate, excessive or insufficient." [New York Times] Changes in farm price supports that could raise domestic sugar prices as much as 4 cents a pound and lower retail dairy prices slightly are expected to be proposed soon by the Reagan administration. The expected revisions are dictated by spiraling surpluses in both commodities. [New York Times] Washington's foreign intelligence is "marginally capable" of meeting the problems of the 1980's and 90's, Adm. Bobby Inman said in a speech before a newspaper publishers' convention. It was Admiral Inman's first public address since he announced he was resigning as Deputy Director of Central Intelligence. [New York Times] The murders of three blacks led to the conviction of a 26-year-old white Army private in Buffalo. The soldier, Joseph Christopher, is also accused of murdering a dark-skinned Hispanic man and wounding a black man in New York City as well as killing another black man in Niagara Falls in shooting and stabbing attacks in the fall and winter of 1980. [New York Times] Britain will invade the Falklands this week unless an unexpected diplomatic breakthrough occurs, according to authoritative government sources. Aides to Prime Minister Margaret Thatcher said they saw no evidence of diplomatic progress. The Times of London reported that an advance detachment of British troops had landed in the islands. [New York Times] Argentina rejected a U.S. request for Secretary of State Alexander Haig to return to Buenos Aires to continue his efforts for a settlement of the Falklands crisis. Argentines braced for a British assault against the disputed islands. [New York Times] Argentina has apparently failed to get anything more than moral support from members of the Organization of American States for its claims to the Falklands. Ministers of the hemispheric alliance considered a proposed resolution that would in effect repeat an appeal by the United Nations for Argentine troops to withdraw from the archipelago. [New York Times] U.S. Influence over Soviet actions is increasingly possible now because the Soviet Union is entering a period of leadership change, according to Secretary of State Alexander Haig. In a policy address, Mr. Haig said the United States faced "a historic opportunity" to influence Kremlin leaders by making clear "the benefits of greater restraint." [New York Times] An Israeli warning to Egypt was disclosed by Prime Minister Menachem Begin. In an interview with the Israeli radio, Mr. Begin said he had personally cautioned Egyptian leaders that Israel would consider delaying its Sunday withdrawal from Sinai by a month or more unless asserted Egyptian violations of the peace treaty with Israel were corrected. [New York Times] An Arab meeting is sought by Saudi Arabia in a new effort to advance the Saudi peace proposals as the Arabs' alternative to the Camp David accords now that Israel has returned Sinai to Egypt, according to a top Palestine Liberation Organization official. But he said that the P.L.O. and some hard-line Arab states planned to meet next month to block the Saudi plan, which implicitly recognizes Israel's right to exist. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 857.50 (-8.08, -0.93%)
S&P Composite: 118.00 (-1.26, -1.06%)
Arms Index: 1.70

	Issues	Volume*
Advances	561	12.71
Declines	973	37.47
Unchanged	392	6.30
Total Volume		56.48

* 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*
April 26, 1982	865.58	119.26	60.50
April 23, 1982	862.16	118.64	71.85
April 22, 1982	853.12	117.19	64.46
April 21, 1982	843.42	115.72	57.81
April 20, 1982	840.56	115.44	54.60
April 19, 1982	846.08	116.70	58.46
April 16, 1982	843.42	116.81	55.89
April 15, 1982	839.61	116.35	45.69
April 14, 1982	838.09	115.83	45.15
April 13, 1982	841.04	115.99	48.66