News stories from Friday October 29, 1982

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

Republican leaders are striking back after being thrown on the defensive by what they believed were Democratic gains in mid-October. Party strategists say that their candidates have generally rebounded and expect an even break or a gain of one or two seats in the Senate and a loss of fewer than 20 House seats. [New York Times] John De Lorean was indicted in Los Angeles on charges of drug trafficking and racketeering, and final arrangements were made to release him on bail, which was raised to $10 million from $5 million. [New York Times] Legal aid lawyers strongly objected to the candidate chosen to head the Legal Services Corporation in Washington. Donald Bogard, director of the litigation division of a food-processing company, was chosen by the Legal Services board members, who had passed over candidates who had been criticized by legal aid supporters and civil rights groups. But legal aid lawyers and others who attended the board meeting objected to Mr. Bogard too, because he has had no experience in providing legal aid to poor people. [New York Times] Judge Richard Rives, whose landmark legal decisions helped desegregate the Deep South, died at his home in Montgomery, Ala. Judge Rives was one of four judges of the United States Court of Appeals for Fifth Circuit who became judicial activists in the way they interpreted and put into effect the Supreme Court's 1954 landmark school desegregation decision, Brown vs. the Board of Education. He was 87 years old. [New York Times] The marketing of human insulin was approved by the Food and Drug Administration. The insulin is made artificially from gene-splicing, or recombinant DNA, techniques. It is the first such substance to be granted governmental approval for human use. [New York Times] There will no power vaccum in Spain while the country awaits the installation of a Socialist government in December, Prime Minister Leopoldo Calvo Sotelo said. He lost his own seat when his party, the Union of the Democratic Center, was all but wiped out by the Socialist victory Thursday. Tentative final figures gave the Socialists 46 percent of the votes. The right-wing Popular Alliance was next with with 25.3 percent and will be the opposition party. [New York Times] Keeping American bases in Spain under the new Socialist government is an issue that Defense Department officials expect to deal with in "long, hard bargaining." They expected the United States to keep the bases, but were cautious about military relations with the Socialists. [New York Times] East-West trade issues were discussed in Washington by Lawrence Eagleburger, Under Secretary of State for Political Affairs and the ambassadors from Japan and key West European countries, the second such session this week. One of the results of the talks, which were conducted with considerable secrecy, might be the lifting of the Reagan administration's sanctions on companies involved in the building of the Soviet-European natural gas pipeline. [New York Times] Moscow wants to reduce tensions with the U.S., and would wait if necessary for the "primitive anti-Communism" of the Reagan administration to pass, a high-ranking member of the Politburo said in a major speech that seemed intended to balance a speech Wednesday by Leonid Brezhnev, which was one of the harshest statements the Soviet leader has made about United States policy. Konstantin Chernenko, the Politburo member, said that Moscow remained committed to an improvement of relations with Washington in addition to its current efforts to end its bitter dispute with China. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 991.72 (+0.73, +0.07%)
S&P Composite: 133.71 (+0.12, +0.09%)
Arms Index: 0.92

	Issues	Volume*
Advances	827	35.75
Declines	755	30.13
Unchanged	366	8.95
Total Volume		74.83

* 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*
October 28, 1982	990.99	133.59	73.59
October 27, 1982	1006.35	135.28	81.66
October 26, 1982	1006.07	134.48	102.07
October 25, 1982	995.13	133.32	83.72
October 22, 1982	1031.46	138.83	101.13
October 21, 1982	1036.98	139.06	122.46
October 20, 1982	1034.12	139.23	98.68
October 19, 1982	1013.80	136.58	100.85
October 18, 1982	1019.22	136.73	83.79
October 15, 1982	993.10	133.57	80.29