News stories from Friday September 25, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- School lunches will not be cut back. President Reagan said he had withdrawn his administration's recent proposal for reduced food and nutrition standards in the federally aided school lunch program. He suggested that the proposal might have been originated in the Agriculture Department by opponents of the budget cuts. In the meantime, the administration was continuing to take steps to tighten loose eligibility standards in government aid programs, the President said. [New York Times]
- Doubt that Congress would accept all the budget cuts proposed by President Reagan was expressed by Republican leaders who said that the President might face a major defeat over the cutback issue. They said there was a general unwillingness in Congress to make further cuts and that moderate Republicans cannot be expected to support them. [New York Times]
- Stock and bond prices dropped sharply following President Reagan's address to the nation on the economy Thursday night. Investors expressed disappointment with the President's latest economic proposals and concern that his administration will not be able to bring down interest rates. The Dow Jones industrial average, a key movement indicator on the New York Stock Exchange, plunged to its lowest level since the recession in the spring of 1980. The American Stock Exchange's key index recorded its second-largest decline. [New York Times]
- The cost of heating oil will rise by only 5 cents a gallon, perhaps less, in the Northeast this winter, according to industry analysts and officials and government experts. The projected increase is modest compared with the 25-cent-a-gallon increase last year, and the 44 percent rise over the past two years. Another big jump was discouraged by the fierce price competition in the world oil market, combined with the worldwide oil glut and the equally sharp competition in the domestic market following the decontrol of crude oil prices in January. [New York Times]
- A job requirement for welfare clients is being considered by welfare officials in some states. Under a law recently enacted by Congress that gives welfare officials more local autonomy, at least 10 states are devising rules that will encourage people on welfare to work, and in some a job will be a requirement for welfare aid. [New York Times]
- Sandra O'Connor became a Justice of the United States Supreme Court in brief swearing-in ceremony in the courtroom attended by President Reagan, who fulfilled a campaign promise to name the first woman to the Court. Her nomination was approved Tuesday by the Senate, voting 99 to 0. Justice O'Connor will take the seat that had been occupied by Potter Stewart, who retired in July. [New York Times]
- The Saudis will not share with the U.S. control of the Awacs planes into the 1990's if sale of the planes to Saudi Arabia goes through, Saudi Arabia has told the United States, according to sources in Washington. But the Saudis are reportedly willing to have American training personnel on all flights of the planes for three or four years after their delivery in 1985 and 1986. There had been a proposal that some Americans be assigned to the electronic crews that monitor and manipulate radar surveillance and combat control consoles on the Airborne Warning and Control System planes. [New York Times]
- More autonomy for Polish industry and workers is in prospect under laws passed by Parliament that provide Poland with an opportunity to move away from the Soviet-style, tightly controlled economy. The approval of the laws after months of debate on the issue of workers' self-management also represents considerable erosion in the Communist Party's power to name all administrative personnel. This prerogative has been a mainstay of Communist rule in most Eastern bloc countries. [New York Times]
- A successor to Mexico's President has been chosen by the ruling party. He is Miguel de la Madrid Hurtado, a political moderate who is Planning and Budget Minister in the government of President Jose Lopez Portillo. He reportedly was President Lopez Portillo's choice. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 824.01 (-11.13, -1.33%)
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 24, 1981 | 835.14 | 115.01 | 48.88 |
| September 23, 1981 | 840.94 | 115.65 | 52.69 |
| September 22, 1981 | 845.70 | 116.68 | 46.81 |
| September 21, 1981 | 846.56 | 117.24 | 44.56 |
| September 18, 1981 | 836.19 | 116.25 | 47.34 |
| September 17, 1981 | 840.09 | 117.15 | 48.29 |
| September 16, 1981 | 851.60 | 118.87 | 43.62 |
| September 15, 1981 | 858.35 | 119.77 | 38.58 |
| September 14, 1981 | 866.15 | 120.66 | 34.04 |
| September 11, 1981 | 872.81 | 121.61 | 42.16 |