News stories from Tuesday June 15, 1982

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

Free education for illegal aliens was upheld by the Supreme Court. In a 5-to-4 decision, the Justices struck down a 1975 Texas law that cut off state funds from local school districts for the free education of children who had not been "legally admitted" to the United States. The High Court ruled that the state law violated the children's constitutional right to equal protection of the laws. [New York Times] Edwin P. Wilson was arrested by federal agents when he arrived at Kennedy International Airport after being ensnared in an elaborate international trap set by the Justice Department. Mr. Wilson, a former American intelligence agent, has been a fugitive charged with illegally shipping explosives to Libya. [New York Times] The departure of Raymond Donovan as Labor Secretary was urged by Senate Democrats. They made the suggestion in a letter to President Reagan after learning of new evidence that President Reagan's transition team was aware at the time of Mr. Donovan's confirmation hearings of assertions that he had links with organized crime figures. [New York Times] Kenneth Gibson won re-election as Mayor of Newark. Mr. Gibson, now in his third term, was challenged by Earl Harris, the city council president, who had strongly backed him in previous campaigns. Both men face trial on charges involving a former Newark city councilman holding a no-show job. [New York Times] Over 13,000 Argentines surrendered to British forces in the Falklands during the night, bringing the total number of prisoners to 15,000 in the three-week war, Prime Minister Margaret Thatcher announced. The final capitulation came after heavily outnumbered British troops fought to within rifleshot of the defenders of Stanley, the last major Argentine stronghold in the islands. [New York Times] Peace will not be possible if Britain restores "colonial rule" in the Falklands, President Leopoldo Galtieri asserted in an angry televised speech to Argentines. A senior official said that Argentina would continue to fight in the air and at sea. [New York Times] Thousands of Argentines protested the ruling junta's surrender in the islands. Firing tear gas, the police dispersed crowds of angry Argentines who had massed outside the presidential palace in Buenos Aires. [New York Times] The creation of a powerful force to defend the Falklands against Argentina is a prime objective of Britain, according to senior military officials. They concede that the plan is likely to weaken Britain's military contribution to NATO unless the defense budget is sharply increased. [New York Times] A withdrawal of all Syrian troops from the Beirut area was demanded by an Israeli commander in Lebanon as Israeli armored units tightened their siege of the capital. Syria rejected the demand. The two countries redeployed their forces around Beirut and along the strategic Beirut-Damascus highway. [New York Times] The first sign of U.S. displeasure to-ward Israel was indicated by Reagan administration officials. They suggested that President Reagan might not meet with Prime Minister Menachem Begin on Monday, as scheduled, if Israeli troops take over Beirut. The administration also seemed to be delaying formal notification to Congress of a proposed sale to Israel of 75 F-16 fighters. [New York Times] A Soviet arms pledge by Leonid Brezhnev was delivered to the special disarmament meeting of the United Nations General Assembly by Foreign Minister Andrei Gromyko. The Kremlin vowed it would not use a nuclear weapon first in any war. Moscow has often sought a joint pledge with Washington against using nuclear weapons first, but Washington has refused. [New York Times] The administration reacted coolly to the Soviet pledge not to use nuclear weapons first, but American proponents of the concept praised the Soviet statement. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 801.27 (-0.58, -0.07%)
S&P Composite: 109.69 (-0.27, -0.25%)
Arms Index: 1.17

	Issues	Volume*
Advances	525	12.37
Declines	905	25.03
Unchanged	431	7.57
Total Volume		44.97

* 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*
June 14, 1982	801.85	109.96	40.10
June 11, 1982	809.74	111.24	68.61
June 10, 1982	798.71	109.61	50.93
June 9, 1982	795.57	108.99	55.77
June 8, 1982	802.23	109.63	46.82
June 7, 1982	804.03	110.12	44.63
June 4, 1982	804.98	110.09	44.11
June 3, 1982	816.50	111.86	48.45
June 2, 1982	816.88	112.04	49.22
June 1, 1982	814.97	111.68	41.65