News stories from Thursday September 9, 1982

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

The first major budget defeat for President Reagan came in the Democratic-controlled House, which voted to override his veto of a $14.1 billion supplemental spending bill. The vote of 301-117 also represented the first major breakdown in Republican unity on fiscal votes in the 97th Congress. A total of 81 Republicans joined 220 Democrats to override the veto, while only 13 Democrats joined 104 Republicans for sustaining it. [New York Times] American business is still cutting plans for expansion and modernization, according to the Commerce Department. The reduction in planned business investment, which is crucial to hopes for a long-term recovery, has continued all through 1982 despite the huge "supply side" tax cut that the Reagan administration won for business last year. Officials now concede that the main hope for recovery rests with consumers. [New York Times] The President began campaigning for Republican candidates in the midterm elections with a heartland speech at Kansas State University. Mr. Reagan upheld school prayer, deplored abortion and affirmed that, after 14 months of recession, "recovery has been sighted." [New York Times] Anti-abortion forces lost a key test in the Senate one day after President Reagan strongly endorsed the legislation designed to reverse a Supreme Court decision that legalized abortion in 1973. Opponents of the anti-abortion measure said they believed that it would not be approved in the current congressional session. [New York Times] Busing was a lesser factor than was widley assumed in the departure of whites from Cleveland's schools, according to a new report by a monitoring agency of the federal district court there. The report said that no more than 41 percent of the white students who transferred from the Cleveland school system in the two years after busing was ordered by the court in 1978 did so to avoid the desegregation program. [New York Times] A new commercial era in space appeared to begin as a private corporation with only seven permanent employees launched a craft made of surplus rocket parts from a Texas cattle ranch. The 36-foot rocket, carrying a mock payload of 40 gallons of water, arced high over the Gulf of Mexico and splashed down 321 miles from the launching pad in a flight that took 10 and a half minutes. [New York Times] A new hymnal for Episcopalians was adopted by delegates at the church's triennial convention. The book of about 600 hymns includes some contemporary compositions and marks the first revision in the hymnal in 42 years. The new book, prepared by experts over the last decade, contains changes to eliminate questionable theology and language considered sexist or "imperialistic." [New York Times] Arab leaders announced a peace plan that they said represented a united Arab approach for a solution to the problem of the Palestinians. According to an unofficial translation from the Arabic, the eight-point plan approved by the 20 Arab League members represented at a four-day summit conference in Fez, Morocco, contained no specific references to Israel's right to exist. But the plan specifically called for the creation of "an independent Palestinian state." [New York Times] Washington would back a peace pact between Israel and Lebanon only if it was freely concluded by Beirut and not dictated by Israeli military pressure, Secretary of State George Shultz said. [New York Times] Four more Syrian missile launchers were destroyed in Lebanon by Israeli jets, according to the military command in Jerusalem. Syria acknowledged the loss of three anti-aircraft launching vehicles. [New York Times] A hostage standoff ended peacefully and without injury in Bern. A special Swiss police squad stormed Poland's Embassy and, without firing a shot, freed five Polish diplomats and captured the four gunmen who had held them for three days. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 912.53 (-3.22, -0.35%)
S&P Composite: 121.97 (-0.23, -0.19%)
Arms Index: 1.34

	Issues	Volume*
Advances	878	33.00
Declines	638	32.02
Unchanged	406	8.07
Total Volume		73.09

* 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 8, 1982	915.75	122.20	77.95
September 7, 1982	914.28	121.37	68.96
September 3, 1982	925.13	122.68	130.90
September 2, 1982	909.40	120.28	74.73
September 1, 1982	895.05	118.25	82.83
August 31, 1982	901.31	119.51	86.36
August 30, 1982	893.30	117.66	59.56
August 27, 1982	883.47	117.11	74.39
August 26, 1982	892.41	118.55	137.28
August 25, 1982	884.89	117.58	106.19