News stories from Thursday February 25, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The issue of tax exemptions for private schools that practice racial discrimination is before the Supreme Court. The Reagan administration asked the Court to decide whether the schools are entitled to the exemptions. A Court decision would resolve an executive-legislative dispute. [New York Times]
- Spiraling deficits are foreseen by the Congressional Budget Office in a "very grim" assessment of President Reagan's proposed budget. The agency projected steadily rising deficits, from $111 billion in fiscal 1982 to nearly $140 billion in 1985. The reason, the report said, is that the administration-sponsored income tax cut will produce "a widening gap between revenues and outlays." [New York Times]
- New progress against inflation was signaled as the government reported that the Consumer Price Index rose only three-tenths of 1 percent last month, the smallest increase since July 1980. Economists were optimistic that inflation would continue low at least through mid-year. [New York Times]
- An effort to cite James Watt for contempt of Congress advanced as a House committee recommended, by a vote of 23 to 19, that the Interior Secretary face the charge for failing to provide subpoenaed documents. No contempt citation against a cabinet member has ever come to a vote on the floor of the House or Senate, according to the Library of Congress. [New York Times]
- Busing opponents won a victory in the Senate as opponents of a stringent anti-busing bill agreed to end an eight-month filibuster. Passage of the measure next week is considered virtually certain, but it is a long way from becoming law. The House has approved a bill that is less severe in restricting the use of busing to desegregate schools, and the differences would have to be resolved. [New York Times]
- An end to local rent control laws was recommended by a 30-member presidential advisory commission, which said that Congress should cut off all federal housing funds to municipalities that persist in enforcing controls. Rent controls are in effect in about 200 localities. [New York Times]
- The collapse of walkways in the Kansas City Hyatt Regency Hotel, which killed 113 people and injured 186, was discussed by the National Bureau of Standards after a six-month investigation. It found that a change in the design of the walkways spanning the atrium lobby of the hotel was the critical factor in causing the collapse during a crowded Tea Dance. [New York Times]
- A sharp drop in the youth population in New York City has occurred since 1970, according to the Census Bureau. Experts say that the decline of 21 percent in the number of youngsters under 18 years old will benefit the city in the short term, easing demands on many social institutions. But the experts warn that if the youth population does not begin to increase within 20 years, the city will have a smaller workforce, a dwindling tax base and a population top-heavy with the elderly and the retired. [New York Times]
- An embargo on oil from Libya has been approved by President Reagan, administration officials said. The embargo was described as the second phase of the administration's anti-Libyan policy. [New York Times]
- An American-Saudi accord on Awacs has been signed by the Saudi Defense Minister, Prince Sultan, according to Reagan administration and congressional officials. They said the agreement set forth conditions on Saudi operation of the radar warning planes, but it was not clear whether Prince Sultan had accepted all the conditions that President Reagan had pledged would be set. [New York Times]
- Human rights abuses in El Salvador have prompted the concern of Deane Hinton, the United States Ambassador. He recently cited "serious excesses" in rights violations and reported that government soldiers have been responsible for most of the unexplained slayings. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 825.82 (-0.95, -0.11%)
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* |
| February 24, 1982 | 826.77 | 113.47 | 64.80 |
| February 23, 1982 | 812.98 | 111.51 | 60.20 |
| February 22, 1982 | 811.26 | 111.59 | 58.31 |
| February 19, 1982 | 824.30 | 113.22 | 51.34 |
| February 18, 1982 | 828.96 | 113.82 | 60.80 |
| February 17, 1982 | 827.63 | 113.69 | 47.65 |
| February 16, 1982 | 831.34 | 114.06 | 48.88 |
| February 12, 1982 | 833.81 | 114.38 | 37.08 |
| February 11, 1982 | 834.67 | 114.43 | 46.62 |
| February 10, 1982 | 836.66 | 114.66 | 46.60 |