News stories from Thursday July 22, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Tax victories for President Reagan were accorded by the Senate. Voting 50-47, the Senators approved a proposal for a 10 percent income withholding tax on dividends and interest. The Senate also approved provisions in a tax bill that would double to 16 cents the federal excise tax on cigarettes and also increase the tax on telephone service. [New York Times]
- Murray Weidenbaum resigned as chairman of the President's Council of Economic Advisers. The resignation of Mr. Weidenbaum, a former economics professor, came unexpectedly. He had worked hard at times to seek to reconcile some of the conflicting aspects of the Reagan administration's econonic program. [New York Times]
- A mandatory budget balance was assailed by a bipartisan group of Senators. They charged that if the proposed Constitutional amendment requiring a balance was in effect today it would have pushed the year-long recession into a depression. Many economists believe that a recovery often requires the stimulus of deficit spending. [New York Times]
- Production of a new chemical weapon was blocked by a 251-to-159 vote in the House. The vote in opposition to the Reagan administration's plan to start making binary chemical weapons was the first major setback for the administration's $177 billion military authorization bill. [New York Times]
- A judge rebuffed the administration in temporarily blocking a plan to change a 1931 law that established minimum wages for employees on hundreds of thousands of federal construction projects. The law, called the Davis-Bacon Act, guarantees the workers a minimum wage based on prevailing local rates. [New York Times]
- The reactor core at Three Mile Island is shattered, and the top is lying in a "bed of rubble." The condition was revealed by pictures taken by a camera lowered into the reactor at the power station, which was crippled on March 29, 1979. However, the utility that owns the Middletown, Pa., plant said there was no indication that any nuclear fuel had melted. [New York Times]
- France defied Washington's order barring European companies operating under American license from producing equipment for a pipeline that will supply Western Europe with Soviet natural gas. The French order to proceed with the contracts applies mainly to a nationalized French company using American technology to make 40 turbine rotors for the 3,500-mile pipeline. [New York Times]
- Iran opened a new drive near the strategic Iraqi oil port of Basra, and Iraq said it had hurled back the two Iranian brigades that led the attack. Baghdad said several thousand Iranians had been killed. [New York Times]
- Israel, charging cease-fire violations by Syrians in eastern Lebanon and Palestinians in Beirut, struck on both fronts with air and artillery attacks. A senior official stressed that Israel's actions were brief, limited retaliatory measures and did not mark a resumption of full-scale war. He said Israeli ground troops were not advancing beyond the truce lines. [New York Times]
- The Palestinian press agency said 62 people had been killed or wounded in a 90-minute Israeli air strike against positions held by the Palestine Liberation Organization in west Beirut. The report gave no breakdown between fighters and civilians. [New York Times]
- A sense of urgency on Lebanon is evident among Reagan administration officials. As a result, President Reagan has sent Philip Habib, his special envoy, on a week-long mission to Syria, Saudi Arabia, Egypt and possibly other Arab countries in an effort to persuade them to accept the Palestinian fighters besieged by Israeli forces in west Beirut. [New York Times]
- Mr. Habib has been a prime shaper of policy in the Lebanon crisis, according to administration officials. They said that the special envoy, who is noted for problem-solving, enjoys a great deal of leeway as a negotiator, almost as much as a traveling Secretary of State. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 832.00 (-0.19, -0.02%)
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* |
| July 21, 1982 | 832.19 | 111.42 | 66.77 |
| July 20, 1982 | 833.43 | 111.54 | 61.05 |
| July 19, 1982 | 826.10 | 110.73 | 53.03 |
| July 16, 1982 | 828.67 | 111.07 | 58.77 |
| July 15, 1982 | 827.34 | 110.47 | 61.08 |
| July 14, 1982 | 828.39 | 110.44 | 58.03 |
| July 13, 1982 | 824.20 | 109.45 | 66.16 |
| July 12, 1982 | 824.87 | 109.57 | 74.70 |
| July 9, 1982 | 814.12 | 108.83 | 65.87 |
| July 8, 1982 | 804.98 | 107.53 | 63.27 |