News stories from Wednesday October 20, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A leading brokerage firm was fined $400,000 by the New York Stock Exchange for permitting the Hunt brothers of Texas to speculate so heavily in silver as to endanger the firm's survival in 1980 and then failing to give the exchange timely notice of the developing crisis. The fine, levied against Bache Halsey Stuart Shields Inc., was the biggest in the exchange's history. Meanwhile, a staff report of the Securities and Exchange Commission assailed the stock exchange for insufficient surveillance of Bathe and other brokerage firms dealing with the Hunts. [New York Times]
- The arrest of John DeLorean on cocaine trafficking charges was the culmination of an investigation that began last March when detectives in Ventura, Calif., began to suspect that someone was illegally transporting large amounts of cash between California, Florida and points overseas. Mr. DeLorean was seized in Los Angeles Tuesday hours after Britain announced it would close his financially troubled auto-producing company in Northern Ireland. [New York Times]
- President Reagan courted farmers in announcing that the government would spend $1.5 billion in the next three years for credits to spur agricultural exports and would reduce interest charges for loans to farmers on Nov. 1. Mr. Reagan, campaigning in economically distressed Illinois, also said he would welcome proposals to replace his ban on the shipping of parts for the Soviet-European natural gas pipeline with sanctions less harmful to manufacturers. [New York Times]
- A fugitive Missouri couple that has been identified as "substantial leads" in the inquiry into the deaths of seven persons from cyanide-tainted Tylenol was living in a New York City hotel at the time of the Chicago deaths, the F.B.I. said. [New York Times]
- Astronomers sighted Halley's comet for the first time since its last visit to the vicinity of Earth in 1910. The California astronomers report that the predictable comet is on course and on time for its next encounter with the sun in early 1986. [New York Times]
- A gene tied to the cause of cancers in birds has been linked in several ways to cancers in humans, according to new scientific reports. The data show that the gene thought to be linked to cancer is present on a chromosome that is abnormally rearranged in patients with the major form of cancer called Burkitt's lymphoma. [New York Times]
- Coverage of Israel's invasion of Lebanon by the three major television networks was criticized in a study released by the Anti-Defamation League of B'nai B'rith. The study said the coverage was marked by many factual errors and exaggerations, a melodramatic portrayal of Israeli censorship and an overemphasis on battle scenes. [New York Times]
- The Arab countries have abandoned an attempt to expel Israel from the United Nations General Assembly, Arab diplomats disclosed. In an alternative policy, the 21 members of the Arab League agreed to express a symbolic reservation over Israel's credentials. On Saturday, the United States said that if Israel was expelled it would leave the General Assembly and suspend its United Nations payments. [New York Times]
- France is willing to send more troops to reinforce the peacekeeping force in Beirut, according to an offer made by President Francois Mitterrand to President Amin Gemayel, a French spokesman reported. He said no figures were mentioned. [New York Times]
- A burial In Poland resembled a rally in support of the outlawed trade union Solidarity. A throng of 10,000, many carrying banners declaring "Solidarity Lives," packed a small cemetery for the burial of a 20-year-old electrician who was shot by the police during clashes last week. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 1034.12 (+20.32, +2.00%)
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* |
| October 19, 1982 | 1013.80 | 136.58 | 100.85 |
| October 18, 1982 | 1019.22 | 136.73 | 83.79 |
| October 15, 1982 | 993.10 | 133.57 | 80.29 |
| October 14, 1982 | 996.87 | 134.57 | 107.50 |
| October 13, 1982 | 1015.08 | 136.71 | 139.80 |
| October 12, 1982 | 1003.68 | 134.44 | 126.30 |
| October 11, 1982 | 1012.79 | 134.47 | 138.53 |
| October 8, 1982 | 986.85 | 131.05 | 122.26 |
| October 7, 1982 | 965.97 | 128.80 | 147.08 |
| October 6, 1982 | 944.26 | 125.97 | 93.57 |