News stories from Tuesday July 7, 1981

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

Sandra Day O'Connor will be named to the Supreme Court, President Reagan announced. The 51-year-old judge on the Arizona Court of Appeals would be, on confirmation by the Senate, the first woman member of the High Court. Judge O'Connor's views on abortion and the proposed equal rights amendment aroused some immediate opposition, but administration officials expressed confidence that her views were generally compatible with those of Mr. Reagan. [New York Times] The nomination of Judge O'Connor was denounced by anti-abortion groups, which vowed to oppose her confirmation. However, no Senate members stepped forward to lead such a challenge and the initial reaction there was favorable. [New York Times] An upset in a House election in Mississippi was apparently scored by Wayne Dowdy, a Democrat who had strong backing from organized labor and blacks. By an extremely narrow margin, he appeared to have defeated Liles Williams, a Republican who is a staunch supporter of President Reagan's programs. [New York Times] President Reagan assailed critics who contend that he has no foreign policy. Addressing a Republican fundraising banquet in Chicago, the President questioned the wisdom of disclosing his approach and added: "We know where we're going and we think it might be counterproductive to make a speech about it." [New York Times] A tax bill confrontation between President Reagan and House Democratic leaders and a House-Senate conference on a $38 billion package of budget cuts are expected to head the agenda when Congress returns tomorrow from a 10-day recess. Mr. Reagan has threatened to keep Congress in session despite its scheduled month-long August recess unless a tax reduction bill is enacted by Aug. 1, but the leaders hope to meet the deadline. [New York Times] Cuts in Social Security benefits are being sought by the Reagan administration in an effort to move more speedily toward balancing the budget, according to charges made by Democratic Senators. Senator Daniel Patrick Moynihan of New York accused the Republicans of conducting "a campaign of political terrorism" in an attempt to frighten Congress into taking extreme action to avert an expected fund shortage. [New York Times] The operation of a key wildlife refuge may be transferred from the federal government to Texas. Interior Secretary James Watt is considering such a transfer for the Matagorda Island refuge in the Gulf of Texas, the wintering grounds for the nation's last whooping cranes. [New York Times] New guidelines on nuclear weapons are to be announced soon by the Reagan administration. The guidelines reaffirm a commitment to halt the spread of nuclear arms abroad but also pledge that the United States will be a "clearly reliable and credible" supplier of nuclear technology for peaceful purposes. [New York Times] A new National Intelligence Council has been created at the Central Intelligence Agency and it is to be headed by Henry Rowen, according to administration officials. Mr. Rowen is a former president of the Rand Corporation and was until recently a professor at Stanford University's Graduate School of Business. [New York Times] A new Primate of Poland was named and he pledged to continue the policies of dialogue and cooperation with both the authorities and the independent union begun by his predecessor, Stefan Cardinal Wyszynski. The new Primate is Bishop Jozef Glemp. [New York Times] Iran intensified a crackdown on "counterrevolutionary" elements, announcing the execution of nine more leftist opponents and the expulsion from Teheran of the British news agency Reuters. [New York Times] A solar-powered plane crossed the English Channel for the first time. The craft, which requires no storage batteries, made the 165-mile flight from a Paris suburb to England in five and a half hours, averaging 30 miles an hour. The 210-pound plane was powered by 16,000 photovoltaic cells that converted solar energy into electricity to drive the motor. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 954.15 (+4.85, +0.51%)
S&P Composite: 128.24 (+0.87, +0.68%)
Arms Index: 0.71

	Issues	Volume*
Advances	695	25.77
Declines	819	21.48
Unchanged	394	6.31
Total Volume		53.56

* 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*
July 6, 1981	949.30	127.37	44.59
July 2, 1981	959.19	128.64	45.09
July 1, 1981	967.66	129.77	49.07
June 30, 1981	976.88	131.25	41.55
June 29, 1981	984.59	131.89	37.93
June 26, 1981	992.87	132.56	39.24
June 25, 1981	996.77	132.81	43.91
June 24, 1981	999.33	132.66	46.65
June 23, 1981	1006.66	133.35	51.84
June 22, 1981	994.20	131.95	41.79