News stories from Monday July 12, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Cuts in the military budget in the fiscal year 1984 are considered likely by senior Reagan administration officials. They said that economic and political pressures would also probably necessitate revisions in long-term military planning. One official remarked, "We are swimming in a sea of uncertainty." [New York Times]
- A drive to require a balanced budget moved into high gear several months later than proponents had hoped. The proposed constitutional amendment would require a balanced budget unless three-fifths of Congress approved a deficit budget. [New York Times]
- A program offering loans to parents of college students has been seriously hampered by the reluctance of most bankers to participate. Edward Fox, president of an agency that helps finance state loan associations, said that "bankers are not sure how this program should be administered, and that lack of clarity has inhibited them." [New York Times]
- Keeping track of foreigners visiting this country on student visas has posed increasing problems for the Immigration and Naturalization Service. As a result, the agency has proposed assigning the work to schools where the students are enrolled, but the plan faces vigorous opposition from some immigration officials and lawyers and members of Congress who fear its implications. [New York Times]
- The last Checker cab rolled off an assembly line in Kalamazoo, Mich. The demise of the roomy vehicle signals the beginning of the end for big-city legroom, hats on in cabs, five-on-a-fare, and youngsters battling to sit in the jump seats. [New York Times]
- Continuing toxicity near Love Canal was reported by New York Attorney General Robert Abrams. He said that levels of dioxin in abandoned homes adjacent to the toxic waste site near Niagara Falls were "among the highest ever found in the human environment." Dioxin, a man-made compound, has been linked to cancer in humans and birth defects and nervous disorders in animals. [New York Times]
- Washington lifted the sanctions it imposed against Argentina at the outbreak of the Falkland war. But administration officials said the ban on military sales remained in effect, pending a review of both the situation in the Falklands and any progress Argentina has made in human rights. [New York Times]
- Release of the last 593 Argentines held by Britain was scheduled after London received assurances from Buenos Aires that it planned no further military action over the Falklands. Declaring the war officially at an end, the Foreign Office said that the prisoners would be sent home as soon as possible. [New York Times]
- Israelis accused the P.L.O. of using the time offered by the stalled negotiations in Beirut to fortify its military positions there and to seek new financial and political support from Arab countries. Israeli officials said the Palestinian guerrillas had been pressing Saudi Arabia for hundreds of millions of dollars in exchange for withdrawing from the city. [New York Times]
- Washington was more concerned than ever about the snagged negotiations in Beirut and warnings from Israel that officials were losing patience with the talks. The administration reaffirmed that the Palestinian guerrillas had to leave the city but said no Arab country would accept them. [New York Times]
- An Iranian invasion of Iraq is likely within a few days, according to American officials. Iran's army is said to be poised for an invasion and awaiting only a final decision by Ayatollah Khomeini. [New York Times]
- The Soviet economy is dependent on foreign trade to a "far greater" degree than Western analysts have long assumed and is thus more vulnerable to sanctions than previously thought, according to excerpts from a Commerce Department study. [New York Times]
- Britons were shocked and indignant over a report that an intruder had sneaked into Queen Elizabeth's bedroom in Buckingham Palace early Friday. Home Secretary William Whitelaw disclosed details of the incident at a noisy session of the House of Commons, saying the Queen had reacted calmly. He said palace security would be intensified. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 824.87 (+10.75, +1.32%)
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 9, 1982 | 814.12 | 108.83 | 65.87 |
| July 8, 1982 | 804.98 | 107.53 | 63.27 |
| July 7, 1982 | 799.66 | 107.22 | 46.91 |
| July 6, 1982 | 798.90 | 107.29 | 44.35 |
| July 2, 1982 | 796.99 | 107.65 | 43.76 |
| July 1, 1982 | 803.27 | 108.71 | 47.89 |
| June 30, 1982 | 811.93 | 109.61 | 65.27 |
| June 29, 1982 | 812.21 | 110.21 | 47.00 |
| June 28, 1982 | 811.93 | 110.26 | 40.70 |
| June 25, 1982 | 803.08 | 109.14 | 38.74 |