News stories from Friday July 9, 1982

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

A plane crash in New Orleans killed all 143 persons aboard a Pan American World Airways jet and at least six others on the ground. The Boeing 727 crashed in a residential neighborhood shortly after taking off from New Orleans International Airport, setting many homes on fire. [New York Times] A much-reduced federal role in the support and restoration of cities was recommended in an urban policy report submitted to Congress by the Reagan administration. The report is a revision of a draft that was denounced by mayors and then disavowed by President Reagan last month. But the report reiterates the theme that much of the federal aid of the last two decades has contributed heavily to the decline of the cities and that states and municipalities are better able to restore their vitalty than the federal government. [New York Times] The Reagan economic policies are undergoing a thorough review by the White House, but President Reagan does not intend to announce any changes in them before the congressional elections in November, administration officials said. A leading official said Mr. Reagan preferred to risk the political damage of continued high employment and high interest rates rather than try approaches that his advisers believe would fail. [New York Times] Penthouse magazine's libel suit will be tried again. A superior court judge in Compton, Calif., set aside a jury verdict exonerating Penthouse of libeling two owners of the Rancho LaCosta resort in San Diego County and ordered a new trial. In granting a new trial, the judge accused the main attorney for Penthouse, Norman Grutman of New York, of misconduct "prejudicial to the jury." [New York Times] A former congressional page failed a lie detector test on his allegations about homosexual activity involving members of Congress and pages, federal officials said. Leroy Williams of Little Rock, Ark., who is the primary source of the reports, acknowledged that he had failed the test given to him by the Federal Bureau of Investigation. However, he stood by his story. He said he had given the House Ethics Committee the names of three Congressmen with whom he had engaged in sexual acts. [New York Times] Removal of the Palestinian fighters from Beirut to Syria was not possible "under the present circumstances," Syria said. The official statement was a reponse to reports that American and Lebanese negotiators in Beirut were discussing a plan to transfer the 6,000 guerrillas besieged there by Israelis to Syria. Syria had not been formally consulted. It was not clear whether Syria's objection was its final word on the matter. [New York Times] The Palestinian Mayor of Gaza was dismissed by Israel's Defense Ministry, which has been removing Palestinians from prominent positions in the occupied territories. Mayor Rashid al-Shawa was the seventh Arab mayor to be ousted. [New York Times] The Law of the Sea Treaty will not be signed by the United States, President Reagan announced, because of his objections to the limits it places on future development of seabed mining. He said, however, that the treaty "contains many positive and very significant accomplishments." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 814.12 (+9.14, +1.14%)
S&P Composite: 108.83 (+1.30, +1.21%)
Arms Index: 0.77

	Issues	Volume*
Advances	1,118	48.55
Declines	367	12.28
Unchanged	394	5.04
Total Volume		65.87

* 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 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
June 24, 1982	810.41	109.83	55.86