News stories from Tuesday August 24, 1982

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

Consumer prices moderated in July, rising six-tenths of 1 percent, the government reported. The Consumer Price Index jumped to double-digit rates in May and June, but last month smaller rises in gasoline prices, stable food prices and a decline in the growth of housing costs helped to slow the rate of inflation. [New York Times] Wall Street turned bearish in a session marked by a turnover of 121.7 million shares, the second heaviest trading in history. The Dow Jones industrial average ended its recent surge and plunged 16.27 points. A selling burst in the final hour clipped prices of blue chips as the Dow, in its biggest drop in six months, closed at 874.90. [New York Times] A new Archbishop was installed in a solemn, candlelit ceremony in Chicago. The new leader of the nation's largest Roman Catholic archdiocese, whose members total almost 2.4 million, is Joseph Bernardin, the son of an immigrant stonecutter. [New York Times] Radioactive waste disposal is a worsening problem that Congress has not been able to resolve three decades after the nation's atomic power industry began operating. Members of Congress have been moving toward passage of a bill to create an underground dump, but the drafters, unwilling to have the waste dumped in their states, have included provisions that would prevent selection of any of the six recommended sites. [New York Times] A toxic waste site near Philadelphia International Airport is about to be cleared. The city has begun a multimillion dollar effort to clear the isolated, swampy 60-acre site of hazardous chemicals left there in the 1970's while city employees took bribes to ignore the illegal dumping. [New York Times] A gain in understanding depression in humans and in developing strategies to ease it was reported by scientists at Rockefeller University. They reported they had been able to "turn on" and "turn off" the symptoms of depression in rats by injecting specific substances into a key center deep inside the brain. [New York Times] An aerial light show bewildered residents of the New York City metropolitan area. A spokesman for the North American Air Defense Command denied conjectures that the phenonemon was a satellite splitting apart and suggested that the object was a meteorite or the northern lights. [New York Times] Clashes were reported east of Beirut and apparently involved Christian militiamen and Syrian troops. An Israeli spokesman said that Israeli troops were not involved in the fighting. This was disputed by radio broadcasts from Lebanon. Meanwhile, gunmen attacked the homes of six legislators who took part in the presidential election Monday of Bashir Gemayel, the leader of the rightist Christian militia. [New York Times] Efforts to avoid civilian casualties were scrupulously carried out in the Israeli bombing of west Beirut, according to a pilot who took part in the attacks. The pilot, who requested anonymity, acknowledged there were civilian casualties, but he denied assertions that the intensive bombing had been indiscriminate. [New York Times] Poland's leader vowed to counter calls by underground union leaders for mass demonstrations next Tuesday, the second anniversary of the founding of the union Solidarity. Gen. Wojciech Jaruzelski, head of the martial law Government, threatened to take strong action against any new opposition activities. [New York Times] The drive against a Siberian gas line to Western Europe was accelerated by the Reagan administration. A federal judge cleared the way for the government to impose penalties against an American company for complying with a French government order to deliver equipment for the planned Soviet pipeline. [New York Times] Prosperity for Nova Scotia is increasingly likely because of the natural gas deposits detected off the long-depressed Canadian province. The Mobil Corporation is pressing efforts to contruct a 183-mile pipeline to transport gas from the potentially big fields around Sable Island. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 874.90 (-16.27, -1.83%)
S&P Composite: 115.34 (-0.77, -0.66%)
Arms Index: 1.62

	Issues	Volume*
Advances	960	50.93
Declines	696	59.64
Unchanged	340	11.08
Total Volume		121.65

* 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*
August 23, 1982	891.17	116.11	110.30
August 20, 1982	869.29	113.02	95.88
August 19, 1982	838.57	109.16	78.26
August 18, 1982	829.43	108.53	132.68
August 17, 1982	831.24	109.04	92.86
August 16, 1982	792.43	104.09	55.42
August 13, 1982	788.05	103.85	44.72
August 12, 1982	776.92	102.42	50.04
August 11, 1982	777.21	102.60	49.04
August 10, 1982	779.30	102.84	52.65