News stories from Thursday August 5, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- An immediate nuclear arms freeze was spurned by the House. In a 204-to-202 vote, the Representatives gave President Reagan a key victory by endorsing an alternative arms reduction plan favored by Mr. Reagan. [New York Times]
- A nuclear test was termed "exciting" by Energy Secretary James Edwards after he witnessed a nuclear bomb explosion for the first time. It was the 11th announced test in Nevada this year. [New York Times]
- Spending cuts totaling $12.2 billion over three years were approved by the Senate, including cuts in spending for food stamps, a freeze in dairy price supports and a 4 percent limit on cost-of-living adjustments in benefits for retired federal employees. [New York Times]
- Spending and taxing limits imposed on state, county and municipal governments have produced a proliferation of independent, special purpose governments. In the last five years, the Census Bureau said, special districts and authorities, not including school districts, increased by 11 percent, to 28,733. They provide such services as fire protection, health care and sewage disposal. [New York Times]
- Republicans in the industrial Middle West, a region that often shifts widely in years of political change, think they are braced to hold their own this fall despite the recession's grip. However, if the economy worsens, they acknowledge they could be swept by a Democratic landslide in the Great Lakes states. [New York Times]
- The cost of buying 50 C-5 cargo planes is now estimated at nearly 25 percent more than previously projected, and the delivery schedule has slipped significantly, according to a Pentagon document. Congress is considering whether the Rapid Deployment Force should be given the 50 modified C-5's made by Lockheed or 48 of Boeing's 747 freight planes. [New York Times]
- New York Senator Daniel Patrick Moynihan's strength in his campaign for re-election was suggested by the National Conservative Political Action Committee. The group, which singled out Senator Moynihan nearly two years ago as a candidate it wanted to defeat, said it had put the drive "in limbo," and a spokesman said, "We're not going to spend any money where it is doubtful we're going to have an impact." [New York Times]
- The United States pressed Israel to yield the military gains won in its thrust into west Beirut and to withdraw to the cease-fire lines in effect Sunday. Officials said the request coincided with a sharply-worded personal message sent Wednesday by President Reagan to Prime Minister Menachem Begin. They said the message made it plain that American-Israeli relations would be threatened unless Israel stopped what Mr. Reagan termed "unnecessary bloodshed" in Lebanon. [New York Times]
- Israel rejected appeals for its forces to withdraw from west Beirut. The government also rejected a request by the United Nations Security Council that it be allowed to send additional truce monitors to the city. [New York Times]
- The P.L.O. has offered new proposals to the special American envoy, Philip Habib, providing a timetable for the withdrawal of its fighters from Lebanon, according to senior Lebanese officials. They said Mr. Habib was pleased with the Palestinian proposals, but stressed that there were still some minor points of difference and pointed out that they might not be acceptable to Israel. [New York Times]
- Civilians in west Beirut emerged from their homes and shelters to survey the damage wrought by the Israeli bombardment of civilian neighborhoods. Many residents believe that the Israeli forces have begun a campaign to force them to flee to Christian-controlled east Beirut. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 795.85 (-7.61, -0.95%)
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 4, 1982 | 803.46 | 106.14 | 53.44 |
| August 3, 1982 | 816.40 | 107.83 | 60.48 |
| August 2, 1982 | 822.11 | 108.98 | 53.48 |
| July 30, 1982 | 808.60 | 107.09 | 39.27 |
| July 29, 1982 | 812.21 | 107.72 | 55.67 |
| July 28, 1982 | 811.83 | 107.73 | 53.84 |
| July 27, 1982 | 822.77 | 109.43 | 45.73 |
| July 26, 1982 | 825.44 | 110.36 | 37.73 |
| July 23, 1982 | 830.57 | 111.17 | 47.28 |
| July 22, 1982 | 832.00 | 111.47 | 53.86 |