News stories from Thursday June 4, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A revised administration tax cut plan was announced by President Reagan. He in effect agreed to scale back his original tax breaks for business by nearly 30 percent while adding tax breaks for individuals, including relief from the so-called marriage penalty, in an effort to win bipartisan congressional support for his proposed three-year reduction in personal income taxes. [New York Times]
- Cuts in housing aid were approved by Democrats on a key House committee, which is mandated to reduce assistance for existing programs by $13.1 billion under the budget adopted by Congress. The bill would provide subsidies for 176,000 housing units. That is 26,000 more units than have been approved by the Senate, but the chairman of the House panel termed its bill "a total disaster" for the poor. [New York Times]
- An appointment rebuff for President Reagan was in prospect. A majority of the Senate Foreign Relations Committee, including Charles Percy, the chairman, was expected to vote against the controversial nomination of Ernest Lefever for the administration's top human rights post. [New York Times]
- Crime experts in Atlanta sifted evidence obtained in the search of a 23-year-old man's house and car in an effort to link him to the slayings of 28 young blacks in the area in the last 22 months. The man was released without charge after 12 hours of questioning by law enforcement officials. [New York Times]
- James Earl Ray was stabbed 22 times in the Tennessee prison where he is serving a 99-year sentence for the murder of the Rev. Dr. Martin Luther King Jr. in 1968. Mr. Ray was said to be in stable condition and officials said he was expected to recover. Four other inmates were held in the attack. [New York Times]
- A discrimination dispute was settled between Sears, Roebuck & Company, the nation's largest retailer, and the Equal Employment Opportunity Commission. Under the agreement, Sears is to establish special procedures to monitor the hiring of black and Hispanic Americans at its 855 stores. [New York Times]
- Possible new Soviet pressure on Poland was reported by diplomatic and intelligence sources, prompting expressions of concern on the part of Reagan administration officials. The sources suggested that the Soviet bloc might be planning another series of military maneuvers around Poland. [New York Times]
- Egypt sought to ease the crisis in Lebanon at a meeting in the Sinai. President Anwar Sadat asked Prime Minister Menachem Begin to halt Israeli attacks on Palestinian guerrilla bases and to place no deadline on diplomatic efforts for a peaceful solution of the dispute over Syrian missiles in Lebanon. Mr. Begin insisted that the attacks were essential to Israel's security, but he agreed to give Syria more time to withdraw the missiles. [New York Times]
- The French Communists failed to win a broad political agreement with the Socialists, further dimming the prospect of Communist participation in the new government of President Francois Mitterrand. [New York Times]
- The sale of advanced weapons to China is being considered by the Reagan administration as it prepares for a visit to Peking next week by Secretary of State Alexander Haig. Administration officials said there was rising interest in providing China with such technology as antitank missiles and the engine and electrical equipment from the new F-16 jet. [New York Times]
- New repression by Salvadoran forces was recounted by civilians. The junta has sought to curb the abuses, but the command structure is ineffective. A foreigner said: "There is no controlling the local commanders. They more often work for local interests than for headquarters, and they are simply warlords." [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 986.74 (-2.97, -0.30%)
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* |
| June 3, 1981 | 989.71 | 130.71 | 54.70 |
| June 2, 1981 | 987.48 | 130.62 | 53.93 |
| June 1, 1981 | 997.96 | 132.41 | 62.16 |
| May 29, 1981 | 991.75 | 132.59 | 51.58 |
| May 28, 1981 | 994.25 | 133.45 | 59.50 |
| May 27, 1981 | 993.14 | 133.77 | 58.73 |
| May 26, 1981 | 983.96 | 132.77 | 42.76 |
| May 22, 1981 | 971.72 | 131.33 | 40.70 |
| May 21, 1981 | 976.59 | 131.75 | 46.79 |
| May 20, 1981 | 976.86 | 132.00 | 42.37 |