News stories from Wednesday February 4, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Refined oil costs are rising much faster than the Reagan administration predicted last week when it decontrolled petroleum prices, and analysts say that evidence is mounting that they will rise even further. Many specialists predict that heating oil prices could increase to as much as $1.40 a gallon by spring, and the problem is generating expressions of anger, confusion and doubt. [New York Times]
- Deep cuts in synthetic fuels projects are planned by the Reagan administration, according to a document drafted by the federal budget office. It calls for the elimination of five huge projects and a reduction by $5.3 billion, or about one-third, in the government's financial support for the new Synthetic Fuels Corporation. The plan also calls for cutting funds for solar energy research and for halting all federal support for alcohol fuels. [New York Times]
- Reagan faced resistance in Congress to his request for a $50 billion increase in the federal debt ceiling. Senate Democratic leaders indicated to Mr. Reagan, who visited Capitol Hill, that the Republicans must take the leadership in the controversial action. In the House, only about 100 of the 192 Republicans were considered backers of the proposed increase. [New York Times]
- Severe cuts in many programs are proposed in a preliminary list prepared by the Reagan administration. The plan calls for reductions in such social programs as food stamps, meals for poor schoolchildren, jobs for the unemployed and compensation for workers who have been laid off. It would also defer or eliminate several space projects, terminate urban development grants and cut in half the aid for the arts and humanities. [New York Times]
- President Reagan is going to the people over the heads of Congress tomorrow night in an effort to gain momentum for the economic program that is to be the keystone of his administration. His televised speech is set for 9 P.M. [New York Times]
- Jean Harris defended herself in her seventh day of testimony and final day of cross-examination at her murder trial in Westchester County Court. She denied angrily that she had intended to kill Dr. Herman Tarnower and then herself because, as the prosecutor put it, "if you couldn't have him, nobody else would." [New York Times]
- The case against a Marine accused of collaborating with the enemy while he was a prisoner of war in Vietnam was given to a jury of five marine officers after two and a half months of trial testimony. The defendant, Pfc. Robert Garwood, has pleaded insanity induced by brainwashing. [New York Times]
- Information on two Americans in Iran was reported by the State Department. It said that Mohi Sobhani, an Iranian-born American citizen held since Sept. 6 on spy charges, had telephoned a brother to report he had been freed. The department also said it had learned that a hearing had been held for Cynthia Dwyer, who has been imprisoned since May 5, and that "a disposition" of her case was expected about Monday. [New York Times]
- Poland's labor troubles worsened as negotiations between the government and strike leaders broke off in a southern province. The independent national union told all its chapters to be ready to begin sit-ins if force was used to break the walkout. The province is the only region where strikes were continuing, but other areas where negotiations were still underway remained tense. [New York Times]
- India raised a nuclear challenge to Washington over what New Delhi regards as uncalled for delays in releasing nuclear fuel under a purchasing accord. Indian officials said they had authorized the reprocessing of spent fuels into much more powerful and hazardous plutonium oxide. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 941.98 (+0.60, +0.06%)
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* |
| February 3, 1981 | 941.38 | 128.46 | 45.95 |
| February 2, 1981 | 932.17 | 126.91 | 44.08 |
| January 30, 1981 | 947.27 | 129.55 | 41.16 |
| January 29, 1981 | 948.89 | 130.24 | 38.16 |
| January 28, 1981 | 942.58 | 130.34 | 36.69 |
| January 27, 1981 | 949.49 | 131.12 | 42.25 |
| January 26, 1981 | 938.91 | 129.84 | 35.37 |
| January 23, 1981 | 940.19 | 130.23 | 37.22 |
| January 22, 1981 | 940.44 | 130.26 | 39.88 |
| January 21, 1981 | 946.25 | 131.36 | 39.19 |