News stories from Monday February 23, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Governors opposed President Reagan over his proposed cuts in federal funds for Medicaid while they assured him that they generally supported his efforts to restore a balance in federal and state powers. Gov. George Busbee of Georgia, the chairman of the National Governors Association, told Mr. Reagan the governors believed that Washington should finance welfare as well as Medicaid, a view that Mr. Reagan does not share. [New York Times]
- The second largest auto recall to date was announced by General Motors. The recall affects 6.4 million 1978-81 medium-sized passenger cars and light trucks for replacement of defective rear suspension bolts. G.M. attributed the decision to 27 accidents involving injuries to 22 people. A company spokesman said there had been no fatalities. [New York Times]
- The black population grew far faster than the 11 percent overall increase in the nation's population from 1970 to 1980, the Census Bureau reported. The number of blacks increased by 17 percent, raising the proportion of blacks from 11.1 percent to 11.7 percent. Census officials said this resulted from an actual increase among blacks and improved counting procedures in black neighborhoods. [New York Times]
- The beating-robbery of three Mexicans in 1976 led to the conviction of a 27-year-old man by a federal court jury in Phoenix, Ariz. His brother was acquitted of charges resulting from an incident involving three farm workers who were illegal aliens. [New York Times]
- The reform of the foster-care system for 500,000 children was the aim of legislation approved last year by Congress after years of wrangling. The legislation would be set aside by the Reagan administration's budget cuts, to the dismay of many social welfare groups and the anger of congressional advocates of reform. [New York Times]
- The Pope's visit to Emperor Hirohito in Tokyo has stirred a controversy. Some Protestant leaders in Japan declined an invitation to greet the Pontiff on the ground that his meeting with Hirohito would encourage a trend toward right-wing extremism, which has as a main objective a revival of worship of the emperor, who is the chief priest of the Shinto religion. [New York Times]
- Arms shipments to El Salvador by way of Nicaragua are apparently slowing, State Department officials said. The reason for the decline, they said, is Washington's campaign to halt the flow of Soviet-bloc smuggling to the Salvadoran insurgents that was described in reports issued in Washington. [New York Times]
- A call for U.S.-Soviet summit talks was issued by Leonid Brezhnev in a long speech opening the 26th Congress of the Soviet Communist Party. He proposed the meeting with President Reagan to further "an active dialogue" designed to halt a deterioration in relations. The Soviet leader stressed peace, not confrontation in his appeal.
Washington is "very interested" in Moscow's proposal for a summit meeting, Secretary of State Alexander Haig said. White House and State Department spokesmen said President Reagan would discuss the matter fully with senior advisers and Washington's allies before giving a reply.
[New York Times] - Spain's Parliament was seized by Civil Guards who took most of the nation's leaders hostage as the legislators were approving a new government. Army troops briefly took control of the state-run television station outside Madrid, and the head of the Valencia military region proclaimed a state of emergency in his command. The move by rightists appeared aimed at igniting a national military revolt, but there were no signs that other military units had joined the rebellion. King Juan Carlos, appearing on television, denounced the rebels and pledged his faith in democracy. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 945.23 (+9.14, +0.98%)
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 20, 1981 | 936.09 | 126.58 | 41.90 |
| February 19, 1981 | 933.36 | 126.61 | 41.64 |
| February 18, 1981 | 947.10 | 128.48 | 40.42 |
| February 17, 1981 | 939.68 | 127.81 | 37.94 |
| February 13, 1981 | 931.57 | 126.98 | 33.36 |
| February 12, 1981 | 936.60 | 127.48 | 34.71 |
| February 11, 1981 | 942.49 | 128.24 | 37.79 |
| February 10, 1981 | 948.63 | 129.24 | 40.81 |
| February 9, 1981 | 947.18 | 129.27 | 38.32 |
| February 6, 1981 | 952.30 | 130.60 | 45.82 |