News stories from Wednesday March 11, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A Democratic economic alternative to President Reagan's proposed package will be shaped by the party, its leaders in the House pledged, adding that their plan would preserve many social welfare programs. Opening a counteroffensive, the Democrats criticized what they termed vagueness in the President's budget plan and a failure to discuss the long-range consequences of the proposals. [New York Times]
- Puerto Rico's economy wouid crumble if the budget cuts proposed by the Reagan administration take effect, leaders of the island said. The resident commissioner predicted that the cuts, which he estimated at $650 million, including $300 million in food programs, would cause a loss of 30,000 jobs and prompt an exodus of up to 500,000 people to the mainland. [New York Times]
- Scores of projects in depressed areas in New York, New Jersey and Connecticut would be imperiled by President Reagan's freezing of applications for financing by the Economic Development Administration. The more than 60 projects include factory expansions, industrial parks and theater rehabilitations. [New York Times]
- A drive for a balanced budget that would be mandated by a proposed constitutiuonal amendment was pressed in the Senate. Citing pressure from the public and state legislatures, advocates of the amendment made their case at a hearing. [New York Times]
- Atlanta appealed for federal funds to aid the city's investigation of 20 missing and slain black children. A benefit concert starring Frank Sinatra and Sammy Davis Jr. Wednesday raised about $250,000 for the investigation, which is costing the city that much each month, most of it in unbudgeted funds. [New York Times]
- A return to structured curriculums is apparent at many liberal arts colleges and universities. For the first time in at least 15 years, the institutions are requiring that students take certain courses and are introducing new programs in general education. [New York Times]
- President Reagan promised Canada continued American friendship, but, in a speech to Parliament in Ottawa, made no concessions for resolving disputes over American military aid to El Salvador and such issues as fishing rights and pollution. The speech matched the tone and outcome of Mr. Reagan's meetings with Prime Minister Pierre Trudeau and their advisers. [New York Times]
- A setback for the Salvadoran rebels was suggested by officials of the Reagan administration. They said that new information indicated that the left-wing insurgents were running low on ammunition because of an apparent decision by Nicaragua and Cuba to reduce their assistance. [New York Times]
- A $2 billion string of military bases overseas is being planned by the Reagan administration, according to officials. They said that the five-year program called for the construction or expansion of bases across the Middle East and the Indian Ocean to support United States naval, ground and air forces in the area. [New York Times]
- Britain's new budget was assailed not only by the Labor Party opposition, but also by some businessmen and members of Prime Minister Margaret Thatcher's Conservative Party. Leading the attack in Parliament, a Labor spokesman said that the austerity program posed a "savage" threat to an economy that is in its deepest recession since the 1930's. [New York Times]
- Hijackers extended a deadline, giving the Pakistani government until tomorrow to meet their demands for the release of political prisoners. The three Pakistani gunmen, who seized an airliner carrying more than 100 people on March 2, are threatening to blow up the plane at Damascus airport. [New York Times]
- A major trial will begin in Iran Tuesday, the official press agency announced. The defendant is Abbas Amir Entezam, the Deputy Prime Minister in the government of Mehdi Hammen, who took office in February 1979 as the first Prime Minister after the Islamic revolution. Mr. Entezam is charged with aiding the C.I.A. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 967.67 (-4.99, -0.51%)
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* |
| March 10, 1981 | 972.66 | 130.46 | 56.61 |
| March 9, 1981 | 976.42 | 131.12 | 46.17 |
| March 6, 1981 | 964.62 | 129.85 | 43.93 |
| March 5, 1981 | 964.62 | 129.93 | 45.37 |
| March 4, 1981 | 971.44 | 130.86 | 47.25 |
| March 3, 1981 | 966.02 | 130.56 | 48.73 |
| March 2, 1981 | 977.99 | 132.01 | 47.71 |
| February 27, 1981 | 974.58 | 131.27 | 53.20 |
| February 26, 1981 | 966.81 | 130.10 | 60.31 |
| February 25, 1981 | 954.40 | 128.52 | 45.71 |