News stories from Wednesday June 3, 1981

Summaries of the stories the major media outlets considered to be of particular importance on this date:

The Pope left the hospital unaided, blessing onlookers who crowded the balconies, and was driven to his Vatican apartment three weeks after being shot. Soon after his return, he waved to visitors from his window overlooking St. Peter's Square. [New York Times] An accord on a two-year tax-relief plan was reached in general terms by Democrats on the House Ways and Means Committee. The proposed bill was designed to appeal to the party's conservative wing, but the White House promptly mounted a counteroffensive in behalf of a three-year relief bill that it hopes will be sponsored by conservative Southern Democrats as well as Republicans. [New York Times] President Reagan had his busiest day since the attempt on his life March 30. He stepped up the pace of work and ceremonial events, and aides said he planned intensive meetings for several days in lobbying with legislators for his tax-cutting plan. [New York Times] Key changes in the Voting Rights Act, which is scheduled to expire next year, are being considered by the administration. Civil rights advocates contend that the contemplated changes would diminish protection of voting rights, while administration officials say that the present form of the statute violates basic principles of federalism and states' rights endorsed by President Reagan. [New York Times] An accused officer was allowed to continue serving on a Titan missile crew for five months after the F.B.I. told the Air Force that he had visited the Soviet Embassy in Washington, according to military officials. Asked why that was permitted, a spokesman for the Air Force said it would be "inappropriate" to comment because the inquiry involving Lt. Christopher Cooke was continuing. [New York Times] A delay on tuition tax credits proposed for parents of students in private schools was in prospect. The administration said it fully supported such credits, but urged that Congress not act on them until it completed action on President Reagan's economic program. Later, a high administration official expressed doubt that Mr. Reagan would actively press tuition credit legislation this year. [New York Times] Cities with rent controls would lose some federal housing funds under a bill approved by the Senate. The measure, which would sharply cut federal housing subsidies across the nation, was passed by a vote of 65 to 24, with only Democrats opposed. The House is considered unlikely to approve the rent control provision, and a Senate filibuster is in prospect if the provision survives a conference. [New York Times] A new policy for the Caribbean and Central America has been approved by President Reagan, administration officials announced. They said that the program called for increased economic and military aid for the countries in the region to combat poverty and what they said is a rising danger of Cuban and Soviet subversion. [New York Times] Israeli forces struck again in Lebanon as gunboats bombarded a Palestinian guerrilla camp more than 100 miles from the Israeli frontier. The Palestinian press agency said that the raid resulted in the destruction of several houses but no casualties. [New York Times] Lebanon as a campaign issue in Israel was underscored by a brief uproar in Parliament. Prime Minister Menachem Begin and the opposition Labor Party clashed sharply over Israel's commitment to defend Lebanese Christians against Syrian air attacks. A Labor motion criticizing the government was easily defeated. [New York Times] France's minimum wage was raised by 10 percent and pension benefits were increased sharply by the new Socialist government, which said that banks, oil companies and the rich would face higher taxes next year to help finance the programs. In their first major policy announcements, the Socialists also said they were abolishing some controversial authoritarian security practices that had been criticized by non-Gaullists.Francois Mitterrand believes that the nations of the world are not making progress toward military or economy security, but he is philosophical about it. In his first interview since his election as President of France, he said that he favored a balance of power with Soviet forces in Europe and that he planned to nationalize some French industries. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 989.71 (+2.23, +0.23%)
S&P Composite: 130.71 (+0.09, +0.07%)
Arms Index: 0.70

	Issues	Volume*
Advances	653	25.36
Declines	845	23.08
Unchanged	399	6.26
Total Volume		54.70

* in millions of shares

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 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
May 19, 1981	980.01	132.09	42.21