News stories from Monday June 8, 1981

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

Israel bombed an Iraqi nuclear reactor near Baghdad that would have enabled Iraq to manufacture nuclear weapons, the Israeli government announced. Prime Minister Menachem Begin justified the attack by Israeli jet fighters as essential to prevent the "evil" President Saddam Hussein of Iraq from attacking Israeli cities with atomic bombs similar to the type dropped on Hiroshima during World War II. [New York Times] The United States criticized Israel for the bombing and said that it may have violated its aid agreement by using American-made warplanes in the attack. In the sharpest criticism of Israel yet by the Reagan administration, the State Department said that "the unprecedented character" of the surprise raid "cannot but seriously add to the already tense situation in the area." Arab governments condemned the bombing as an act of terrorism. Iraq requested meetings of the Arab League and the United Nations Security Council to consider the matter. [New York Times] Further erosion in the price of oil seems inevitable, oil analysts and oil company officials said. Previous reductions have begun shaking the already unsettled international petroleum markets. [New York Times] President Jose Lopez Portillo of Mexico agreed in principle to participate with President Reagan in a long-term economic development plan for the Caribbean region. [New York Times] Substantial slices in Medicare that go beyond President Reagan's proposals have been voted by two key congressional panels. [New York Times] Some poor families are trapped in a cyclical pattern of poverty, according to some social scientists. Especially vulnerable are the rising number of single-parent families headed by women and families living in overcrowded public housing projects. [New York Times] Deportation proceedings against Haitians will be suspended pending a review of the procedures that govern such hearings, the Immigration and Naturalization Service announced. [New York Times] Women who are paid less than men are entitled to sue their employers whether the jobs performed by the two sexes are identical or not, the United States Supreme Court decided. The decision affirmed a ruling by the United States Court of Appeals for the Ninth Circuit that gave matrons at a county jail in Oregon the right to sue the county under the Civil Rights Act of 1964. [New York Times] San Francisco's character is changing, according to demographers, real estate people and others who monitor urban trends. Escalating housing costs, violence, ethnic changes and an increase in childless adults living together may be turning it into a haven for the young, the old, the wealthy and the childless. [New York Times] Southern Baptists are divided by a quarrel over the infallibility of the Bible, disputes over the standards that should be used to qualify teachers at Southern Baptist seminaries and the recent wave of fundamentalist political activity. [New York Times] Prospects for peace in Lebanon ap-peared to founder as the Arab League committee, which had been holding emergency meetings for two days with nearly every faction in the country, failed to gain its initial goal of a formal cease-fire. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 995.64 (+1.85, +0.19%)
S&P Composite: 132.24 (+0.02, +0.02%)
Arms Index: 0.91

	Issues	Volume*
Advances	804	20.11
Declines	714	16.31
Unchanged	413	5.16
Total Volume		41.58

* 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 5, 1981	993.79	132.22	47.18
June 4, 1981	986.74	130.96	48.94
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