News stories from Wednesday June 10, 1981

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

The President's block grant proposal was severely restricted by two congressional committees, frustrating administration plans to transfer power over the use of federal funds to the states. The Republican-controlled Sen-ate Labor and Human Resources Committee exempted major programs from the block grant proposals, ratifying a compromise reluctantly accepted by the White House. The Democratic-controlled House Committee on Education and Labor acted in effect to reject the proposal completely. [New York Times] Proposed restrictions on student loans guaranteed by the federal government would make as many as a million college students ineligible for the aid under a plan approved by the House Education and Labor Committee. The House committee's proposal is more stringent than one approved by the Senate Committee on Labor and Human Resources. [New York Times] Haitian refugees facing deportation from Miami to Port-Au-Prince on a 6 A.M. charter flight were given a reprieve from a federal hudge who granted an emergency stay until a hearing could be held on a motion to stop their deportation. Attorneys for the group of 76 Haitians said the refugees have not been informed of their legal rights. [New York Times] School is a "sometime thing" for thousands of inner city youngsters across the nation who spent their formative years in a world of dropouts, absenteeism, brushes with the law, and low attention to learning. For a variety of reasons, the educational system often fails to help this group enter the economic mainstream, according to interviews with pupils, dropouts, residents of poor neighborhoods, teachers and school administrators. [New York Times] Industrial growth in rural California, involving the booming industries of electronics and high technology, represents a fundamental change in the evolution of the state. The movement of people and industry from the crowded, high-priced coastal strip toward a largely unspoiled inland frontier raises questions of whether each of the rural communities in its path can avoid becoming "another San Jose." [New York Times] "A substantial violation" by Israel of its arms agreements with the United States may have been committed when Israel bombed an Iraqi nuclear reactor, Secretary of State Alexander Haig said in a letter to key leaders in the Senate and House on behalf of the President. Mr. Haig said the delivery of four F-16 fighter-bombers to the Israelis was being held up pending a review. [New York Times] Abolhassan Bani-Sadr was dismissed as commander in chief of Iran's armed forces by Ayatollah Khomeini. The action appeared to suggest that Mr. Bani-Sadr's removal from the presidency might also be near after a day in which he suffered several other blows in his fight to remain in office. [New York Times] Stanislaw Kania overrode a challenge to his leadership of the Communist Party of Poland during a divisive emergency session of the policy-making Central Committee. The two-day meeting, which was convened after a Soviet letter had expressed concern over the Polish developments, erupted into an open power struggle between hard-liners and moderates, but ended with no change in the 11-member ruling Politburo. [New York Times] Foreign newspapers were subsidized with funds from at least eight United Nations agencies, the United Nations said after having repeatedly denied that it made such contributions. The newspapers used the funds to publish articles reflecting United Nations views on economic aid. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 993.88 (-0.56, -0.06%)
S&P Composite: 132.32 (+0.35, +0.27%)
Arms Index: 0.79

	Issues	Volume*
Advances	915	29.71
Declines	647	16.70
Unchanged	359	6.79
Total Volume		53.20

* 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 9, 1981	994.44	131.97	44.61
June 8, 1981	995.64	132.24	41.57
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