News stories from Thursday June 11, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Pressure on behalf of his tax cut plan was stepped up by President Reagan. He appealed to 350 backers to help win congressional passage of his proposal for a 25 percent reduction in personal income taxes over 33 months. Meanwhile, liberal Democrats on the House Ways and Means Committee charged that the bill would provide substantial relief from income and Social Security taxes for high-income Americans in 1982 while permitting an increase for those with low incomes. [New York Times]
- An alternative package of budget cuts totaling $36 billion was being drafted by House Republicans as House Democrats considered strategies to prevent such a package from reaching the floor. Republicans contended that some reductions approved by the Democratic-controlled House committees were illusory. [New York Times]
- A stringent budget for Boston is ex-pected to be outlined tomorrow by Mayor Kevin White as a result of the city's fiscal crisis. The Mayor is expected to propose a cut in operating funds in the coming year to barely half the current level. City officials said they would have to lay off up to 550 firefighters and 650 police officers, or about one-third of the public safety force. [New York Times]
- Attempted infanticide was charged against the parents of Siamese twins born in Danville, Ill., and the babies' doctor. The authorities said that the three had tried to kill the 5-week-old boys by withholding food and medical treatment. [New York Times]
- A new home for Richard Nixon is planned. The former President intends to buy a modernistic, $1 million house near a peach orchard in the small, wealthy community of Saddle River in northeast New Jersey. A Nixon aide said it was uncertain how Mr. Nixon and his wife, Pat, would divide their time between the rural home and their four-story town house on Manhattan's Upper East Side. [New York Times]
- A devastating earthquake in Iran killed at least 1,500 people, according to an estimate by the government. It said that the temblor had laid waste a large part of the southeastern province of Kerman and that the death toll could reach 3,000. [New York Times]
- Sanctions against Israel were urged by Arab foreign ministers and the Arab League in an appeal to the United Nations. The Arabs also called on the United States "to work seriously" to deter Israeli "aggression and expansionism." Officials of the league, which is composed of 20 Arab nations and the Palestine Liberation Organization, met in an emergency session in Baghdad to condemn the Israeli air strike that destroyed a nuclear reactor plant in Iraq. [New York Times]
- Israel said that Washington's decision to suspend the delivery of four F-16 jet fighters this week was unjust in that it failed to appreciate the defensive nature of the Israeli air strike in Iraq. The Israeli Foreign Ministry contended that the attack had been conducted after the failure of a long series of diplomatic efforts. [New York Times]
- President Reagan assured both sides in the Middle East dispute. He told five Arab ambassadors that he "appreciated" their concern about Israel's bombing in Iraq, but he promised Israel that his displeasure over the raid would not prompt any "fundamental re-evaluation" of the United States-Israeli relationship. [New York Times]
- Concern over Poland's independence was expressed by the State Department. For the first time in the turmoil, the United States publicly accused the Soviet Union of "interference in the internal affairs of Poland." The statement cited "the threatening tone" of a Soviet party letter to the Polish leaders over the crisis. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 1007.42 (+13.54, +1.36%)
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 10, 1981 | 993.88 | 132.32 | 53.20 |
| 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 |