News stories from Thursday July 30, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- An accord on the budget package was reached by congressional leaders. Under the agreement, action on $36 billion in spending reductions is to be completed tomorrow, but Congress will have to delay its scheduled August recess to take up the final version of tax-cutting legislation next Tuesday. Democrats are to introduce on the House floor a bill that would restore minimum Social Security benefits of $122 a month to three million recipients, but final action was not expected until after the recess. [New York Times]
- President Reagan, exulting in Congress's approval Wednesday of his tax relief program, asserted that the nation now had "an economic plan for her future" that he hoped would lead to a further reduction in the role and functions of the federal government. Mr. Reagan won a warm ovation from delegates at a conference of state legislators in Atlanta. [New York Times]
- Many state legislators are worried about the effects of the Reagan administration's budget cuts. The legislators' dilemma concerns whether to cut state and local services, already in decline, or to raise state and local taxes in the face of a strong national trend against higher taxes. [New York Times]
- A new policy on illegal aliens was an-nounced by the Reagan administration in an effort to stem the record flow of foreigners entering the United States. The White House asked Congress to outlaw the employment of illegal aliens and pledged to halt the influx of Haitian refugees arriving in Florida. The policy also calls for the admittance of 50,000 temporary Mexican workers a year in a two-year experimental program. [New York Times]
- Honda has agreed to repair its 1975 to 1978 automobiles for premature fender rusting or reimburse the owners, the Federal Trade Commission announced. About 700,000 Honda Civic and Accord models sold in the United States are covered by the consent agreement. [New York Times]
- The MGM Grand hotel reopened eight months after much of the Las Vegas structure was severely damaged by a fire that killed 85 persons and injured more than 700. The management announced that a new "life safety system" made the hotel "one of the safest buildings in the world." [New York Times]
- A $21 million bank fraud prompted a federal grand jury to issue a 32-count felony indictment against boxing promoter Harold J. Smith. He and two former employees of the Wells Fargo Bank in Los Angeles are charged with plotting the embezzlement. [New York Times]
- The national parks are crowded with a record number of visitors this summer after a two-year slump in attendance because of the soaring cost of gasoline and travel. Meanwhile, budgetary pressures have forced parks like Yellowstone, the oldest, to reduce their staffs, and the aging facilities are stretched to capacity. [New York Times]
- The role of marriage in longevity was stressed in a study by Johns Hopkins University researchers. They found that men, but not women, are much more likely to die within several years after the death of a spouse than are people still married. The study also found that remarriage appears to increase the widowed man's chances of living longer. [New York Times]
- Britain bathed in the afterglow of the royal wedding. Eighty miles southwest of London, the Prince and Princess of Wales spent the day in seclusion at Broadlands, the Hampshire estate of the late Earl Mountbatten of Burma, who had a strong influence on Prince Charles. [New York Times]
- An earthquake that struck Iran Tuesday night killed at least 8,000 people, according to the United Nations Disaster Relief Agency. Ayatollah Khomeini, the revolutionary leader, termed the disaster in a southeastern province a "test sent by God." [New York Times]
- Food protests spread in Poland as the independent labor movement tried to channel mounting anger over shortages and cuts in meat rationing allotments. The Warsaw local of the trade union called a two-hour warning strike for next Wednesday. [New York Times]
- Reduced military spending by Bonn is likely under an outline for the next budget approved by the cabinet. Military spending is to increase by 4.2 percent, but the inflation rate in West Germany is projected to be 5 to 6 percent. Thus, the real change could be a reduction of as much as 1.8 percent. The government attributed the spending cuts to high interest rates in the United States. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 945.11 (+7.71, +0.82%)
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* |
| July 29, 1981 | 937.40 | 129.16 | 37.61 |
| July 28, 1981 | 939.40 | 129.14 | 38.15 |
| July 27, 1981 | 945.87 | 129.90 | 39.61 |
| July 24, 1981 | 936.74 | 128.46 | 38.88 |
| July 23, 1981 | 928.56 | 127.40 | 41.88 |
| July 22, 1981 | 924.66 | 127.13 | 47.49 |
| July 21, 1981 | 934.46 | 128.34 | 47.26 |
| July 20, 1981 | 940.54 | 128.72 | 40.24 |
| July 17, 1981 | 959.90 | 130.76 | 42.78 |
| July 16, 1981 | 955.48 | 130.34 | 39.01 |