News stories from Wednesday September 2, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Official doubts about the economy were expressed by some members of the Reagan administration. Saying that the economy in the next two years might be less buoyant than they had forecast, they acknowledged that President Reagan's pledge of a balanced federal budget by 1984 was unlikely to be fulfilled. [New York Times]
- President Reagan will assure labor tomorrow that he backs its right to bargain collectively with business, in his first appearance before a union audience since he dismissed 12,000 members of the striking flight controllers' union. Ending his California vacation, Mr. Reagan also resumed his effort to build confidence in his economic policies on Wall Street by charting deeper spending cuts in both social programs and the military. [New York Times]
- Tax exemptions will not be granted by the Internal Revenue Service for savings certificates bought as part of advance "bonus" programs that require depositors to commit their money to the new certificates, according to administration officials. But the I.R.S. will apparently maintain the tax-free status of the certificates if the bonus programs offered by the thrift institutions do not force customers to buy the certificates when they become available on Oct. 1. [New York Times]
- Accords for eased desegregation rules in higher education systems have been completed between the Reagan administration and six states -- North Carolina, South Carolina, Florida, West Virginia, Missouri and Louisiana. The historic agreements have given the states far more discretion to operate separate systems primarily by race than they have had since the late 1960's. [New York Times]
- Strip mining near Bryce Canyon National Park in Utah may be in prospect. Interior Secretary James Watt is considering reversing a decision of the Carter administration that bars coal mining adjacent to the park. Environmentalists contend that the proposed strip mining would generate pollution and ruin the panorama from the park's southern border. [New York Times]
- Optimism over Soviet oil production was expressed in the latest Pentagon analysis. The Defense Intelligence Agency, differing with recent predictions by the Central Intelligence Agency, said that Soviet energy prospects appeared "highly favorable" for the rest of this century and that Moscow should be able to continue increasing oil and gas production and exports for the foreseeable future. [New York Times]
- Iran's new provisional Prime Minister announced a new government hours after winning an overwhelming vote of confidence from Parliament. The Teheran radio reported that 55 more leftists had been executed by firing squads in 10 cities. [New York Times]
- Angola threatened again to call in its allies to help expel South African troops from its territory. The Marxist regime, whose allies include the Soviet Union and Cuba, assailed the United States for its veto Monday of a United Nations Security Council resolution condemning South Africa and demanding a withdrawal of its forces. [New York Times]
- Preliminary arms talks have begun between the United States and the Soviet Union on the issue of how to verify compliance with future accords, the State Department spokesman said. He confirmed that Eugene Rostow, director of the Arms Control and Disarmament Agency, and Aleksandr Bessmertnykh, the Soviet charge d'affaires in Washington, met on Aug. 21 to discuss limiting strategic nuclear weapons. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 884.23 (+1.52, +0.17%)
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* |
| September 1, 1981 | 882.71 | 123.02 | 45.11 |
| August 31, 1981 | 881.47 | 122.79 | 40.36 |
| August 28, 1981 | 892.22 | 124.08 | 38.02 |
| August 27, 1981 | 889.08 | 123.51 | 43.91 |
| August 26, 1981 | 899.26 | 124.96 | 39.98 |
| August 25, 1981 | 901.83 | 125.13 | 54.60 |
| August 24, 1981 | 900.11 | 125.50 | 46.74 |
| August 21, 1981 | 920.57 | 129.23 | 37.67 |
| August 20, 1981 | 928.37 | 130.69 | 38.27 |
| August 19, 1981 | 926.46 | 130.49 | 39.39 |