News stories from Wednesday September 9, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- G.O.P. leaders warned Wall Street that if it did not respond soon to President Reagan's economic program by lowering interest rates, they would seek to impose new restrictions on the financial markets, including credit controls and a windfall profits tax on interest. The comments dominated Congress as the legislators returned from a five-week recess. [New York Times]
- Sandra Day O'Connor moved easily toward expected confirmation as a Supreme Court Justice, emphasizing before a generally receptive Senate Judiciary Committee her belief that "the proper role of the judiciary is one of interpreting and applying the law, not making it." Members of the panel indicated that Senate confirmation of the Arizona judge was virtually certain. [New York Times]
- Drug abuse may be rising again, particularly in the Northeast, largely because of a high grade of heroin that is pouring into the country from the Middle East, federal and local officials suggest. [New York Times]
- Electric power failed in many areas of lower and midtown Manhattan in mid-afternoon, blacking out major buildings, trapping people in skyscraper elevators, halting and delaying subway trains and snarling traffic on streets where traffic lights went dark. The trouble arose when an unexplained explosion in a Consolidated Edison Company generator on East 14th Street started a fire that cut off power for five of Manhattan's 30 electric distribution networks. Power was restored in 4½ hours.
The blackout struck one of the nation's biggest concentrations of computer and communications equipment, causing the closing of the New York and American Stock Exchanges a half hour early and upsetting the operations of several major banks and brokerage houses.
[New York Times] - A radical union program for Britain is being advocated by angry and embattled workers in their most aggressive attack yet on Prime Minister Margaret Thatcher and her austere economic policies. Several hundred members of the Trades Union Congress are calling for government aid totaling $33 billion, unilateral nuclear disarmament and withdrawal from the Common Market. [New York Times]
- Soviet anger at Polish unionists increased as the press agency Tass accused the convention of the Solidarity union of anti-Communist aims. Tass said counter-revolutionaries were demanding the liquidation of the Communist system in Poland and closer ties with the West. [New York Times]
- The Polish union was also criticized by Poland's Communist Party. It said the declaration issued Tuesday in support of the creation of independent unions elsewhere in the Soviet bloc amounted to interference in the internal affairs of other countries. [New York Times]
- Stronger U.S.-Israeli strategic ties will be devised to counter any Soviet threat to the Middle East, under an agreement reportedly reached by President Reagan and Prime Minister Begin in their first day of talks at the White House. [New York Times]
- Anwar Sadat defended crackdowns and the arrest of 1,536 religious dissidents and political opponents. The Egyptian President displayed anger and mordant humor in reacting to criticism in the foreign press over his drive to halt what he insists is "sectarian strife." [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 853.68 (+2.56, +0.30%)
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 8, 1981 | 851.12 | 117.98 | 47.33 |
| September 4, 1981 | 861.68 | 120.07 | 42.75 |
| September 3, 1981 | 867.01 | 121.24 | 41.72 |
| September 2, 1981 | 884.23 | 123.49 | 37.57 |
| 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 |