News stories from Thursday October 1, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The President vowed fiscal restraint and renewed a pledge to veto any appropriation that violated his program to reduce spending. Addressing the fourth news conference of his presidency, Mr. Reagan urged Americans to allow time for his program of tax and spending cuts to stimulate the sluggish economy, and he attributed the depressed condition of the financial markets to "pessimism" about the ability of Congress to restrain its spending impulses. [New York Times]
- Nancy Reagan's purchase of china for the White House was defended by the President, who said at his news conference that "we can't set the table with dishes that match" because of past breakage at State dinners. Mr. Reagan stressed that the $209,508 spent for the 220 new settings was being paid by an "anonymous" donor. [New York Times]
- A Klan-law enforcement "alliance" was involved in the prosecution and trial of six members of the Ku Klux Klan and American Nazi Party in the slaying of five members of the Communist Workers Party during a street demonstration two years ago in Greensboro, N.C., according to charge made by private investigators. The six were acquitted after the jury deliberated for 10 days. [New York Times]
- A nuclear plant construction blunder was disclosed by the utility that is building the Diablo Canyon power facility north of Los Angeles. The company said that a mix-up of blueprints that caused earthquake-resistant supports to be incorrectly installed at the two reactors arose because a single, transparent blueprint was prepared for both, and someone failed to attach instructions to reverse it. [New York Times]
- Changes in presidential primaries were urged by a group of 20 politicians and other public figures. They proposed that the preference primaries be held on only four days, each a month apart, but suggested that no delegates to the national nominating conventions of the two major parties should be chosen in the primaries. [New York Times]
- An apparently almost total void so large it would comprise about 1 percent of the observable universe has been detected by astronomers using telescopes at three major American observatories. The absence of visible stars marks by far the biggest departure from the uniform distribution of galaxies yet detected and is expected to force a revision of current theories on how the universe evolved. [New York Times]
- Lech Walesa was challenged by three other union leaders seeking to succeed him as the top official in Poland's Solidarity movement. One represents Mr. Walesa's approach, and two are more radical. Delegates at the union's national convention in Gdansk expect Mr. Walesa to win easily in the voting, which is set for tomorrow. [New York Times]
- A firm pledge to protect Saudi Arabia was given by President Reagan. He said the United States would not allow the Saudi government to fall into the hands of any internal or external forces threatening to cut off oil supplies for the West. He left unspecified the means that would be used to carry out the pledge. [New York Times]
- The sale of Awacs planes to the Saudis was pressed before the Senate Foreign Relations Committee by Secretary of State Alexander Haig. He asserted that new "understandings" had been reached with Saudi Arabia to increase and extend American control over Saudi missions, but he faced renewed skepticism and opposition to the proposed sale from most members of the committee. [New York Times]
- A blast in Beirut killed 50 people and injured more than 250, according to Lebanese officials. The blast occurred in a car containing explosives that had been parked outside Palestinian guerrilla offices in a crowded street. The explosion was the sixth and worst of its kind in two weeks. [New York Times]
- Record future Soviet grain purchases from American farmers were made possible under an agreement reached by United States and Soviet negotiators in Moscow. They agreed to lift the maximum amount of wheat and corn that Moscow may buy in the next year to 23 million tons -- an increase of 15 million tons over the limit set in the Soviet-American grain pact. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 852.26 (+2.30, +0.27%)
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 30, 1981 | 849.96 | 116.18 | 40.70 |
| September 29, 1981 | 847.89 | 115.94 | 49.79 |
| September 28, 1981 | 842.56 | 115.53 | 61.32 |
| September 25, 1981 | 824.01 | 112.77 | 54.39 |
| September 24, 1981 | 835.14 | 115.01 | 48.88 |
| September 23, 1981 | 840.94 | 115.65 | 52.69 |
| September 22, 1981 | 845.70 | 116.68 | 46.81 |
| September 21, 1981 | 846.56 | 117.24 | 44.56 |
| September 18, 1981 | 836.19 | 116.25 | 47.34 |
| September 17, 1981 | 840.09 | 117.15 | 48.29 |