News stories from Monday October 26, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A change in the Consumer Price Index is to be announced tomorrow. The change, the government said, is designed to eliminate the distorting impact of mortgage interest rates and an overemphasis on housing. The move, which would eventually affect cost-of-living increases for millions of Americans, should eventually mean smaller increases in the index. [New York Times]
- A financial crisis in California is imminent because of federal budget cuts and a business slowdown. The budgets of state and local government have not yet recovered from a deep reduction in property taxes made by California voters three years ago. [New York Times]
- A basic shift in regulatory approach was reflected by James Miller, the new chairman of the Federal Trade Commission. He said that the agency should no longer protect consumers from defective products and unsubstantiated advertising claims and that "imperfect products" should be available to the public. [New York Times]
- Pleas by animal welfare advocates have prompted Congress to hold hearings on proposed bills to reduce the use and abuse of laboratory animals and have led the National Institutes of Health to plan inspections of some laboratories. Meanwhile, the use of animals in research and toxicity testing seems to be declining, largely because of the high cost. [New York Times]
- Thirty-three Haitians drowned in choppy waters less than a mile offshore from Miami after their jerry-built 30-foot boat capsized. Thirty-four others swam ashore and were taken to a federal detention facility. Officials said it was the worst such accident recorded since streams of Haitians began heading for the United States 10 years ago. [New York Times]
- Each side on Awacs gained a vote. Senator Patrick Leahy, Democrat of Vermont, said he would oppose the sale of five radar planes to Saudi Arabia and Senator William Armstrong, Republican of Colorado, announced support for the plan. [New York Times]
- A U.S. commitment in the Middle East was outlined by the Reagan administration in a report to Congress. The statement said that although Washington had no formal security obligations, it had "a general policy commitment to the security and integrity" of Israel and other "friendly states." [New York Times]
- Polish military units were deployed across the country to help the local authorities resolve shortages of food and fuel. As hundreds of the small units arrived in towns, there was no report of major reaction or any incidents. A one-hour national strike scheduled by the Solidarity union for Wednesday was denounced by officials as "a threat to security." [New York Times]
- Washington asked Moscow to "review" its actions and policies around the world. In making the request, Arthur Hartman, the new Ambassador, cited the Reagan administration's main criticisms of the Soviet Union, but pledged to pursue diplomatic negotiations. He is a career Foreign Service officer. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 830.96 (-7.03, -0.84%)
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* |
| October 23, 1981 | 837.99 | 118.60 | 41.98 |
| October 22, 1981 | 848.27 | 119.64 | 40.63 |
| October 21, 1981 | 851.03 | 120.10 | 48.48 |
| October 20, 1981 | 851.88 | 120.28 | 51.53 |
| October 19, 1981 | 847.13 | 118.98 | 41.58 |
| October 16, 1981 | 851.69 | 119.19 | 37.80 |
| October 15, 1981 | 856.26 | 119.71 | 42.82 |
| October 14, 1981 | 850.65 | 118.80 | 40.25 |
| October 13, 1981 | 865.58 | 120.78 | 43.07 |
| October 12, 1981 | 869.48 | 121.21 | 30.05 |