News stories from Monday November 2, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- "Large increases in poverty" across the nation were cited by the Census Bureau in reporting that the number of families receiving food stamps increased 12 percent last year while the number of families living in subsidized housing rose 8 percent. The bureau also reported a 12 percent rise in the number of families with children receiving free or reduced-price school lunches. [New York Times]
- The takeover of 57 federal programs that Congress placed under block grants at the request of the Reagan administration has proceeded with unexpected speed by the states, with the notable exceptions of New York and California. But officials say that the states' administration of the programs may face many legal snarls and lawsuits because of the administration's sudden abandonment of detailed regulations on how the programs should be run. [New York Times]
- A New York gain in Medicaid funds was unexpectedly reported by federal health officials. They said that because the state fell from fifth to 12th place in the state per capita income rankings of the 1980 census, it would receive a net increase of $27 million in Medicaid funds that more than doubles the amount the state lost in the Medicaid cuts imposed by the Reagan administration. [New York Times]
- Thomas Kean ended his campaign as the Republican candidate for Governor of New Jersey with a flurry of handshakes and predictions of victory. He told supporters: "The momentum's in my direction." James Florio, in final appearances for his campaign as the Democratic candidate for Governor, said the voters should view the election as a chance to send a message to the Reagan administration "perhaps as startling as a punch in the mouth." [New York Times]
- Americans' involvement with Libya was confirmed by the State Department. The department's spokesman said that American citizens had been servicing Libyan air force planes and helicopters and termed the involvement "reprehensible." [New York Times]
- All hostages have been freed by a band of seven inmates at a state prison in Graterford, Pa. Word of the release of the six remaining hostages after five days of captivity came from state police officers who ended their siege of the area and said: "Nobody's hurt. It's all over." [New York Times]
- Sweden prevailed over Moscow after a week-long standoff over the grounding of a Soviet submarine in a restricted Swedish naval zone on the Baltic Sea. The commander left the stranded vessel and submitted to questioning aboard a Swedish torpedo boat. The Swedish authorities responded to distress signals and pulled the listing submarine off the rocks, but kept her surrounded by Swedish vessels. [New York Times]
- The U.S. stressed the Camp David approach to a Middle East peace. President Reagan also told King Hussein of Jordan that it was imperative to cooperate in seeking an overall settlement in the region. But there was no indication of any change in Jordan's refusal to take part in negotiations arising from the Egyptian-Israeli accords, and later the monarch publicly endorsed Saudi Arabia's plan for regional peace. [New York Times]
- Creation of a P.L.O.-governed state is essential to the Middle East peace plan proposed by Saudi Arabia, according to Crown Prince Fahd. In expressing support for the Palestine Liberation Organization, the Saudi leader asserted that the Camp David accords were "a dead end." [New York Times]
- A major deployment of U.S. troops is underway, according to Reagan administration officials. They said that Washington had begun to dispatch 5,000 troops to Egypt, Sudan, Somalia and Oman in an exercise of the Rapid Deployment Force. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 866.82 (+14.27, +1.67%)
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 30, 1981 | 852.55 | 121.89 | 58.56 |
| October 29, 1981 | 832.95 | 119.06 | 40.07 |
| October 28, 1981 | 837.61 | 119.45 | 48.10 |
| October 27, 1981 | 838.38 | 119.29 | 53.03 |
| October 26, 1981 | 830.96 | 118.16 | 38.20 |
| 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 |