News stories from Thursday November 12, 1981

Summaries of the stories the major media outlets considered to be of particular importance on this date:

Two astronauts rode the space shuttle Columbia into an earth obit with hopes for a five-day mission, but a malfunctioning electric power unit threatened them with a premature return home. They were told that they might have to land three days early, Saturday afternoon. But officials said that the mission could be extended a day at a time, until Sunday or Monday, but probably not for the full scheduled duration of 124 hours and 83 orbits, ending on Tuesday. [New York Times] The space shuttle was betrayed by a piece of equipment that has been standard on almost every manned space flight made by Americans in the last 16 years. It is the fuel cell, which, through the chemical interaction of oxygen and hydrogen, produces all electrical power for the spacecraft. The cell is as familiar and mundane to an astronaut as an auto battery is to a motorist. [New York Times] David Stockman acknowledged he had damaged the credibility of President Reagan's economic program and offered his resignation. But the President declined to accept it on the ground that the federal budget director was a vital member of his team. Mr. Stockman cited his "poor judgment and loose talk" about a magazine article in which he expressed a lack of faith in the administration's economic theories and projections. [New York Times] A recount of all the votes cast on Nov. 3 in New Jersey's 5,647 election districts was formally requested by James Florio, the Democratic candidate for Governor. He cited, among other things, 20,000 highly unusual votes in Middlesex County for Thomas Kean, the Republican. [New York Times] A suspended Republican official sent reports to the White House on the political backgrounds of presidential appointees for the first four months of the Reagan administration, according to an assistant to President Reagan. The official, John A. Kelly, headed the Republican National Committee's controversial voting security task force during New Jersey's gubernatorial election. [New York Times] Oil exploration in a wilderness area has been approved by the Interior Department for the first time. Most of the land designated in the leases lies outside and adjacent to the Capitan Wilderness in southwestern New Mexico, with 700 acres inside the wilderness tract. [New York Times] Texas cities lead in divorces in metropolitan America, with the suits concentrated in Dallas-Fort Worth and Houston, the economic magnets for the restless, uprooted young opportunity-seekers from around the nation. Calculations based on the latest available statistics show that in the state's two biggest metropolitan areas there were 8.2 divorces for every 1,000 people. That is more than double New York's rate of 3.7. [New York Times] An unexpected finding on grants has been reported in a major study. It said that luck plays as big a role as merit in determining who wins research grants from the National Science Foundation. Informed sources said that the findings were so surprising and so potentially damaging to the political fortunes of science that the report was suppressed for two years at the National Academy of Sciences while scientists debated its validity. [New York Times] The aims of American foreign policy were reviewed by Secretary of State Alexander Haig in congressional testimony. He said the Reagan administration sought to encourage constructive relations with Moscow while renewing traditional alliances, restoring American economic and military strength and promoting peaceful development in the third world. During questioning, Mr. Haig refused to rule out a possible blockade of Nicaragua. [New York Times] Exxon is withdrawing from Libya after 26 years of pumping crude oil there. Spokesmen for Exxon, the largest American oil company, declined repeated requests to explain whether the decision was taken because of a dispute with Libya over oil production or prices or because of political or security reasons. [New York Times] An American diplomat escaped injury as a gunman, described by witnesses as Middle Eastern in appearance, fired six shots at him in Paris as he was leaving his home. The diplomat, Christian Chapman, the charge d'affaires, found shelter behind his car, and the assailant fled. [New York Times] Egypt indicted four accused killers of President Anwar Sadat and accused 20 other men of complicity in the assassination. All 24 face possible execution. [New York Times] No sign of progress on autonomy for Palestinians in Israeli-occupied lands was evident after two days of talks between Israel and Egypt. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 860.54 (+3.42, +0.40%)
S&P Composite: 123.19 (+0.27, +0.22%)
Arms Index: 1.02

	Issues	Volume*
Advances	988	31.11
Declines	567	18.24
Unchanged	398	6.37
Total Volume		55.72

* in millions of shares

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*
November 11, 1981	857.12	122.92	41.94
November 10, 1981	853.98	122.70	53.93
November 9, 1981	855.21	123.29	48.30
November 6, 1981	852.45	122.67	43.26
November 5, 1981	859.11	123.54	50.86
November 4, 1981	866.82	124.74	53.47
November 3, 1981	868.72	124.80	54.62
November 2, 1981	866.82	124.20	65.12
October 30, 1981	852.55	121.89	58.56
October 29, 1981	832.95	119.06	40.07