News stories from Friday November 20, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Congress gave up efforts to meet a midnight deadline on a stopgap funding bill to keep government agencies operating. House and Senate conferees narrowed their differences on the scope of further reductions in federal spending aid for fiscal year 1981. The House and Senate adjourned shortly before 10 P.M. and will return tomorrow. House conferees offered to meet the Senate's 4 percent reduction in government spending, but redistribute it to include military spending and construction, which the Senate had excluded from the cuts. [New York Times]
- The tax incentives for industry that many states have enacted in recent years to attract industrial development have had very little effect on where corporations choose to build their plants, according to a survey by an arm of the National Governors Association. Tax incentives are such a small factor in making decisions on plant location that more than half the companies responding to the survey said they did not even know they were available in areas where they decided to build or expand. [New York Times]
- Welfare cuts were voided in Pennsylania. A federal district judge ruled that the Reagan administration's regulations reducing benefits under the program of Aid to Families with Dependent Children were invalid because government officials took an improper route in rulemaking, not allowing enough time for public comment and doing so without "good cause." [New York Times]
- Michael Reagan was cleared of charges of complicity in a stock fraud scheme that the Los Angeles District Attorney's office had been investigat-ing for the past 18 months. A spokesman for the district attorney said that President Reagan's 35-year-old son was a victim of the scheme. [New York Times]
- F.B.I. agents were ordered to reopen their investigation into Richard Allen's acceptance of $1,000 payment from a Japanese magazine. The order from the Justice Department came after its officials decided that the bureau's initial investigation which tentatively cleared President Reagan's national security adviser of wrongdoing was incomplete and might make the department vulnerable to cover-up charges. [New York Times]
- Anatoly Karpov kept his chess title. He defeated Viktor Korchnoi in the 18th game of their world chess championship match in Merano, Italy. The final game gave the Soviet player the six victories needed to win the match and the $280,000 prize. [New York Times]
- Twelve persons died in a snowstorm in the Middle West. A tornado damaged two dozen airplanes in Atlanta and in Minneapolis and St. Paul, which had an 11-inch snowfall, 88,000 residents were without electricity. [New York Times]
- A Soviet aide saw a welcome change change in President Reagan's proposal for a mutual renunciation of medium-range missiles in Europe. However, the official implied that Moscow would nevertheless react cooly to the idea when the negotiations on the missiles start in Geneva on Nov. 30. Vadim Zagladin, a member of the Central Committee of the Communist Party, said the President's proposal was a change from his "bellicose" pronouncements in recent months. [New York Times]
- Leonid Brezhnev disagreed with President Reagan's portrayal of Soviet-American global competition in a letter to Mr. Reagan released by the Soviet Embassy in Washington. The Soviet leader urged that Mr. Reagan's correspondence with him be augmented with a personal meeting because "private conversation is better." [New York Times]
- Plans for a Soviet gas pipeline to Western Europe have advanced. Officials of a West German gas company and the Soviet Union signed price and delivery agreements in Essen. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 852.93 (+8.18, +0.97%)
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 19, 1981 | 844.75 | 120.71 | 48.72 |
| November 18, 1981 | 844.06 | 120.26 | 49.98 |
| November 17, 1981 | 850.17 | 121.15 | 43.19 |
| November 16, 1981 | 845.03 | 120.24 | 43.74 |
| November 13, 1981 | 855.88 | 121.67 | 45.57 |
| November 12, 1981 | 860.54 | 123.19 | 55.71 |
| 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 |