News stories from Monday December 7, 1981
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A record deficit of $109 billion is now projected for the 1982 fiscal year, and much higher deficits are estimated for the following two fiscal years, Reagan administration officials said. The figures may increase the pressure in Congress for big tax increases to avoid the huge spending cuts that would be required to bring the deficits to manageable levels. [New York Times]
- Possible measures against Libya were discussed by President Reagan and his top advisers. Such measures might include an embargo against the import of Libyan oil and a ban on travel by Americans to Libya. [New York Times]
- A judgeship for Robert Bork was announced by the White House, which said that President Reagan had nominated Mr. Bork, a prominent conservative legal scholar and former Solicitor General, to sit on the federal appeals court in Washington. The appointment makes Mr. Bork the most conspicuous candidate to fill any Supreme Court vacancy. [New York Times]
- Many religious leaders are joining a rising protest against the economic and other policies of the Reagan administration. Talks with church activists indicate that the protest is spreading fast as religious constituencies become increasingly alarmed about the perils of nuclear war and the problems of hunger and poverty. [New York Times]
- Lockheed is halting production of its L-1011 Tristar jumbo jetliner and is writing off losses of $400 million. The company said it had lost $2.5 billion on the program, which it began 13 years ago in a trans-Atlantic partnership with Rolls-Royce amid hopes of recapturing the commercial airliner business it had abandoned. [New York Times]
- Arkansas's new creation-science law was taken directly from the Book of Genesis, according to a Methodist bishop and a Roman Catholic priest. They testified at the opening of a Little Rock trial of a suit brought by the American Civil Liberties Union, which attacks the constitutionality of the statute requiring "balanced treatment" in the teaching of evolution and creation-science theories. [New York Times]
- The new chief of the Urban League will be John Jacob, who is now the executive vice president of the 71-year-old national civil rights organization. Mr. Jacob was elected by the league's board of directors, acting on the unanimous recommendation of its search committee, to succeed Vernon Jordan, who will enter private law practice in Washington. [New York Times]
- About 3,000 survivors of the Japanese air attack on Pearl Harbor and other defense installations in Hawaii on Dec. 7, 1941 joined Honolulu residents in a ceremony marking the 40th anniversary of the devastating raid that plunged the country into World War II. The surprise attack killed more than 2,400 Americans, sank or seriously damaged 18 Navy ships and destroyed or disabled 321 planes. [New York Times]
- Columbus's ship the Pinta may be lying in a shallow coral reef in the Bahamas, in the opinion of some specialists. Several groups of scientists and treasure hunters are vying for rights to the shipwreck, but it is feared that the wreck may be tampered with or destroyed because the site has become widely known. [New York Times]
- Polish union leaders were accused by the authorities of calling for the overthrow of the government. The Warsaw radio transmitted a tape recording made at a closed meeting of union leaders last Thursday in which Lech Walesa, the union chairman, asked for a "confrontation" and another labor leader urged the overthrow of the regime. Mr. Walesa confirmed in an interview that he had made his remarks but said they had been taken out of context. [New York Times]
- Gunmen seized three airliners over Venezuela with 262 people aboard, forced them to fly to Colombia, freed 67 hostages and ordered the planes to Honduras and Guatemala. The nationalities of the gunmen and their objectives were not known. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 886.99 (-5.70, -0.64%)
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* |
| December 4, 1981 | 892.69 | 126.26 | 55.04 |
| December 3, 1981 | 883.85 | 125.12 | 43.77 |
| December 2, 1981 | 882.61 | 124.69 | 44.50 |
| December 1, 1981 | 890.22 | 126.10 | 53.99 |
| November 30, 1981 | 888.98 | 126.35 | 47.57 |
| November 27, 1981 | 885.94 | 125.09 | 32.77 |
| November 25, 1981 | 878.14 | 124.05 | 58.57 |
| November 24, 1981 | 870.24 | 123.51 | 53.37 |
| November 23, 1981 | 851.79 | 121.60 | 45.27 |
| November 20, 1981 | 852.93 | 121.71 | 52.01 |