News stories from Tuesday January 19, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Reagan accepted the blame for his administration's failure to anticipate the outcry prompted by his decision to permit the granting of tax-exempt status to private schools that discriminate racially. At the seventh news conference of his year-old administration, Mr. Reagan said that the decison was "misunderstood" in ways "we had not anticipated." [New York Times]
- The President said that he tithes, giving one-tenth of his income to "help people." In response to a question at his news conference, Mr. Reagan said he gave to individuals rather than to charitable organizations "in ways that are not tax deductible." [New York Times]
- Unlimited campaign funds may be spent in support of presidential candidates by political action committees and other "independent" political groups, under a Supreme Court decision. Such groups spent $13.7 million in the 1980 campaign, nearly all of it in behalf of Ronald Reagan. [New York Times]
- The number of labor force dropouts has soared 10 percent in the last year. Last month the government classified 1.2 million Americans as "discouraged workers" -- those who had not looked for work in four weeks. If they had been included in the monthly unemployment total, the jobless rate in December would have been 10.7 percent, the highest since the Depression. Randy Reagan, one of Michigan's unemployed, said that "After you've stooped your pride down to where you're willing to put on a stupid Taco Bell hat and wash floors, and then even they don't want you, you don't feel much like trying." [New York Times]
- The President enters his second year in office presiding over a government reduced far more in size, scope and influence than critics of Mr. Reagan's dismantling program thought was possible. Many officials and students of government believe that the President pushed through basic changes that would have occurred eventually under any administration. [New York Times]
- Five children and a teacher died and 35 persons were injured in an explosion that tore through the kitchen of an elementary school, raining bricks, glass and metal on children eating lunch in the cafeteria. Officials said that the cause of the accident in the Oklahoma City suburb of Spencer appeared to have been a natural gas buildup or a boiler explosion. [New York Times]
- The recent quakes in the Northeast are significantly different in origin and perplex scientists far more than do the earthquakes on the West Coast. The most destructive temblors in the East were centered in Three Rivers, Quebec, in 1663 and in Charleston, S.C., in 1886. [New York Times]
- Thomas Kean took the oath as New Jersey's 48th Governor. The 46-year-old Republican, who won the state's closest gubernatorial race in history and who must deal with a legislature in which both chambers are controlled by Democrats, pledged to lead a bipartisan effort to solve New Jersey's problems with sharply reduced resources. He vowed to forge programs from differences in "ideas and ideology." [New York Times]
- President Reagan warned Moscow and Warsaw that his administration would not "wait forever for improvement in the situation" before taking additional measures in reaction to the "deteriorating" conditions in Poland. [New York Times]
- Curbs on sales to the Soviet bloc were discussed by the NATO allies and Japan in Paris. The allies maintain a list of sensitive items that members are pledged not to export to Communist countries and updates it every three years. Officials say the Reagan administration is seeking major new restrictions this year. [New York Times]
- India's economic activity was slowed but not halted by a one-day national strike called to protest what opponents term repressive policies. Except for Calcutta, where the walkout drew massive support, the response in most cities was tepid. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 847.41 (-7.71, -0.90%)
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* |
| January 18, 1982 | 855.12 | 117.22 | 44.91 |
| January 15, 1982 | 847.60 | 116.33 | 43.31 |
| January 14, 1982 | 842.28 | 115.54 | 42.94 |
| January 13, 1982 | 838.95 | 114.88 | 49.13 |
| January 12, 1982 | 847.70 | 116.30 | 49.80 |
| January 11, 1982 | 850.46 | 116.78 | 51.90 |
| January 8, 1982 | 866.53 | 119.55 | 42.04 |
| January 7, 1982 | 861.78 | 118.93 | 43.42 |
| January 6, 1982 | 861.02 | 119.18 | 51.50 |
| January 5, 1982 | 865.30 | 120.05 | 47.50 |