News stories from Friday January 22, 1982

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

The inflation rate eased last year, the Labor Department reported. It said that the Consumer Price Index rose four-tenths of 1 percent in December and was up only 8.9 percent for the year, the lowest annual increase since 1977. The improvement was aided by an easing in price increases across the board, except in medical care. [New York Times] "Regulatory relief" for business, particularly in reducing the enforcement of federal regulations, has been pressed by the Reagan administration on the ground that consumers' biggest problem is too much government. The year-long drive has saved businesses billions of dollars, and the long-term impact on consumers is expected to depend largely on whether industry passes along the savings. [New York Times] The effects of the Reagan budget cuts on the lives of more than 2,000 elderly, poor and disabled people were recorded in poignant testimony in a Manhattan auditorium. These are the working poor and the "truly needy," people who President Reagan vowed would not lose essential government services. But for more than four hours, they explained that, to the contrary, many of the budget reductions had affected them deeply. [New York Times] A big anti-abortion demonstration was held in Washington on the ninth anniversary of the Supreme Court decision that legalized abortion. Leaders of the march met with President Reagan, who reaffirmed his personal opposition to abortion, but the protesters said he had not promised to give the issue high priority. [New York Times] Three field bosses were convicted of conspiring to kidnap, intimidate and enslave migrant farm workers in North Carolina. A federal court jury in Raleigh returned the verdict after 14 hours of deliberation. Federal prosecutors said that the three supervisors "ran a reign of terror." [New York Times] Women will enter Columbia College as freshmen in the fall of 1983. An agreement between Columbia and Barnard College, its sister institution, has also been revised to allow Barnard increased control over the appointment of tenured faculty members. Columbia is the last all-male college in the Ivy League. Barnard will continue to admit women only. [New York Times] Arms talks and the Polish crisis were formally linked by the Reagan administration. The State Department spokesman said that no progress could be made in efforts to limit strategic nuclear weapons while the Soviet Union was involved in the "continuing repression" of the Polish people under martial law. [New York Times] A key address to Poland's Parliament will be delivered Monday by Gen. Wojciech Jaruzelski. Knowledgeable sources said that the leader was ex-pected to present programs for economic reform and eventual political changes but that he is not likely to end martial law. [New York Times] A Palestinian leader urged the P.L.O. to recognize Israel so that political efforts could proceed toward establishing a Palestinian state. The appeal was made by Elias Frej, the Mayor of Bethelem, who is considered a relative moderate among Palestinian leaders in the occupied West Bank. [New York Times] Eduardo Frei Montalva died at the age of 71 in Santiago, Chile. He was the Western Hemisphere's first Christian Democratic President, serving from 1964 to 1970, when he was succeeded by Salvador Allende. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 845.03 (-3.24, -0.38%)
S&P Composite: 115.38 (-0.37, -0.32%)
Arms Index: 1.30

	Issues	Volume*
Advances	595	13.49
Declines	830	24.50
Unchanged	445	6.38
Total Volume		44.37

* 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*
January 21, 1982	848.27	115.75	48.60
January 20, 1982	845.89	115.27	48.86
January 19, 1982	847.41	115.97	45.06
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