News stories from Thursday January 28, 1982

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

Congressional concern over deficits in the federal budget contemplated by the Reagan administration may threaten the successful political coalition the President was able to assemble last year. Many in both parties in Congress, including the Republican House leader, Robert Michel, said they were not satisfied with an administration package that projects deficits approaching $100 billion. [New York Times] A modernized air traffic system was proposed by the Reagan administration. The plan to upgrade the 20-year-old system would cost up to $ 9 billion in the first decade and would be paid for chiefly through ticket, fuel and other user taxes. [New York Times] Negotiations broke down between the United Automobile Workers and the General Motors Corporation, who were seeking a contract incorporating an extraordinary agreement that would have linked wage concessions by the union with lower car prices. Douglas Fraser, president of the U.A.W., said no new contract is possible until the present agreement expires Sept. 14. But he said the union would go ahead with negotiations at the Ford Motor Company. [New York Times] Pressing the "new federalism" campaign, the White House made figures public intended to show that the transfer of federal programs to the states could be accomplished without cost to the states. But a White House spokesman stressed that the figures were for "illustrative purposes" and did not represent an administration commitment. [New York Times] Admiral Hyman Rickover spoke to Congress for the last time before leaving military service and took the opportunity to criticize the way various military-industrial matters had been handled. [New York Times] Natural "oil refineries" were discovered through a series of dives in the Gulf of California. Scientists said that the oil is being formed from the unusually rapid breakdown of organic debris by extraordinarily intense heat flowing through the sediment. The discovery is offering scientists a singular opportunity to see how petroleum is formed. [New York Times] Gen. James Dozier was freed 42 days after his abduction from his home in Italy by left-wing terrorists. A raid by Italian police on an apartment in Padua led to the safe release of the American officer. According to the American ambassador, Maxwell Rabb, General Dozier was unhurt and in "excellent health." [New York Times] America's gratitude to Italy for rescuing General Dozier was expressed by President Reagan. Interrupting a luncheon honoring President Franklin Delano Roosevelt, the President applauded the courage of the captured general, saying, "His country and our allies can be very proud of this gallant man." [New York Times] Increased support for El Salvador was proposed by the Reagan administration. President Reagan submitted to Congress a "certification" stating that he had determined that the military-civilian govenment in El Salvador was making a "concerted" effort to protect human rights, had substantial control over its security forces and was making progress in a political and economic reform program. The call for support came after a State Department announcement of substantial damage to aircraft at El Salvador's largest air base. [New York Times] Poland accused the United States of espionage, saying that the Central Intelligence Agency had played a significant role in creating anti-Government opposition in Poland. At a news conference in Warsaw, the Polish government presented what it said was evidence of spying by U.S. diplomats. [New York Times] Talks on Palestinian self-rule continued as Secretary of State Alexander Haig presented new American ideas on breaking the stalemate in the negotiations between Israel and Egypt. Mr. Haig met in Israel with Prime Minister Menachern Begin before flying to Egypt to speak with President Hosni Mubarak. [New York Times] A Turkish diplomat was slain in Los Angeles. Kemal Arikan, the Turkish consul general of Los Angeles was shot to death by two gunmen as he sat in his automobile at a busy street intersection. An Armenian terrorist organization called the Justice Commandos of Armenian Genocide claimed responsibility for the act, saying they were avenging the massacre of Armenians by Turkey in 1915. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 864.25 (+21.59, +2.56%)
S&P Composite: 118.92 (+3.18, +2.75%)
Arms Index: 0.28

	Issues	Volume*
Advances	1,339	60.79
Declines	266	3.36
Unchanged	271	2.54
Total Volume		66.69

* 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 27, 1982	842.66	115.74	50.05
January 26, 1982	841.51	115.19	44.86
January 25, 1982	842.75	115.41	43.17
January 22, 1982	845.03	115.38	44.39
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