News stories from Tuesday February 9, 1982

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

Congressional criticism of the budget proposed by President Reagan accelerated as both Republicans and Democrats on the House Appropriations Committee expressed strong opposition. Senate Republicans, stunned by the large projected deficit, indicated they would rewrite the budget on Capitol Hill, and the Senate Republican leader expressed interest in a Democratic proposal for a partial freeze on federal spending and tax cuts. [New York Times] The President conceded that a deficit of $91.5 billion projected in his proposed budget was "too big," but he attacked "knee-jerk" critics for offering no alternative to his economic plan. In Des Moines, Iowa, and in a speech in Indianapolis to the Indiana legislature, Mr. Reagan accused the Democrats of "theatrics." [New York Times] The House approved emergency funds to help unemployed workers, farmers in need of loans and poor families who cannot pay heating bills. The measures drew strong support not only from Democrats but also from Republicans, mainly from the Frost Belt. [New York Times] The poor have not protested strongly over the cuts in benefits initiated by the Reagan administration. Welfare officials interviewed in the 50 states said they had expected demonstrations and lobbying campaigns to materialize after the first round of budget reductions took effect last October, but relatively few welfare recipients have appealed decisions cutting or halting cash aid. [New York Times] Richard Nixon was rebuffed as a federal appellate court rejected the former President's efforts to keep parts of about 6,000 hours of secret tape recordings from being made public. The government plans to make the tapes available at 11 regional listening centers across the country. [New York Times] Major surgery for Henry Kissinger is set for tomorrow at Massachusetts General Hospital in Boston. Doctors plan what will "probably" be a triple bypass operation to relieve obstructions in Mr. Kissinger's coronary arteries. They predicted a full recovery for the former Secretary of State. [New York Times] Rich Mexicans visiting the Southwest in rising numbers are spending and investing money on consumer goods and apartment condominiums. The influx is attributed to the new wealth of some Mexicans from the rapid development of reserves of oil and natural gas, the soaring inflation in Mexico and fears over the value of the peso. [New York Times] East-West acrimony marked the resumption in Madrid of the 35-nation conference on security and cooperation in Europe. The United States and the Common Market told the Soviet Union and Poland that they would not complete negotiations for a new agreement as long as the crackdown in Poland continues. A split over tactics was apparently averted by Western nations when they agreed not to conclude a new treaty but not to quit the conference. [New York Times] An American shift on human rights was confirmed by Elliott Abrams, the Reagan administration's senior human rights official. He said he opposed United States ratification of a United Nations covenant setting international standards in economic and social rights. Mr. Abrams said that the covenant, one of three signed by the Carter administration and now before the Senate, set unrealistic goals for poor nations. [New York Times] Plans for an invasion of Lebanon were said to be under consideration by Israel in an effort to clear out Palestinian military reinforcements that have entered the country since a cease-fire took effect in July. Israel was said to have warned Washington that an attack would be launched if the P.L.O. failed to halt terrorism. [New York Times] Washington and Saudi Arabia agreed to set up a "joint committee for military projects" during Defense Secretary Caspar Weinberger's visit, but officials provided few details and the Saudi Defense Minister said the relationship was not military. [New York Times] A Philippine athlete apologized for assertions by his family that President Ferdinand Marcos had conspired in his disappearance Dec. 29 after he secretly married a daughter of the President. The athlete, Tommy Manotoc, offered the apologies on radio and television hours after the government announced he had been rescued from "armed terrorists." [New York Times]

Stock Market Report

Dow Jones Industrial Average: 830.57 (-2.86, -0.34%)
S&P Composite: 113.68 (-0.95, -0.83%)
Arms Index: 1.18

	Issues	Volume*
Advances	388	11.44
Declines	1,071	37.20
Unchanged	409	5.78
Total Volume		54.42

* 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*
February 8, 1982	833.43	114.63	48.50
February 5, 1982	851.03	117.26	53.34
February 4, 1982	847.03	116.42	53.30
February 3, 1982	845.03	116.48	49.56
February 2, 1982	852.55	118.01	45.01
February 1, 1982	851.69	117.78	47.73
January 29, 1982	871.10	120.40	73.40
January 28, 1982	864.25	118.92	66.68
January 27, 1982	842.66	115.74	50.05
January 26, 1982	841.51	115.19	44.86