News stories from Monday February 22, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A major new indictment of cigarettes was issued by the Surgeon General. The official, Dr. C. Everett Koop, broadened the list of cancers linked to cigarette smoking. He said that 30 percent of all cancer deaths were attributable to smoking and he called cigarette smoking "the chief preventable cause of death in our society" and "the most important health issue of our time." [New York Times]
- A compromise on "new federalism" appeared likely. The nation's governors told President Reagan that they wanted a revised and smaller transfer of reponsibilities for social programs from the federal government to the states than the President proposed last month. Officials from both sides said Mr. Reagan had expressed a willingness to negotiate differences. [New York Times]
- An Air Force espionage case ended as the Court of Military Appeals dismissed court-martial charges against Christopher Cooke, the Titan 2 missile officer accused of passing information to the Soviet Embassy. In a 2-to-1 decision, the civilian judges ruled that he could not be tried because the Air Force had granted him immunity from prosecution in exchange for his cooperation. He was discharged from the service. [New York Times]
- The Labor Department was criticized by Senate investigators for lax enforcement of pension fund laws. The investigators, citing government documents, said that nearly five years after the department sued to recover $27.2 million owed to a union pension fund by the operator of the Dunes Hotel in Las Vegas, the case was still unresolved and the debt had risen to more than $45 million. [New York Times]
- Sale of a foam insulation was banned as a health hazard by a 4-1 vote of the Consumer Product Safety Commission. The ban on urea formaldehyde, which takes effect in about 4½ months, closes a small industry and might reduce the resale value of 500,000 houses insulated with the foam, according to an industry spokesman. [New York Times]
- The biggest seizure of heroin in New York since 1974 was reported by federal agents, who said that 115½ pounds of the drug had been detected in elaborate espresso machines transported from Italy. William von Raab, Commissioner of the United States Customs Service, said the street value of the heroin was $70 million. [New York Times]
- Official OPEC prices were breached by Iran for the third time in three weeks. Buyers reported that Teheran had cut its basic oil price by $2 a barrel, to $30.20. Industry analysts said that Iran was deliberately threatening OPEC's presumed primacy in setting prices, and more members called for an emergency meeting to try to stem the slide. [New York Times]
- Stepped-up peacekeeping in Lebanon is expected to be approved by the Security Council, according to United Nations officials. They said the Council was set to approve plans to send 1,000 more troops to join the 6,000-member force from 11 countries. The peacekeepers are stationed in southern Lebanon as a shield against Palestinian guerrilla raids that could provoke a new invasion by Israel. [New York Times]
- United States plans for the Caribbean were stressed by Secretary of State Alexander Haig. He warned American governors that this country might be flooded with refugees if radical trends in El Salvador and other countries were not halted. President Reagan will present the administration's program to enhance the security and well-being of the Caribbean area in a speech to the Organizaton of American States that is set for Wednesday. [New York Times]
- Third-world nations opened talks in New Delhi on their economies. President Julius Nyerere of Tanzania urged the delegates from 44 countries to establish a technical organization to develop information and chart strategies to gain concessions from the rich nations for a restructuring of global economic relations. [New York Times]
- The future of The Times of London and The Sunday Times was risked as Rupert Murdoch, the owner, ordered the dismissal of more than 200 employees after the failure of 10 hours of last-ditch negotiations. A union official hinted strongly that a strike was imminent. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 811.26 (-13.04, -1.58%)
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 19, 1982 | 824.30 | 113.22 | 51.34 |
| February 18, 1982 | 828.96 | 113.82 | 60.80 |
| February 17, 1982 | 827.63 | 113.69 | 47.65 |
| February 16, 1982 | 831.34 | 114.06 | 48.88 |
| February 12, 1982 | 833.81 | 114.38 | 37.08 |
| February 11, 1982 | 834.67 | 114.43 | 46.62 |
| February 10, 1982 | 836.66 | 114.66 | 46.60 |
| February 9, 1982 | 830.57 | 113.68 | 54.42 |
| February 8, 1982 | 833.43 | 114.63 | 48.50 |
| February 5, 1982 | 851.03 | 117.26 | 53.34 |