News stories from Wednesday March 3, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- A key business group rebuffed President Reagan's proposed budget. The Business Roundtable, composed of the chief executives of 200 major corporations, rejected the projected deficits as unacceptably large and asked Congress to reduce Mr. Reagan's proposed military buildup. The group's 46-member policy committee was also said to support a deferral of the scheduled 10 percent tax cut for individuals in 1983 and a modification of the disputed tax leasing provisions enacted last year. [New York Times]
- President Reagan stood fast on his economic program. In a speech in Los Angeles, he said that deficits were "a necessary evil in the real world" and warned that proposals to rescind parts of the income tax cut would prolong the recession and not significantly help in balancing the budget. [New York Times]
- The Pentagon was rebuffed by members of the Senate Budget Committee. At a hearing, nearly all of them told Defense Secretary Caspar Weinberger that the Reagan administration's proposed military budget would be cut by Congress and that the only question was where. [New York Times]
- Eight college presidents testified that the Reagan administration's plan to reduce federal aid to education would jeopardize the quality of the nation's colleges and universities, limit enrollment and alter the composition of their student bodies. The administrators included the presidents of Harvard and Princeton universities. [New York Times]
- Proposed cuts in federal grants, while taking similar bites in purchasing power from most states, project great disparities in the average impact on individuals, according to an analysis of the administration's plan by the National Governors Association. The biggest per-capita cuts in purchasing power would affect such states as New York, which use the grant programs most. They would face the strongest political pressure to continue current levels of spending. [New York Times]
- The fitness of Harrison Williams to remain in the Senate is now being considered by his peers, who gathered in somber session. The Democratic Senator from New Jersey, who has been convicted of bribery and conspiracy in the Abscam investigation, heard members of the Senate Ethics Committee charge him with bringing dishonor to the chamber. [New York Times]
- Curbs on the sale of drug equipment were upheld by the Supreme Court. By a 8-to-0 decision, the Justices ruled that communities may regulate the sale of the paraphernalia as long as the rules provide "fair warning of what is proscribed" and do not restrict free speech. The ruling upheld a local Illinois ordinance that required a license for such a sale, but did not specifically bar the sale. [New York Times]
- An offer to Poles detained under martial law was announced by the authorities. They said that the detainees could apply to leave the country permanently with their families. More than 4,000 people are under detention, according to official figures. [New York Times]
- Francois Mitterrand is in Jerusalem on the first visit to Israel by a European head of state. The French President is seeking to restore balance to a policy that has tilted sharply toward the Arabs for 15 years, but he told Israelis they must offer more equitable arrangements to the Palestinians to achieve peace. [New York Times]
- U.S. base rights in the Caribbean are being sought by the Reagan administration. The State Department said the United States wanted the right to use air bases in Colombia and Honduras as apparently as part of an effort to bolster the defenses of non-Communist countries in the region. [New York Times]
- South Korea reflects new confidence after the first year of Chun Doo Hwan's presidency under the Fifth Republic. Mr. Chun, a former army commander, has injected a sense of vigor into his administration and the economy is reviving after the uneasy period that followed the 1979 murder of President Park Chung Hee. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 815.16 (-10.66, -1.29%)
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* |
| March 2, 1982 | 825.82 | 112.68 | 63.80 |
| March 1, 1982 | 828.39 | 113.31 | 53.01 |
| February 26, 1982 | 824.39 | 113.11 | 43.83 |
| February 25, 1982 | 825.82 | 113.21 | 54.15 |
| February 24, 1982 | 826.77 | 113.47 | 64.80 |
| February 23, 1982 | 812.98 | 111.51 | 60.20 |
| February 22, 1982 | 811.26 | 111.59 | 58.31 |
| 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 |