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Friday March 5, 1982
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News stories from Friday March 5, 1982

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

  • The jobless rate in February rose three-tenths of 1 percent to 8.8 percent as layoffs continued in heavy industries, the Labor Department reported. It said that more than 9,575,000 Americans were unemployed last month, an increase of 280,000 since January and 1.8 million more than last July, when the recession began. [New York Times]
  • The closing of a factory in River Rouge, Mich., where rail car haulers have been made for generations, illustrates the ripple effect of the recession. The national unemployment rate in the old, basic manufacturing industries rose to 10.6 percent in February. A year ago, the jobless rate in the industries was 8.5 percent. [New York Times]
  • The Democrats require a signal that President Reagan will compromise on the income tax cuts before they can work on a bipartisan alternative budget, according to Representative Jim Jones, the chairman of the House Budget Committee. Without such a concession, Mr. Jones said, the threat of a congressional stalemate would send the wrong signal to the financial community. [New York Times]
  • New curbs on tax evasion will be proposed by Senator Bob Dole, the chairman of the Finance Committee. He said the proposals would include a requirement that brokerage firms report customers' profits from trading to the Internal Revenue Service. Releasing new I.R.S. estimates, Senator Dole said that the government probably lost $76 billion in unpaid federal income taxes in 1981. [New York Times]
  • The administration was rebuffed as the Nuclear Regulatory Commission rejected a request to begin accelerated construction of the $3.2 billion Clinch River Breeder Reactor at Oak Ridge, Tenn. The commission, by a vote of 3 to 2, denied an application by the Energy Department for a waiver of commission rules to speed construction of the project. [New York Times]
  • John Belushi died in Hollywood at the age of 33. The manic antics and outrageous impersonations by the rotund comedian on the "Saturday Night Live" television show propelled him to national prominence. [New York Times]
  • Claus von Bulow's defense rested after calling 12 witnesses for four days of testimony in his trial on charges of twice trying to murder his wife. Mr. von Bulow did not testify. A Newport (R.I.) Hospital technician testified that Martha von Bulow, while recovering from her first coma, told him she had tried to take her life. [New York Times]
  • A "mystery" cloud circling the earth is not really a mystery, according to a scientist of the national space agency who has been collecting worldwide observations of the phenomenon. It is the result, he said, of a volcanic eruption that spewed a quarter million tons of material into the stratosphere. The volcano that produced the eruption has not yet been identified. [New York Times]
  • The only California condor egg known to have been laid this breeding season was knocked off a cliff by the parents, who were quarreling over the care of the egg, according to specialists who were looking on half a mile away. The experts, who are trying to save the huge, endangered birds, said that the four-inch egg broke on the rocks below the condors' cave and the embryo was eaten by ravens. [New York Times]
  • Detained Haitians won a case in a federal district court. A judge ruled that the government must release a group of Haitian refugees within 10 days unless it proves that "any or all of them pose a risk of absconding." The decision applies specifically to eight Haitians who requested release from a detention center in Brooklyn, N.Y. [New York Times]
  • A high-level U.S.-Salvadoran talk was held in Washington. Secretary of State Alexander Haig conferred with Col. Jaime Abdul Gutierrez, the vice president of the ruling junta, as the State Department continued to insist that Cuba and Nicaragua were directing the insurgents in El Salvador. [New York Times]
  • A young Nicaraguan detained by the Salvadoran police escaped into the Mexican Embassy Monday, according to Mexican officials. Salvadoran officials said the man was sent to El Salvador to command a guerrilla platoon after terrorist training in Mexico. Mexico said he is a university student and asked El Salvador to guarantee his safety in leaving the country. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 807.36 (-0.19, -0.02%)
S&P Composite: 109.34 (-0.54, -0.49%)
Arms Index: 0.93

Total Volume67.44
* 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
March 4, 1982807.55109.8874.34
March 3, 1982815.16110.9270.26
March 2, 1982825.82112.6863.80
March 1, 1982828.39113.3153.01
February 26, 1982824.39113.1143.83
February 25, 1982825.82113.2154.15
February 24, 1982826.77113.4764.80
February 23, 1982812.98111.5160.20
February 22, 1982811.26111.5958.31
February 19, 1982824.30113.2251.34

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