News stories from Wednesday March 10, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- President Reagan was defied by the Democratic-controlled House Appropriations Committee, which rejected further spending cuts in social programs. Meanwhile, the Republican-controlled Senate Committee on Labor and Human Resources remained deadlocked over proposed cuts in both social programs and direct benefits. [New York Times]
- States could ban abortion under a proposed constitutional amendment that was approved by the Senate Judiciary Committee. By a vote of 10 to 7, the panel endorsed a measure sponsored by Senator Orrin Hatch, Republican of Utah, that seeks to reverse the landmark 1973 Supreme Court decision upholding the right of women to have abortions. [New York Times]
- A new job training program for disadvantaged young people, designed to replace the Comprehensive Employment and Training Act, was proposed by the Reagan administration. Under the new plan, which would be financed beginning next fall with $1.8 billion in block grants, the states would establish on-the-job training and education programs in conjunction with local industries. [New York Times]
- Aliens may be more successful if they are clustered in areas where other recent immigrants live rather than scattered across the United States, a study involving more than 1,400 Cuban and Mexican migrants suggests. The finding is contrary to the views of many government officials and private resettlement workers. [New York Times]
- A drug overdose killed John Belushi, the Los Angeles County coroner announced. He said that the overdose of heroin and cocaine had been administered intravenously. [New York Times]
- The trial of Claus von Bulow heard final arguments after 24 days of testimony. The jurors, who are to be sent into seclusion tomorrow, must decide whether Mr. von Bulow injected his wife with insulin in attempts to kill her in 1979 and 1980. [New York Times]
- Higher New Jersey consumer taxes were proposed by Thomas Kean, the new Republican Governor. He seeks to extend the New Jersey sales tax to gasoline and cigarettes, raise mass transit fares by 25 percent and increase tuition at state-operated colleges by 10 percent to help eliminate a deficit of $729.4 million in his administration's first budget. At the same time Governor Kean seeks to reduce taxes on corporate income and the net worth of businesses. [New York Times]
- Bill Bradley told the Senate that it should expel his fellow New Jersey Democrat, Harrison Williams, for his role in the Abscam case. Spokesmen for Senator Williams said he had no intention of resigning despite a feeling that the Senate was moving toward expelling him. [New York Times]
- Soviet military readiness must be maintained, the Chief of Staff of the Soviet Union's armed forces said. Affirming Moscow's position that it would never be first to use nuclear arms, Marshal Nikolai Ogarkov warned that Soviet retaliation would be automatic and large-scale, involving all continents. [New York Times]
- A nuclear arms freeze on the levels of the Soviet and American arsenals was urged by 17 senators and 122 members of the House of Representatives. The non-binding resolution was criticized by Secretary of State Alexander Haig. [New York Times]
- No plans to send G.I.'s to El Salvador have been prepared, the Chairman of the Joint Chiefs of Staff, General David Jones, told the House Foreign Affairs Committee. He testified that "We do not have plans to go into El Salvador with military forces," but he refused to speculate on Washington's next move if present efforts by the Salvadoran government to eliminate the guerrilla threat were unsuccessful. [New York Times]
- Covert aid to Nicaraguans is being provided by the Reagan administration, according to senior administration officials. They said that millions of dollars were being sent to individuals and private organizations in hopes of bolstering moderate Nicaraguan groups. The officials said that the effort, begun late last year, was being managed by the C. I. A. [New York Times]
- New anti-Libyan measures were announced by the Reagan administration. Charging that the Libyan government was continuing to support terrorist and subversive activities, the administration imposed an embargo on the importation of Libyan oil and curtailed American high-technology exports to Libya. [New York Times]
- The Soviets sold more gold in January than in any other recorded month, according to Secretary of State Haig. He attributed the sale to heavy pressure for foreign exchange, in part as a result of the Polish crisis. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 804.89 (+1.05, +0.13%)
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 9, 1982 | 803.84 | 108.83 | 76.06 |
| March 8, 1982 | 795.47 | 107.35 | 67.33 |
| March 5, 1982 | 807.36 | 109.34 | 67.44 |
| March 4, 1982 | 807.55 | 109.88 | 74.34 |
| March 3, 1982 | 815.16 | 110.92 | 70.26 |
| 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 |