News stories from Tuesday March 16, 1982

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

Senate Democrats were unanimous in offering alternative budget proposals, including a deferral of the second 10 percent income tax cut. The message from the 45 usually divided Democrats told President Reagan, "the budget will never be balanced under your conditions." [New York Times] President Reagan visited victims of the flood that has inundated Fort Wayne, Ind., after flying over tornado-ravaged Bartlesville, Okla. The journey was in line with the "compassion theme" that had peppered Mr. Reagan's speeches in Alabama, Tennessee and Oklahoma. [New York Times] Claus von Bulow was found guilty of twice trying to kill his wife, Martha, by injecting her with insulin. The defendant sat flushed, still and expressionless as the jury of seven men and five women in Newport, R.I., was polled by the clerk. Mr. von Bulow faces a sentence of up to 40 years in prison. Fifty-six witnesses were heard at the nine-week trial, and the jury deliberated 36 hours. [New York Times] Industrial production rose 1.6 percent in February after six successive months of declines, the Federal Reserve Board reported. The rebound largely reflected an easing of severe winter weather, but economists tended to regard the gain as a further sign that the economy had at least halted its sharp decline. [New York Times] Acting to avoid a clash with Congress, the White House agreed to provide documents sought by a House committee. The panel had voted to cite Interior Secretary James Watt for contempt for his refusal to comply with a subpoena for the papers, which deal with Canada's investment and energy policies. [New York Times] Gun ownership is now mandatory for every head of a household in the Atlanta suburb of Kennesaw, under an ordinance approved unanimously by the city council. [New York Times] Mario Cuomo formally announced his candidacy for Governor of New York. The Lieutenant Governor drew sharp contrasts between himself and Mayor Koch, his opponent for the Democratic nomination. Mr. Cuomo is the generally acknowledged underdog, but he is the frontrunner for the Liberal Party nomination. [New York Times] A halt in deploying Soviet missiles in European Russia was announced by Leonid Brezhnev. In a Kremlin speech, the Soviet leader said that the freeze on the deployment of new medium-range nuclear weapons would continue until an arms control agreement was reached with the United States or until NATO began installing new medium-range nuclear missiles in Western Europe.Washington dismissed the freeze in the deployment of Soviet nuclear missiles in Europe with unusual speed. The Reagan administration derided the Kremlin's announcement as a "propaganda gesture" designed to leave the Soviet Union free to gain "unchallenged hegemony over Europe." [New York Times] Nicaraguan troops were placed on alert after a state of emergency was declared by the left-wing government to counter what it said was a plan by the United States to undermine it. Under the 30-day order, constitutional rights were suspended. [New York Times] South African troops destroyed a key rebel staging post in an incursion into Angola, according to commanders of the raid. They said that 45 soldiers from an elite unit made up mostly of blacks had killed 201 rebels and suffered three fatalities. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 798.33 (-2.66, -0.33%)
S&P Composite: 109.28 (-0.17, -0.16%)
Arms Index: 1.24

	Issues	Volume*
Advances	773	21.93
Declines	633	22.24
Unchanged	456	6.07
Total Volume		50.24

* 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*
March 15, 1982	800.99	109.45	43.37
March 12, 1982	797.37	108.61	49.59
March 11, 1982	805.56	109.36	52.95
March 10, 1982	804.89	109.41	59.44
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