News stories from Thursday March 25, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- Frustrations over the budget prompted Democratic and Republican leaders in the House to urge the Reagan administration to take part speedily in negotiations to break the impasse. Pleas and warnings about inaction were issued to the White House by the Republican leaders of the House and Senate and the Democratic leader of the House. [New York Times]
- A new General Motors pact was approved overwhelmingly by local plant leaders of the United Automobile Workers. They voted 299 to 25 for the contract, which exchanges wage and benefit concessions by the workers for increased job security. [New York Times]
- Two Abscam bribery convictions were affirmed by a federal judge. Former Senator Harrison Williams of New Jersey and former Representative Michael Myers of Pennsylvania had contended that a key undercover agent perjured himself, but the judge, George Pratt, held that the issue had no bearing on the two guilty verdicts. [New York Times]
- Eight hostages were surrendered by three convicts in North Carolina's Central Prison after state officials promised to transfer the inmates to a federal prison. After the last hostages were freed, however, the state disavowed the pledge. The inmates had said they feared for their lives in a North Carolina prison. [New York Times]
- The rehiring of a flight controller in Texas is viewed by federal officials as part of a gradual process that is likely to lead to the eventual return of several hundred of the 11,500 controllers who were dismissed last August for striking illegally. The returning employee was apparently only the third to be reinstated. [New York Times]
- Prosecution of nonregistrants for a possible military draft was vowed by Thomas Turnage, the director of Selective Service. He said that 880,000 young men had signed up over seven weeks, but that more than 500,000 had not registered. Conviction of failure to register could lead to five years in prison and a $10,000 fine. [New York Times]
- Hopeful reports on student loan plans prompted expressions of optimism and relief by educators, financial aid officers and students. They said they were gratified by the reports that Congress was unlikely to make any cuts in the government-guaranteed program for the next college year. The reports followed a House committee's approval of an extra $1.3 billion in emergency funds this fiscal year. [New York Times]
- Big illegal payments to athletes, at a standard rate of $10,000 a year, are being made by colleges across the country, according to Digger Phelps, the head basketball coach at the University of Notre Dame. He said in an interview that he knew of at least seven colleges that were making such payments to outstanding basketball players, and that he believed the practice was more widespread. [New York Times]
- A willingness to begin talks with Cuba on issues in the Caribbean basin was expressed by the Reagan administration. However, Thomas Enders, Assistant Secretary of State for Inter-American Affairs, also told a House hearing that mere talks alone would not suffice to ease tensions. Meanwhile, diplomats confirmed that a special State Department envoy, Gen. Vernon Walters, conferred with Fidel Castro for four hours in Havana this month. [New York Times]
- Cuba is ready to discuss all aspects of the situation in the Caribbean Basin with the Reagan administration, according to diplomatic sources in Mexico City. But they said Fidel Castro had warned that Havana would not withdraw support for the Salvadoran insurgents as a condition for such negotiations. [New York Times]
- Nicaragua proposed direct talks with the United States in an effort to resolve their differences. The proposal was made before the United Nations Security Council. Jeane Kirkpatrick, the chief United States delegate, said she was "skeptical." [New York Times]
- An Israeli sergeant was killed and three Israeli soldiers were wounded when a hand grenade was hurled into their jeep in Gaza. In the West Bank, major cities were tense after the Israeli army dismissed two Palestinian mayors and installed Israeli soldiers in their place. [New York Times]
- France acted to save the franc from its second devaluation since the Socialist-led government took office nine months ago. The franc has been plunging in international money markets, and Paris tightened controls on the flow of money abroad. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 827.63 (+4.29, +0.52%)
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 24, 1982 | 823.34 | 112.97 | 49.38 |
| March 23, 1982 | 826.67 | 113.55 | 67.12 |
| March 22, 1982 | 819.54 | 112.77 | 57.61 |
| March 19, 1982 | 805.65 | 110.61 | 46.24 |
| March 18, 1982 | 805.27 | 110.30 | 54.27 |
| March 17, 1982 | 795.85 | 109.08 | 48.89 |
| March 16, 1982 | 798.33 | 109.28 | 50.23 |
| 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 |