News stories from Monday March 9, 1981

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

President Reagan won a partial victory in a Republican-controlled Senate committee. It voted to reject some of his proposed cuts in financing social welfare programs, but adopted far-reaching reductions that would bring the federal budget to about $9 billion less than former President Jimmy Carter had recommended for the next fiscal year. Either totally or partly spared were black lung benefits for coal miners, legal aid for the poor and all education programs. [New York Times] An anti-administration demonstration drew thousands of miners to the White House. The chanting members of the United Mine Workers Union protested the administration's plan to phase out hundreds of millions of dollars a year in federal support for the 10-year-old program that aids miners disabled by black lung disease. [New York Times] A key environmental agency will not be eliminated by President Reagan, according to government officials. But they said that the budget and staff of the cabinet-level advisory agency, the Council on Environmental Quality, would be cut sharply. [New York Times] A financial rebuff for New York City was reported in Washington. The Reagan administration has frozen and apparently plans to kill 13 applications by the city for federal grants totaling $14.5 million that had been sought to spur the city's economy. Financial losses for New York City would total at least $415 million in federal aid for the next fiscal year if President Reagan's proposed budget cuts are approved by Congress, according to a private analysis. [New York Times] Protests against President Reagan were planned by Canadians on the eve of his visit to Ottawa. The Reagan administration has taken positions divergent from those of Canada on many issues, including a decision to scrap a treaty to manage fish stocks off the East Coast. [New York Times] Broader intelligence-gathering rights for the conduct of searches, surveillance and the infiltration of domestic organizations to collect data on Americans in this country and abroad has been proposed by administration officials. If President Reagan signs the draft order, it would in effect overturn many of the regulations imposed by Presidents Ford and Carter. [New York Times] The crippled Three Mile Island reactor can be restored to operation with considerably less risk to the cleaning force than previously estimated, according to government specialists. But they said that the job would probably not be completed until 1988. [New York Times] Industrial work done in homes, which is illegal in many industries, is stirring a controversy. Union leaders say that the failure of the Labor Department to enforce prohibitions against regulated "homework" is causing increasing exploitation of some workers. Several conservative groups say that the regulations violate the right of people to do work of their choice. [New York Times] A defendant who chooses not to testify in a criminal trial is entitled to have the presiding judge instruct the jury that no inference of guilt can be drawn from that choice, the Supreme Court ruled. It said that the right not to testify is part of the Fifth Amendment privilege against compelled self-incrimination that must be honored in state, as well as federal, courts. [New York Times] Washington assured Bonn that, despite the Reagan administration's stress on the need to upgrade Western defenses, it was ready and willing to open negotiations with Moscow at all levels and on many issues. In turn, the West German Foreign Minister said that Bonn would meet its military commitments to NATO. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 976.42 (+11.80, +1.22%)
S&P Composite: 131.12 (+1.27, +0.98%)
Arms Index: 0.54

	Issues	Volume*
Advances	992	32.26
Declines	564	9.91
Unchanged	352	4.01
Total Volume		46.18

* 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 6, 1981	964.62	129.85	43.93
March 5, 1981	964.62	129.93	45.37
March 4, 1981	971.44	130.86	47.25
March 3, 1981	966.02	130.56	48.73
March 2, 1981	977.99	132.01	47.71
February 27, 1981	974.58	131.27	53.20
February 26, 1981	966.81	130.10	60.31
February 25, 1981	954.40	128.52	45.71
February 24, 1981	946.10	127.39	43.96
February 23, 1981	945.23	127.35	39.59