News stories from Tuesday April 6, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The "new federalism" was set back. The Reagan administration has suspended its efforts to write legislation transferring welfare and food stamp costs to the states in exchange for a federal takeover of all state-borne Medicaid costs. The transfer is at the heart of the President's "new federalism" initiative. White House officials and spokesmen for the National Governors Association said that they had reached an impasse on negotiations in the exchange of responsibilities. "That part of the new federalisim is not going anywhere," said Bernard Chabel, a spokesman for the governors' group. [New York Times]
- Farmers expect to reduce grain crops in response to the Reagan administration's program to cut back wheat and corn production when prices are at unprofitable levels and grain elevators are full. Their cutback is voluntary, but grain farmers must take part to remain eligible for federal aid, which many of them believe they must have this year to survive. [New York Times]
- Former Associate Justice Abe Fortes died of a ruptured aorta Monday night at his home in Washington. He was 71 years old. Mr. Fortes, who helped shape decisions on civil rights, resigned from the Supreme Court in 1969 after disclosures that he had accepted a $20,000 fee from a foundation controlled by Louis Wolfson, a friend and former client who at the time of the payment was under investigation for violating securities laws. [New York Times]
- Jimmy Carter made crucial errors in his presidency, former Attorney General Griffin Bell says in his forthcoming memoirs, but none was more costly than his decision to give Vice President Mondale a power base and office in the White House. Mr. Bell charges that Mr. Mondale attempted to influence a number of politically sensitive Justice Department matters, including a church-state issue that Mr. Bell said brought him to point of resigning in protest. [New York Times]
- A first nuclear strike by the U.S. will not be renounced by the Reagan administration, nor will it agree to a freeze of nuclear weapons at present levels maintained by the United States and the Soviet Union, Secretary of State Alexander Haig said. Both positions are necessary to maintain a strong nuclear deterrent force for protecting "the essential values of Western civilization," Mr. Haig said in a speech on nuclear arms policy at a meeting in Washington sponsored by Foreign Policy Association and Georgetown University's Center for Strategic and International Studies. [New York Times]
- More resignations of British officials over Argentina's seizure of the Falkland Islands were demanded by opponents of the Conservative government. The demands followed reports that the government was secretly warned at least 10 days ago that an invasion of the islands was imminent. Prime Minister Margaret Thatcher, who was asked to resign, refused, saying "Now is the time for strength and resolution." [New York Times]
- The U.S. made critical concessions and drastically scaled down its demands to avoid isolation at the United Nations conference that is writing rules for the world's seas, according to Western delegates. The conference has about 10 working days to complete its negotiations, begun eight years ago. [New York Times]
- Islamic fervor has apparently given Iranian troops a sense of motiviation and morale that was an important factor in their recent victory that broke the long deadlock in the war with Iraq. The victorious force was made up of professional soldiers, mullahs, neighborhood militiamen and schoolboys as young as 13 years old. "They ask for martyrdom," an officer said. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 839.33 (+4.00, +0.48%)
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* |
| April 5, 1982 | 835.33 | 114.73 | 46.90 |
| April 2, 1982 | 838.57 | 115.12 | 59.86 |
| April 1, 1982 | 833.24 | 113.79 | 57.10 |
| March 31, 1982 | 822.77 | 111.96 | 43.37 |
| March 30, 1982 | 824.49 | 112.27 | 43.99 |
| March 29, 1982 | 823.82 | 112.30 | 37.07 |
| March 26, 1982 | 817.92 | 111.94 | 42.40 |
| March 25, 1982 | 827.63 | 113.21 | 51.96 |
| March 24, 1982 | 823.34 | 112.97 | 49.38 |
| March 23, 1982 | 826.67 | 113.55 | 67.12 |