News stories from Wednesday April 7, 1982

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

The President left for Jamaica to begin a working vacation in the Caribbean. In Jamaica, Mr. Reagan met with the Prime Minister, Edward Seaga, and hailed Jamaica as proof that democracy and economic development go hand in hand. On arriving, the President told a welcoming crowd at the airport that progress under Mr. Seaga "shows what can be done when people living in a democratic society are given the opportunity to work and enjoy the fruits of their labor." [New York Times] A major Air Force buildup in manpower, fighter planes, bombers and strategic weapons has been ordered by the Reagan administration. The buildup plan comes after nearly a decade in which the Air Force has insisted that it was falling behind the Soviet Union. But critics on Capitol Hill argue that the administration's proposals are unselective, unnecessary and uncreative. [New York Times] Seven persons were killed when a gasoline tanker truck exploded inside a tunnel in Oakland, Calif. The explosion occurred after a bus and the tanker truck collided. [New York Times] Independent studies on Rely tampons by two New York microbiologists offer possible evidence as to why that tampon was associated with a disproportionately high number of cases of toxic shock syndrome. The test tube experiments, which have not been confirmed by other researchers, showed that microorganisms commonly found in the vagina could decompose the material in the tampons into food that supports the growth of toxin-producing bacteria. [New York Times] New Yorkers dug out from under mounds of snow left by the first recorded April blizzard. Bitter winds buffeted pedestrains, traffic was slow, trains were delayed and airports were crowded. At least eight men died in the metropolitian area after the exertion of snow shoveling. [New York Times] Accounts of illegal drug purchases made for Representative Frederick Richmond by his aides and others have been given to a federal grand jury in Brooklyn, according to sources familiar with the accounts. The accounts, the sources said, have named as participants in the transactions at least nine present and former aides of the Brooklyn Congressman, several of whom have testified before the grand jury investigating the four-term Democrat. [New York Times] The Casino Control Commission in New Jersey ruled that Playboy Enterprises was unsuitable as an operator of a casino in Atlantic City unless it broke its ties with its founder and principal owner, Hugh Hefner. The Commission gave Playboy until Tuesday to make a decision in the matter but a Playboy vice president said the ruling would be appealed in court. [New York Times] Britain threatened to sink Argentine ships that came within 200 miles of the Falkland Islands after dawn on Monday. The announcement was made by the Defense Secretary, John Nott, at the end of a debate in the House of Commons on the seizure of the South Atlantic archipelago by Argentine troops Friday. The disclosure amounted to the imposition of a blockade around the islands. [New York Times] Seeking to avert a military clash in the Falkland Islands, President Reagan has instructed Secretary of State Alexander Haig to meet with senior officials in London and Buenos Aires. A State Department spokesman said that the purpose of the trip was to hold "preliminary discussions" in both capitals and to offer American assistance in resolving the dispute peacefully. [New York Times] Argentina extended its civil rule over the Falkland Islands in a ceremony at Stanley, the capital. In the ceremony, which involved military, political and labor leaders, Gen. Mario Benjamin Mendez was inducted as governor of the Falklands, South Georgia, and the South Sandwich Islands. Meanwhile, according to diplomats in Buenos Aires, more troops and equipment were sent to defend the islands. [New York Times] Renunciation of first strike with nuclear weapons by the United States and its European allies was urged by four former high-level govenment officials who also proposed a strengthening of the West's conventional forces in Europe. Former Defense Secretary Robert McNamara, was among the four former officials who made a joint statement at a news conference in Washington, called to discuss an article they have written for Foreign Affairs magazine. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 836.85 (-2.48, -0.30%)
S&P Composite: 115.46 (+0.10, +0.09%)
Arms Index: 0.79

	Issues	Volume*
Advances	787	28.17
Declines	612	17.31
Unchanged	451	7.65
Total Volume		53.13

* 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*
April 6, 1982	839.33	115.36	43.20
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