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Thursday April 8, 1982
. . . where the 1970s live forever!

News stories from Thursday April 8, 1982

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

  • An accord on a compromise budget for fiscal year 1983 could be reached Saturday by congressional and White House negotiators, Senator Pete Domenici, chairman of the Budget Committee, said. But, he said, an agreement would need the support of President Reagan and Tip O'Neill, Speaker of the House, who have not been able to agree on taxes and Social Security. [New York Times]
  • Nationwide protests against cuts in social welfare programs and other domestic policies of the Reagan administration were announced by a coalition of more than 80 national organizations that planned marches, demonstrations and other acts to publicize their opposition. [New York Times]
  • Charities received a record amount, $53.6 billion, from individuals, firms and foundations last year, in spite of the country's economic downturn, according to the American Association of Fund-Raising Counsel. [New York Times]
  • Nicholas Brady has been chosen to fill the United States Senate seat vacated by Harrison Williams, according to leaders of New Jersey's Republican Party. The leaders said Mr. Brady, a business executive, was Governor Kean's choice for the position. Neither Mr. Kean nor Mr. Brady could be reached for confirmation. [New York Times]
  • Frederick Richmond should resign his seat in the House of Representatives "immediately for the good of the Democratic Party," Meade Esposito, the Brooklyn Democratic leader said. A federal grand jury in Brooklyn is looking into charges of financial irregularities involving Mr. Richmond's campaign committee and a corporation that he controls, as well as disclosures that he had paid aides to buy drugs and had assisted a federal fugitive to obtain a clerical job in the House of Representatives. [New York Times]
  • A lease arrangement for buses and rail cars entered into by the New York City Metropolitan Transportation Authority under the Economic Recovery Act of 1981 was denounced as a "horror story" by Bob Dole, chairman of the Senate Finance committee. Mr. Dole's attack on the M.T.A. lease and one by Amtrak seemed to imply that the Kansas Republican would seek outright repeal of the public transit leasing provision along with the private leasing authority he has said he wants to repeal or modify. [New York Times]
  • Negotiations over the New York Daily News were suspended by Joe Allbritton, who has signed a letter of intent to take over the paper. The talks were halted after the newspaper's unions expressed interest in talking with Rupert Murdoch, the publisher of the New York Post, about buying the News. The unions had said that Mr. Murdoch should buy the Daily News as the best way to assure the survival of both papers. [New York Times]
  • A documentary was criticized after it was broadcast on public television as "unabashed socialist-realism propaganda," by William Bennett, chairman of the National Endowment for the Humanities. The program, "From the Ashes . . , Nicaragua," which received federal funds, portrayed Nicaragua in a manner that ignored human rights violations there, Mr. Bennett said. [New York Times]
  • Changes in the Clean Water Act, including dropping a rule that mandatory national standards be established requiring industries to treat their toxic wastes before dumping them in muncipal sewage systems, have been proposed by the Reagan administration. Legislation drafted by the Environmental Protection Agency calls for 14 changes in the law. [New York Times]
  • Grenada has joined the Soviet Union, Nicaragua and Cuba in attempting to "spread the virus" of Marxism in the Caribbean region, President Reagan said. The President made his remarks in a meeting with five Eastern Caribbean leaders on the first of four days he will spend in Barbados. [New York Times]
  • A peaceful end to the Falklands crisis was sought by Secretary of State Alexander Haig in meetings with senior British leaders, but the government of Prime Minister Margaret Thatcher continued to issue threats against Argentina. On his arrival at Heathrow Airport Mr. Haig conceded that "the situation is very tense and very difficult" and he said that he had no "American-approved solutions in my kit bag." [New York Times]
  • The danger of war is waning, according to the Argentine Foreign Minister, Nicanor Costa Mendez, who spoke about the Falkland crisis on his return home from Washington. Nevertheless, there were reports that Argentina continued to pour troops and equipment into the islands. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 842.94 (+6.09, +0.73%)
S&P Composite: 116.22 (+0.76, +0.66%)
Arms Index: 0.58

Total Volume60.19
* 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
April 7, 1982836.85115.4653.14
April 6, 1982839.33115.3643.20
April 5, 1982835.33114.7346.90
April 2, 1982838.57115.1259.86
April 1, 1982833.24113.7957.10
March 31, 1982822.77111.9643.37
March 30, 1982824.49112.2743.99
March 29, 1982823.82112.3037.07
March 26, 1982817.92111.9442.40
March 25, 1982827.63113.2151.96

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