News stories from Wednesday April 21, 1982

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

The gross national product declined at a 3.9 percent annual rate in the first quarter, confirming that the recession continued through March, the Commerce Department reported. But the nine-month slump continued to slow the rate of inflation, and a G.N.P. price index rose only 5.6 percent in the first quarter. That is the smallest increase in four years. [New York Times] A budget initiative must be taken by President Reagan, House Democratic leaders insisted. They said that he must approve a compromise before it would be considered by the Democratic legislators. [New York Times] Adm. Bobby Inman is resigning his post as Deputy Director of Central Intelligence, the White House announced. Associates and several senators said his departure was prompted by disputes with the White House and rising frustration over the Reagan administration's international and intelligence policies. [New York Times] A toxic shock syndrome death prompted a damage award. A federal jury in Cedar Rapids, Iowa, found the Procter & Gamble Company responsible for the death of a woman who used its Rely tampons, and the panel ordered the company to pay her husband $300,000. [New York Times] A major fire struck Anaheim, Calif., amid winds of more than 70 miles an hour. Hundreds of apartment units were destroyed and more than 1,000 people were made homeless by the predawn blaze, which devastated four square blocks of the Los Angeles suburb. Officials said they expected losses to exceed $50 million. [New York Times] Record or near-record levels of snow cover the mountains of the West in this unusual mid-April. Ski resorts are extending their season far into spring, and the runoff is expected to help top reservoirs and other water storage facilities. But there is also a possibility of widespread flooding. [New York Times] New York City Mayor Ed Koch began campaigning for Governor by visiting upstate New York cities. He called himself a political centrist who could have trouble in a primary in which a disproportionate number of voters were "people who don't like me, the left wing." [New York Times] Hundreds of unqualified teachers are being hired by school districts in the New York City area to teach mathematics and science. The schools are unable to match the higher salaries offered in the specialities by industry. [New York Times] The truce in Lebanon was shattered as Israeli jets pounded Palestinian guerrilla positions south of Beirut hours after an Israeli soldier was killed by a land mine in southern Lebanon. Lebanese government sources said the raid had taken at least 23 lives. Two Syrian MiG-23's were shot down by Israeli planes. [New York Times] The P.L.O. will not retaliate for the Israeli attack in Lebanon, a high official of the group said. But he warned that if Israel struck again, the Palestinian guerrillas were likely to fire back across the border. [New York Times] Washington urged the P.L.O. not to retaliate against Israel for its bombing raid in an initiative to help prevent a breakdown in the nine-month-old American-negotiated cease-fire. United States officials confirmed that President Reagan had reassured Israel that, in return for its withdrawal from Sinai, Washington would maintain Israel's military superiority over the Arabs. [New York Times] Israel's final pullout from Sinai next Sunday, the day set by the peace treaty with Egypt, was approved unanimously by the cabinet in Jerusalem. Israeli officials said that President Hosni Mubarak had taken action or given sufficient pledges on all major issues troubling Israel. [New York Times] Israel began the evacuation and destruction of the northern Sinai town of Yamit, which was founded in 1974. Amid scenes of hysteria and occasional violence, army assault troops cleared strongholds of the zealous opponents of withdrawal. [New York Times] A three-stage British plan has reportedly been drawn up for resolving the Falklands crisis. It might include a brief return to British administration, according to government sources in London. The government is said to hope that most of the islanders will conclude that they must eventually accept some form of Argentine rule, and arrangements would be made for the others to leave. [New York Times] The first contact between opponents in the Falklands crisis was reported. An Argentine air force plane was said to have circled the British task force as it steamed toward the disputed islands. The plane, an apparently unarmed Boeing 707, seemed to be pinpointing the size, speed and position of the flotilla, but it stayed at least 12 miles from the flagship. [New York Times] Argentina's firmness on the Falklands is being stressed again by President Leopoldo Galtieri. Buenos Aires announced he would visit the islands tomorrow. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 843.42 (+2.86, +0.34%)
S&P Composite: 115.72 (+0.28, +0.24%)
Arms Index: 0.94

	Issues	Volume*
Advances	841	30.42
Declines	598	20.40
Unchanged	450	7.00
Total Volume		57.82

* 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 20, 1982	840.56	115.44	54.60
April 19, 1982	846.08	116.70	58.46
April 16, 1982	843.42	116.81	55.89
April 15, 1982	839.61	116.35	45.69
April 14, 1982	838.09	115.83	45.15
April 13, 1982	841.04	115.99	48.66
April 12, 1982	841.32	116.00	46.51
April 8, 1982	842.94	116.22	60.18
April 7, 1982	836.85	115.46	53.14
April 6, 1982	839.33	115.36	43.20