News stories from Thursday May 6, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The President hailed a budget plan approved Wednesday by the Republican-controlled Senate Budget Committee. Congressional Democrats denounced the plan as weighted against the poor and middle class, and vowed to fight a provision to save $40 billion through cuts in the Social Security System in the next three years. [New York Times]
- Proposed curbs on federal courts prompted the Reagan administration to endorse an anti-busing bill and to warn that proposed legislation to remove the Supreme Court's jurisdiction over school prayer was unwise and probably unconstitutional. Congress is considering more than 30 bills to limit federal court jurisdiction over social issues. [New York Times]
- "Voluntary prayer" in public schools was endorsed by President Reagan, who called for a constitutional amendment to allow the practice. Addressing about 120 religious and political leaders, Mr. Reagan said the 1962 Supreme Court decision that in effect banned classroom prayer had been brought about by "well-meaning" but misguided Americans. [New York Times]
- John W. Hinckley's mother wept as she testifed how she had left him at the Denver airport with orders not to return home less than a week before he shot President Reagan. She described her son's lonely childhood, increasingly friendless adolescence and deepening despair. During her testimony, the 26-year-old defendant remained impassive, occasionally blinking his eyes rapidly. [New York Times]
- A new treatment to deter blindness was announced by the National Eye Institute. It said that the new laser procedure had proved so effective in treating the leading cause of blindness among the elderly that it had halted clinical tests and urged all potential patients to seek the treatment at once. The non-surgical treatment, which takes 10 minutes, is almost useless if not applied within a few weeks of the onset of symptoms. [New York Times]
- The Communist Party is exempt from complaince with a law that requires disclosure of the names of campaign contributors, under a ruling by a federal appeals court in Manhattan. The court rebuked the Federal Election Commission for having demanded the names of contributors to "an unpopular minority party." [New York Times]
- Britain accused Argentina of "intransigence" in announcing that the effort by Peru and the United States to arrange a cease-fire in the Falklands dispute had collapsed. Meanwhile, London's Defense Ministry disclosed it had lost two more jets in the South Atlantic conflict, further reducing the British flotilla's meager air power. [New York Times]
- Argentina repeated its demand that it be granted sovereignty over the Falklands. Britain has repeatedly rejected the demand. [New York Times]
- British Conservatives did very well in 4,800 widely scattered local elections that were interpreted as a kind of referendum on Prime Minister Margaret Thatcher's conduct in the Falklands dispute. [New York Times]
- Despite the diplomatic activity at the United Nations and in key capitals, the apparent consensus of informed diplomats and United States officials was there had been no significant movement toward resolving the Falkland crisis. [New York Times]
- The power of the Argentine missile that crippled the destroyer Sheffield Tuesday was graphically described by the commanding officer, Capt. Sam Salt. He said the advanced Exocet missile had turned the British ship into "a roaring mass of flames." The captain said the crew had spent nearly five hours trying to put out the blaze, but it continued to spread and he ordered the ship abandoned. [New York Times]
- Argentina will be hampered in following up its success in disabling the British destroyer because it has only a few more Exocet missiles, according to United States military analysts. The cost of the French-made missiles has beeen soaring in the international arms market. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 863.20 (+8.75, +1.02%)
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* |
| May 5, 1982 | 854.45 | 117.67 | 58.86 |
| May 4, 1982 | 854.45 | 117.46 | 58.72 |
| May 3, 1982 | 849.03 | 116.81 | 46.48 |
| April 30, 1982 | 848.35 | 116.44 | 48.03 |
| April 29, 1982 | 844.94 | 116.13 | 51.33 |
| April 28, 1982 | 852.64 | 117.26 | 50.52 |
| April 27, 1982 | 857.50 | 118.00 | 56.48 |
| April 26, 1982 | 865.58 | 119.26 | 60.50 |
| April 23, 1982 | 862.16 | 118.64 | 71.85 |
| April 22, 1982 | 853.12 | 117.19 | 64.46 |