News stories from Friday May 7, 1982
Summaries of the stories the major media outlets considered to be of particular importance on this date:
- The national jobless rate rose in April to 9.4 percent of the labor force, its highest level in 40 years. Layoffs in manufacturing and a decline in retail jobs were largely responsible, the Labor Department reported. The April rate rose four-tenths of a percentage point over March, and the number of unemployed people increased by 450,000 to 10,307,000. [New York Times]
- The Social Security issue is causing problems for the new budget plan. The alternative plan worked out this week by President Reagan and Senate Republican leaders appeared to be heading for trouble in the Senate, with the Republicans divided and the opposition Democrats unusually united in their reluctance to accept cuts in the Social Security program. Most congressional leaders believe the plan has no chance of being adopted by the House. [New York Times]
- Claus von Bulow was sentenced in Newport, R.I., to 30 years in prison for trying twice to murder his heiress wife, but was immediately freed on $1 million bail. His conviction will be appealed. [New York Times]
- The National Football League violated the Sherman Antitrust Act in forbidding the Oakland Raiders to move to Los Angeles, a jury decided. The verdict could have a profound effect on the ability of some major sports leagues to control the movement of franchises. The first trial ended last August in a mistrial with the jury deadlocked 8-2 against the N.F.L. [New York Times]
- John W. Hinckley parents decided not to send him a mental hospital on the advice of a psychiatrist, his mother said in her second day of testimony at her son's trial on charges of intent to kill President Reagan and three other men. Jo Ann Hinckley said that the psychiatrist had advised her and her husband to formulate a "plan" to force their son to get a job and get out of their home in Evergreen, Colo. When that failed, he advised them to leave him to fend for himself and sleep on the street if necessary, Mrs. Hinckley said. [New York Times]
- Britain extended its blockade zone in the Falkland crisis to 12 miles from Argentina's coast. Implicit in the enlargement of the 200-mile blockade imposed by Britain around the islands April 30 was a warning to Argentina to keep its planes and ships at their home bases. The move, British politicians believe, sharply increases the prospects of renewed military action. [New York Times]
- The British fleet lacks the power to enforce the new zone, Argentine naval officers said. They said the British did not have enough fighter planes and that their nuclear-powered submarines were inffective in Argentina's shallow coastal waters. [New York Times]
- The U.S. believes Britain will invade the Falklands "and prevail in the end" unless Argentina agrees soon to withdraw its forces, a senior State Department official said. [New York Times]
- Efforts to halt the Falklands conflict intensified at the United Nations. Secretary General Javier Perez de Cuellar said he was working on proposals to bridge the gap between the Argentine and British positions on his peace plan. [New York Times]
- A Soviet-American missile reduction will be proposed to the Soviet Union by President Reagan, according to administration officials. They said the President's proposal calls for a limit of 850 intercontinental nuclear missiles provided with no more than 5,000 warheads. [New York Times]
- Iran said it won a border fight and regained a 22-mile stretch of the Iranian-Iraqi border that the Iraqis occupied soon after the war began in September 1980. The Iraqi military command acknowledged that Iran had begun "a fresh offensive on all areas of operation." but said that the attack had been contained. [New York Times]
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Stock Market Report
Dow Jones Industrial Average: 869.20 (+6.00, +0.70%)
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 6, 1982 | 863.20 | 118.68 | 67.54 |
| 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 |