News stories from Monday May 24, 1982

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

Three liberal budget proposals were rejected by the House amid concern that the legislators might not be able to pass any of the seven proposals before the chamber. The budget plans, which cover the political spectrum, face 68 proposed amendments, setting the stage for a free-for-all on the House floor. [New York Times] More aid for deprived pupils is sought by New York and at least nine other states that plan to go to federal court this week to force the Department of Education to use 1980 census figures in distributing the $2.4 billion appropriated by Congress for compensatory eduction of poor children. Education Secretary T. H. Bell plans to use 1970 census figures on the ground that his department may not be able to process the 1980 census data until late summer or early fall. [New York Times] Eased nursing home rules were urged by the Reagan administration. It proposed terminating a rule for annual inspections and replacing it with a policy based on past compliance with health and safety rules. [New York Times] The stage for key rulings on abortion was set by the Supreme Court. The Justices agreed to consider in the next term five appeals involving the constitutionality of obstacles to legal abortions enacted by state and local governments. [New York Times] Auto union militancy has eased in Lordstown, Ohio, which was, a decade ago, a symbol of defiant young unionists, balking at authority and unwilling to put up with repetitive, tedious work. Today, the unionists are comparatively temperate because of fears of unemployment, along with the increased economic responsibility of age. [New York Times] "Schizophrenia" has been cited in varying descriptions at the trial of John W. Hinckley by psychiatrists arguing whether he was sane or insane at the time he shot President Reagan and three other men. Psychiatrists are still divided about precisely how to define schizophrenia, the most severe mental illness, or what causes it, but most now agree that it involves several disorders, and there is increasing agreement about how to treat the illness. [New York Times] It is 20 years since Rachel Carson in "Silent Spring" first warned against the environmental and health damage generated by chemical pesticides. Her book has been called perhaps the most influential single factor in initiating the environmental movement. Despite her warnings, the total volume of pesticides used in this country has continued to soar. [New York Times] Joseph Christopher was sentenced in Buffalo to 80 years to life in prison for murdering two black men and a black youth over 26 hours in late 1980. Mr. Christopher, a white Army private, also faces charges in attacks on dark-skinned or black men in New York City and Niagara Falls, N.Y. [New York Times] New European support for Britain was expressed by eight members of the 10-member Common Market. They agreed to extend indefinitely economic sanctions imposed against Argentina in retaliation for its seizure of the Falklands. Italy and Ireland again refused to participate in the ban on Argentine imports. At the same time, Britain retreated considerably on two internal Common Market issues. [New York Times] Seven Argentine jets were downed during repeated sorties against British ships off the Falklands in the third large Argentine attack in four days, the Defense Ministry announced. But it conceded that several of the figher-bombers had penetrated a screen of British jets and missiles and had hit several frigates and destroyers. No details were disclosed, but the ministry said that a frigate hit in Sunday's raids had sunk. [New York Times] Argentine battle successes were again reported by the military command in Buenos Aires. The command said its jets had struck at British ground forces and naval units around their beachhead on the Falklands and that Argentine defenders at Stanley, the islands' capital, had beaten back a raid by British jets. [New York Times] A major Iranian military victory was reported by Teheran radio. It said that Iranian forces had recaptured Khurramshahr, the key Iranian port held by Iraqi troops for 19 months, and reported that all 30,000 Iraqi troops there had surrendered. Iraq said only that battles were continuing. [New York Times] Iran's receipt of many Soviet arms was reported by Western diplomatic sources in Damascus. They said Syria had recently transferred to Iran many Soviet weapons, reportedly with the Kremlin's approval. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 836.38 (+0.48, +0.06%)
S&P Composite: 114.79 (-0.10, -0.09%)
Arms Index: 0.90

	Issues	Volume*
Advances	604	14.25
Declines	790	16.72
Unchanged	484	7.54
Total Volume		38.51

* 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*
May 21, 1982	835.90	114.89	45.26
May 20, 1982	832.48	114.59	48.33
May 19, 1982	835.90	114.89	48.87
May 18, 1982	840.85	115.84	48.96
May 17, 1982	845.32	116.71	45.57
May 14, 1982	857.78	118.01	49.90
May 13, 1982	859.11	118.22	58.22
May 12, 1982	865.77	119.17	59.21
May 11, 1982	865.87	119.42	54.67
May 10, 1982	860.92	118.38	46.30