News stories from Thursday June 3, 1982

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

President Reagan's original budget proposal for the fiscal year 1983 was sent to the House floor by the House Budget Committee. But the fiscal plan, which includes a deficit of about $122 billion and has virtually no support in Congress, will be voted on only if alternative proposals, one offered by each party, are defeated. [New York Times] Exposing the identities of operatives working covertly for the United States intelligence services could bring penalties of up to 10 years in prison and fines of up to $50,000 on conviction under a bill approved by the House of Representatives. The bill still must go before the Senate. [New York Times] Allan Bakke will graduate from the University of California Medical School tomorrow, four years after a decision by the United States Supreme Court agreed that the white student be admitted because the school's affirmative action program was unjustifiably biased against whites. The effects of that decision on efforts to increase access of minority groups to education and jobs are still being debated. At Mr. Bakke's school, in a first-year class of 100 medical students, only two are black. [New York Times] The 1968 presidential campaign debts run up by Robert F. Kennedy and Hubert Humphrey have finally been paid off by the Democratic National Committee. But unlike its rich Republican counterpart, the Democratic committee still has debts. [New York Times] Education officials denounced the federal government for saying it may require the transfer of teachers to achieve desegregation of the teaching staffs in New York City's public schools. [New York Times] Visas have been approved for 50 members of the World Peace Council who had been denied entry into the United States to attend United Nations disarmament meetings. A spokesman for the Immigration and Naturalization Service said the visas were approved because the members had been invited by the United Nations. [New York Times] President Reagan was conciliatory in his comments to Francois Mitterrand about the French President's Socialist government. But by the end of Mr. Reagan's first day of his Europe visit, several issues remained dividing the two Presidents, among them France's objections to American policies in Central America, and differing views on the Falkland Islands war. The two leaders also discussed the war between Iran and Iraq. [New York Times] The Soviets are aiding Argentina by working to help link Argentine radar sytems into a nationwide net to guard against possible British air attacks, according to Argentine official and industry sources and foreign diplomats. They reported that more than 20 technicians were involved in the project under a secret accord between the two nations. Their presence was said to be the first evidence of a Soviet military role in the Falkland conflict. [New York Times] The final assault on the Argentine garrison at Stanley by British forces in the Falkland Islands will take place as soon as they are ready, pursuant to an order given by Prime Minister Margaret Thatcher. [New York Times] Rejecting President Reagan's ideas for strategic arms reduction, Pravda, the Communist Party newspaper, said that he was seeking to "inflict considerable damage on the defense capacity" of the Soviet Union. [New York Times] The Israeli Ambassador to Britain was shot and critically wounded as he left a party at a luxury hotel in one of London's most fashionable neighborhoods. Shlomo Argov, 52, was wounded at least three times. The universal belief among British and Israeli officials was that the attack was politically motivated. [New York Times] The vote total in El Salvador may have been inflated in the March election, the President of the Central Elections Council said. Dr. Jorge Bustamante, head of the council, said, "there might have been a 10 percent error" in the total number of people who went to the polls. Others said that the total was doubled. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 816.50 (-0.38, -0.05%)
S&P Composite: 111.86 (-0.18, -0.16%)
Arms Index: 0.98

	Issues	Volume*
Advances	602	18.49
Declines	818	24.51
Unchanged	443	5.45
Total Volume		48.45

* 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*
June 2, 1982	816.88	112.04	49.22
June 1, 1982	814.97	111.68	41.65
May 28, 1982	819.54	111.88	43.89
May 27, 1982	824.96	112.66	44.73
May 26, 1982	828.77	113.11	51.25
May 25, 1982	834.57	114.40	44.01
May 24, 1982	836.38	114.79	38.51
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