News stories from Friday February 12, 1982

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

Projected record budget deficits that have stunned President Reagan's congressional allies will be reduced next spring by an economic upturn, according to a prediction by Treasury Secretary Donald Regan. He said that new taxes or cuts in military spending were not necessary. [New York Times] West European leaders have assailed President Reagan's proposed budget in highly unusual public statements. Finance ministers, central bank leaders and many private economists assert that the big projected deficits will further depress their economies and jeopardize the world's economic well-being. [New York Times] A Reagan nomination was withdrawn in the face of opposition by civil rights organizations and Democratic Senators, who termed the candidate unqualified. President Reagan rescinded the nomination of William Bell, the owner and sole employee of a Detroit job recruiting concern, for the chairmanship of the Equal Employment Opportunity Commission. Mr. Reagan's new choice is Clarence Thomas, a civil rights officer in the Department of Education. [New York Times] A voluntary desegregation plan for Chicago public schools was accepted by the Justice Department. It informed a federal district court that Chicago should be allowed to proceed with its proposed desegregation plan, which relies almost exclusively on voluntary student transfers, with no mandatory busing. [New York Times] A major fraud indictment was issued by a federal grand jury in New Orleans. The panel accused the president of the Louisiana Senate, his law partner and three other persons of plotting to defraud the Federal Deposit Insurance Corporation of $6 million. [New York Times] Auto labor talks recessed without agreement in Dearborn, Mich. Negotiators for the Ford Motor Company and the United Automobile Workers said they were optimistic about a new contract that would link wage and benefit concessions to increased job security. [New York Times] Victor Jory died in his apartment in Santa Monica. Calif., at the age of 79. A stage actor in the classical tradition, Mr. Jory was famous among movie audiences as a treacherous, gravel-voiced villain. [New York Times] Reports that five U.S. military aides in El Salvador were carrying M-16 rifles on a training mission in what appears to have been a combat zone will be investigated by the Pentagon under an order by President Reagan. The State Department has said the military advisers are permitted to carry only sidearms, which they may use only in self-defense. [New York Times] El Salvador's land redistribution plan is "proceeding reasonably well" in its initial phase, according to a report paid for by the United States Agency for International Development. However, the report recommends that the Salvadoran junta speed the transfer of land titles and curb harassment of farm workers. [New York Times] An American-Moroccan military link was announced at the conclusion of talks in Marrakesh between King Hassan II and Secretary of State Alexander Haig. The agreement provides for the creation of a joint military commission and on steps that are expected to lead to transit rights for American military forces. [New York Times] Syria said its fight against rebels in Hama was going so well that the main road between the central city and Damascus would be reopened Sunday. Western diplomatic sources said that the little information available to them suggested that the Syrian troops might by gaining the upper hand in efforts to quell the revolt. [New York Times] The Pope was greeted exuberantly by huge crowds in Lagos, Nigeria, black Africa's largest city. John Paul II is to visit four West African countries in eight days. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 833.81 (-0.86, -0.10%)
S&P Composite: 114.38 (-0.05, -0.04%)
Arms Index: 1.30

	Issues	Volume*
Advances	703	14.51
Declines	650	17.45
Unchanged	484	5.11
Total Volume		37.07

* 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*
February 11, 1982	834.67	114.43	46.62
February 10, 1982	836.66	114.66	46.60
February 9, 1982	830.57	113.68	54.42
February 8, 1982	833.43	114.63	48.50
February 5, 1982	851.03	117.26	53.34
February 4, 1982	847.03	116.42	53.30
February 3, 1982	845.03	116.48	49.56
February 2, 1982	852.55	118.01	45.01
February 1, 1982	851.69	117.78	47.73
January 29, 1982	871.10	120.40	73.40