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Friday June 4, 1982
. . . where the 1970s live forever!

News stories from Friday June 4, 1982

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

  • The jobless rate rose slightly in May by one-tenth of a percentage point, to 9.5 percent of the nation's total labor force, the Labor Department reported. It was the second consecutive month that it approached the post-Depression record of 9.9 percent set in 1941, but the increase was smaller than April's sharp four-tenths of a percentage point rise and reflected an increase in the number of employed people for the first time since January. [New York Times]
  • Prospects are dim for young people seeking summer jobs. Experts who deal with the matter say they expect that only 40 percent of the hundreds of thousands of young people seeking summer jobs will find them. The causes are the recession, high rates of adult unemployment, cutbacks in federal programs for the young and the failure of private enterprise to provide openings. [New York Times]
  • The equal rights amendment lost an important vote in North Carolina. The State Senate voted 27 to 23 to put aside the proposed federal amendment. The vote also made the likelihood of national ratification even more remote. The deadline for ratification is June 30. [New York Times]
  • John W. Hinckley was sane when he shot President Reagan and did not have schizophrenia or any serious mental illness, a psychiatrist testified as the prosecution began its presentation of its case at the defendant's trial. The psychiatrist, Dr. Park Dietz, contradicted the diagnoses of four mental health experts who testified for the defense. [New York Times]
  • Aspirin treatment for children with flu-like symptoms or chicken pox may increase the risk of the child develop-ing Reye's Syndrome, a rare but often fatal children's disease, Richard Schweiker, Secretary of Health and Human Services warned. He directed the Surgeon General to advise doctors and parents of the risk. [New York Times]
  • Avoidance of tampons that have a high degree of absorbency was urged on women especially adolescents by a panel of leading medical specialists studying toxic shock syndrome. The recommendation, based on a comprehensive analysis of all the scientific data on the rare but sometimes fatal disease, reinforced earlier warnings by medical authorities who had initially linked the illness to higher use of the high absorbency tampons in recent years. [New York Times]
  • Frederick Richmond must swear that certain correspondence of his was personal and thus not subject to grand jury scrutiny, a federal judge ruled, or the judge will review the material and decide the issue. The judge, Jack Weinstein of federal district court in Brooklyn, ruled in the latest skirmish between attorneys for Mr. Richmond and federal prosecutors conducting a grand jury investigation into a variety of subjects involving the four-term Congressman from Brooklyn. [New York Times]
  • Britain was given "staunch" support by the United States and France for its military actions and plans in the Falkland Islands in Prime Margaret Thatcher's separate meetings with President Reagan and President Francois Mitterrand in Paris, the British Foreign Secretary, Francis Pym, said. Mr. Pym said Mrs. Thatcher "felt even more reassured than she was before." He said that both Mr. Reagan and Mr. Mitterrand agreed that it was up to Argentina to forestall a potentially bloody assault on Stanley, the capital, by agreeing to remove its forces from the islands. [New York Times]
  • High American interest rates and their damaging economic effects abroad came under immediate criticism from the Canadian delegation and others at the opening meeting of the leaders of seven industrial nations in Versailles. [New York Times]
  • Israel bombed P.L.O. targets in Beirut, and the guerrilllas responded with rockets and artillery. In retaliation for the shooting of the Israeli Ambassador in London, Israeli jets struck Palestinian strongholds in the Beirut area and southern Lebanon. In the south, the jets hit Palestinian bases in the hills around Nabatiyeh, Arab Selim and Wadi al-Alchadar, 10 miles north of Israel's border. [New York Times]
  • Egypt's President turned down an informal American suggestion that he meet later this month in Washington with President Reagan and Prime Minister Menachem Begin of Israel to give new impetus to the stalemated negotiations on Palestinian self-rule, administration officials said. Egyptian officials said they would prefer instead to keep initial discussions at a lower level and would send Foreign Minister Kamal Hassan Ali to Washington on June 12 for talks. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 804.98 (-11.52, -1.41%)
S&P Composite: 110.09 (-1.77, -1.58%)
Arms Index: 1.43

Total Volume44.11
* 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
June 3, 1982816.50111.8648.45
June 2, 1982816.88112.0449.22
June 1, 1982814.97111.6841.65
May 28, 1982819.54111.8843.89
May 27, 1982824.96112.6644.73
May 26, 1982828.77113.1151.25
May 25, 1982834.57114.4044.01
May 24, 1982836.38114.7938.51
May 21, 1982835.90114.8945.26
May 20, 1982832.48114.5948.33

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