News stories from Wednesday June 9, 1982

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

The House voted to repeal an automatic $75-a-day tax deduction for members of Congress, going along with the Senate, which voted on the tax break last month. The vote all but guaranteed that the tax break would be eliminated as a part of a supplemental appropriation bill. [New York Times] The rules for prosecuting criminal defendants were changed by the passage by California voters of a far-reaching initiative, thrusting the justice system of the nation's most populous state into a state of confusion. [New York Times] The people who live in Pennsylvania, more than anywhere else in the nation, are people who were born there, according to information from the 1980 census. [New York Times] The federal government backed away from its finding that the New York City Board of Education had failed to comply with an agreement to improve the racial balance of teachers in the city's public schools. [New York Times] Raymond Donovan was not asked about his possible ties to organized crime figures because a top aide to President Reagan discouraged the Federal Bureau of Investigation from raising such questions with him, according to William Webster, the bureau's director. He said that Fred Fielding, now counsel to the President, had told the bureau such questions were unnecessary. Mr. Donovan is now Secretary of Labor. [New York Times] Israel said it had destroyed the Syrian ground-to-air missile system in the Bekaa Valley in eastern Lebanon. Defense Minister Ariel Sharon, in a broadcast interview, described the strikes as "one of the most brilliant, complicated and intricate operations" ever carried out by Israel and said they represented "a turning point" in the fighting. [New York Times] Thousands of Lebanese civilians, uprooted from their homes by the Israeli advance, are in critical need of food and water, United Nations observers said. The Israeli army and the United Nations have delivered some supplies, but the situation is still serious, United Nations officials said. [New York Times] Israel's objectives in Lebanon were questioned by Secretary of State Alexander Haig, who said that Israel might now be seeking to engage Syrian forces in combat. [New York Times] Israeli and Syrian jets fought two large battles over Syrian missile sites in eastern Lebanon, according to Syrian military communiques that quoted a spokesman as saying 19 Israeli F-15 and F-16 fighter-bombers were shot down and that 16 Syrian planes were lost. [New York Times] Israel fought to within sight of Beirut in a continued ground drive through Palestinian positions. Israelis also launched a heavy attack against Syria's surface-to-air missiles in the Bekaa Valley. [New York Times] British troops suffered heavily in the process of staging a new major landing in the Falkland Islands, according to journalists' reports and military sources. A sizable force was established at Fitzroy and at Bluff Cove, 12 miles southwest of Stanley, the Ministry of Defense reported. [New York Times] Argentina repelled dual attacks from British troops near the Falkland Islands capital of Stanley, according to the Argentine High Command. The attacks, which came within a half hour of each other, came from ground troops at Mount Kent, west of Stanley, and from troops trying to come ashore at Enriqueta Bay, to its south. The Argentines reported heavy casualties at Mount Kent. [New York Times] President Reagan urged that the East and West agree to a ceiling of 700,000 ground troops for each alliance as "a major step toward a safer Europe." Speaking to the West German Parliament, he also called for the Western allies to strengthen and modernize their conventional forces as the best way to make the possibility of nuclear conflict "more remote." [New York Times] President Reagan ended a visit to Britain that succeeded in strengthening relations between the two traditional allies, despite differences concerning the Falkland Islands. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 795.57 (-6.66, -0.83%)
S&P Composite: 108.99 (-0.64, -0.58%)
Arms Index: 1.15

	Issues	Volume*
Advances	418	12.86
Declines	975	34.63
Unchanged	460	8.28
Total Volume		55.77

* 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 8, 1982	802.23	109.63	46.82
June 7, 1982	804.03	110.12	44.63
June 4, 1982	804.98	110.09	44.11
June 3, 1982	816.50	111.86	48.45
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