News stories from Friday June 11, 1982

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

Stiff penalties on steel imports from nine countries, including seven members of the European Common Market, are to be levied by the Commerce Department. The move, which is subject to confirmation later this year, would involve the severest trade restriction set by the United States in years. It prompted anger among Europeans, who said that much of their steel would be priced out of the American market. [New York Times] Major obstacles to a final budget were cited by House Republican leaders despite the House's approval Thursday of their austere plan. The key problem is how to persuade the legislators to approve new taxes and spending cuts in an election year. [New York Times] The air controllers's union was rebuffed by a federal appeals court, which upheld 3-to-0 the government's decision last fall to strip the union of its legal status because of the illegal strike it began 10 months ago. The ruling virtually ended any prospect that the flight controllers' union could regain its bargaining status. [New York Times] A distraught law client's rampage in Detroit resulted in the fatal shooting of a woman, the wounding of four persons and the injuring of 34 in a fire. The suspect opened fire with a sawed-off shotgun in his lawyer's office after he was denied an insurance check. Soon after, a gasoline bomb was set off in a nearby office. [New York Times] Ants infest many Texas hospitals, according to researchers at Texas A&M University. They said that tiny red pharaoh ants had invaded operating rooms, intensive care units and nurseries, where they were feeding in open wounds. The study said about one-fourth of the 57 hospitals surveyed were infested with the disease-carrying insects. [New York Times] Israel announced a cease-fire with Syria after fighting a successful series of tank, artillery and air battles in Lebanon that drove Syrian forces northward. Defense Minister Ariel Sharon said that the truce would not halt combat with Palestinian guerrillas and that the Israeli forces would secure a zone extending 25 miles into southern Lebanon. Israel, he said, has achieved all major military objectives. [New York Times] Fighting continued between Israeli forces and Palestinian guerrillas outside Beirut and elsewhere in Lebanon. Israeli bombers scored a direct hit on a building occupied by the military command of the Palestine Liberation Organization. The group's leaders were said to be unharmed. [New York Times] The conditional cease-fire in effect between Israel and Syria is an "extremely fragile" arrangement, according to Western diplomats in Damascus. They noted that each side had attached conflicting conditions in announcing a truce. [New York Times] New hostility toward Israel is evident among Arabs in occupied territories because of Israel's invasion of Lebanon, prominent Palestinians said. Protests were reported in the West Bank and East Jerusalem. [New York Times] President Reagan, at the Berlin Wall, challenged the Soviet Union to help bring about "a safer and freer Europe." Mr. Reagan ended his European trip with addresses before a thousand cheering American soldiers at Templehof Airport and a throng of 20,000 people waving American flags at Charlottenburg Palace. [New York Times] Thousands of demonstrators protested President Reagan's three-hour visit to West Berlin with an illegal march through the city's streets. Some of them set fire to cars, smashed windows, looted shops and clashed with squads of policemen who used water cannons and tear gas to disperse them. [New York Times]

Stock Market Report

Dow Jones Industrial Average: 809.74 (+11.03, +1.38%)
S&P Composite: 111.24 (+1.63, +1.49%)
Arms Index: 0.53

	Issues	Volume*
Advances	1,241	56.97
Declines	298	7.23
Unchanged	317	4.41
Total Volume		68.61

* 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 10, 1982	798.71	109.61	50.93
June 9, 1982	795.57	108.99	55.77
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